Redefining the Healthcare Industry with Predictive Analytics
Predictive analytics has played a pivotal role in reforming industries such as marketing, finance, retail, and manufacturing by aiding enterprises to understand data, analyze trends, and make cost-effective business decisions. Witnessing the tremendous success, the global healthcare industry has ventured into analytics to improve patient care, provide value-based care, and manage recourses. Reports from Global Market Insight predict that the overall healthcare analytics market will surpass $16 billion by 2024.
With the increasing amount of patient data and the surge in healthcare regulations, the industry witnessed lower productivity, decreased success rates in R&D, and unreliable diagnoses. Healthcare institutes found it redundant to rely on doctors to predict patterns and analyze health issues as it demanded time and efficiency.
Analytics was introduced to manage the diverse environment of health centers and overcome these challenges. Firms have identified several functionalities like diagnosis, pharmacy management, supply chain, and insurance, which can benefit from predictive analytics. By integrating these functions, the healthcare ecosystem can work seamlessly as one unit and exchange information to improve care.
Patient care can change drastically as predictive analytics increases the accuracy of diagnoses, help understand data and predict health issues, and assist doctors to prescribe preventive medication. It can aid hospitals and insurance providers with predictions concerning health insurance costs, trends for new products, and opportunities to customize products according to the patients’ requirement. Analytics can also assist researchers to develop prediction models without having to go through endless case studies. Pharmaceutical companies can also benefit from analytics as it would help them meet the needs of the patients better by understanding medication consumption.
As predictive analytics is penetrating through every market, reports say that it will revolutionize the enterprise arena with game-changing insights while creating new job opportunities in the analytics domain.
By James Seevers, CIO & GM, Toyoda Gosei
By Bill Krivoshik, SVP & CIO, Time Warner Inc.
By Gregory Morrison, SVP & CIO, Cox Enterprises
By Alberto Ruocco, CIO, American Electric Power
By Bruce. D. Smith, SVP & CIO, Information Systems, Advocate...
By Adrian Mebane, VP-Global Ethics & Compliance, The Hershey...
By Graham Welch, Director-Cisco Security, Cisco
By Michael Watkins, Senior Product Director, Global Knowledge
By Bernd Schlotter, President of Services, Unify
By Patrick Hale, CIO, VITAS Healthcare
By Steve Bein, VP-GIS, Michael Baker International
By Jason Alan Snyder, CTO, Momentum Worldwide
By Mike Morris, CIO, Legends
By Louis Carr, Jr., CIO, Clark County
By Bill Dow, SVP and General Manager of Business Solutions,...
By Jim Whitehurst, CEO, Red Hat
By Darren Cockrel, CIO, Coyote Logistics, a UPS Company...
By Nathan Johnson, SVP and CIO, Werner Enterprises [NASDAQ:...
By David Tamayo, CIO, DCS Corporation
By Neil Hampshire, CIO, ModusLink Global Solutions, Inc....