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Data and technology is rapidly changing-therefore, it is important to be adaptable to customize predictive analytics applications in healthcare. There are certain unique applications within the world of healthcare that are readily attainable.
For the data-intensive healthcare industry, the power and versatility of advanced analytics can't be overstated. The confluence of big data, technology, and the application of statistical theories can give a competitive advantage to impact profitability across the healthcare services sector. Advanced analytics is critical for healthcare payers that want to make proactive changes in managing their populations to promote better health and outcomes.
A few broad benefits of advanced analytics in the healthcare world
Data and technology is rapidly changing-therefore, it is important to be adaptable to customize predictive analytics applications in healthcare. There are certain unique applications within the world of healthcare that are readily attainable, including:
How predictive analytics can lead to solutions and benefits
The insights and reporting offered by healthcare analytics could, for example, help managed care executive address persistent volatility in cost for both medical and pharmacy claims with a lens on population sub cohorts to positively impact outcomes. Predictive analytics are a powerful way to enhance decision making with confidence. By leveraging existing claims data, it is possible to creatively find options to lower costs while improving population health. Advanced analytics and emerging technologies provide this option.
A customized, well-implemented predictive analytics solution should both address an immediate problem and make sure it doesn't return in the future. Healthcare executives should be able to recognize the positive change that can arise from taking the right approach to predictive analytics, and look for areas where it could potentially improve their operations-from reducing pharmacy costs to improving patient health outcomes.
Mike Kim is a director at AArete, a global consultancy specializing in data-informed performance improvement, and heads its Center of Data Excellence. He can be reached at firstname.lastname@example.org.