Data Analytics in Healthcare for Improved Efficiency and Reduced Costs

Data Analytics in Healthcare for Improved Efficiency and Reduced Costs

Healthcare Tech Outlook | Thursday, February 07, 2019

The explosion in the digital domain has made data more precious than before. But, data needs smart tools and well-trained management to extract the full benefits of it. Companies in the banking and financial domain have yielded the potential to harness big data. Healthcare industry which sits on an enormous pool of information that has been collated from disparate sources and saved across multiple formats and systems fits the bill be to harness the full potential of data. And with the adoption of cloud, benefits will spill in all the processes of the healthcare system.

The immediate effect will be easy accessibility, and swifter response times and patient convenience, besides reducing the scope of errors. Start-ups and companies in the domain of artificial intelligence and data analytics can fully leverage healthcare analytics in developing countries. The future is colorful and full of potential for companies in healthcare. According to the IMF data, the population and economy of developing countries are going to grow, which opens doors for more data and more analytics.

Data-driven organizations can efficiently work in the areas of clinical operations, research, and development, public health, genome study, remote monitoring, and evidence-based medicine. Before data analytics, the convergence of all these domains was impossible.

Benefits of healthcare analytics have a tailwind effect across all the domains of healthcare systems. Different pillars in the health industry are converging toward collaboration, evidence-based medicines; growth patterns are reflected in the traditional drugs in both developed and developing countries— traditional medicines are prepared according to individual personality traits. Researchers have discovered that bacterial composition medicines have become resistant to bacteria. These signs indicate that the future under the advancements in healthcare analytics is about collaboration. Since the human population is slated to reach 9 billion by 2050, healthcare analytics have the panacea to reduce costs of treatment, predict outbreaks of epidemics, avoid preventable diseases, and improve the quality of life in general. 

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