
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.
Check out: Top Healthcare Analytics Companies
Check This Out:
Social Media: Facebook | Twitter | Linkedin
CIO Review | Crunchbase
CIO Review | Review
ON THE DECK
Featured Vendors
Sunquest Information Systems Inc.: Transforming Medical Laboratories into Enterprise Strategic Pillars
Smartlink Mobile Systems: Patient/Provider Mobile Communication App Improves Quality of Care and Ensures Full Compliance with Medicare Chronic Care Management
GSI Health: Enabling Effective Population Health Management through the Marriage of Care Coordination with Analytics
HealthCare Information Management, Inc: Simplifying Healthcare Payer Operations through Claims Automation
Wipro Healthcare & Life Sciences Combining Innovation with Expertise to Redefine Healthcare Delivery
Shareable Ink: Simplified Clinical Documentation for Anesthesia, Providers, Patient Check in &Surgery Centers
EDITOR'S PICK
Essential Technology Elements Necessary To Enable...
By Leni Kaufman, VP & CIO, Newport News Shipbuilding
Comparative Data Among Physician Peers
By George Evans, CIO, Singing River Health System
Monitoring Technologies Without Human Intervention
By John Kamin, EVP and CIO, Old National Bancorp
Unlocking the Value of Connected Cars
By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive...
Digital Innovation Giving Rise to New Capabilities
By Gregory Morrison, SVP & CIO, Cox Enterprises
Staying Connected to Organizational Priorities is Vital...
By Alberto Ruocco, CIO, American Electric Power
Comprehensible Distribution of Training and Information...
By Sam Lamonica, CIO & VP Information Systems, Rosendin...
The Current Focus is On Comprehensive Solutions
By Sergey Cherkasov, CIO, PhosAgro
Big Data Analytics and Its Impact on the Supply Chain
By Pascal Becotte, MD-Global Supply Chain Practice for the...
Technology's Impact on Field Services
By Stephen Caulfield, Executive Director, Global Field...
Carmax, the Automobile Business with IT at the Core
By Shamim Mohammad, SVP & CIO, CarMax
The CIO's role in rethinking the scope of EPM for...
By Ronald Seymore, Managing Director, Enterprise Performance...
Driving Insurance Agent Productivity with Mobile and Big...
By Brad Bodell, SVP and CIO, CNO Financial Group, Inc.
Transformative Impact On The IT Landscape
By Jim Whitehurst, CEO, Red Hat
Get Ready for an IT Renaissance: Brought to You by Big...
By Clark Golestani, EVP and CIO, Merck
Four Initiatives Driving ECM Innovation
By Scott Craig, Vice President of Product Marketing, Lexmark...
Technology to Leverage and Enable
By Dave Kipe, SVP, Global Operations, Scholastic Inc.
By Meerah Rajavel, CIO, Forcepoint
AI is the New UI-AI + UX + DesignOps
By Amit Bahree, Executive, Global Technology and Innovation,...
Evolving Role of the CIO - Enabling Business Execution...
By Greg Tacchetti, CIO, State Auto Insurance
Read Also
Major Trends Shaping Fintech Revolution
BANKEX: Secured Blockchain-based Tokenization
Importance of Artificial Intelligence Drones
