Amidst skyrocketing healthcare costs, companies in the sector are addressing inefficiencies by enhancing data sharing across the value chain -- and they're looking at leveraging analytics to improve business functions and patient experience.
It's a factor that's spurring healthcare players to shift their focus from volume-based payment models to value-based and outcome-based models, according to analytics and advisory firm Quantzig's roadmap to heathcare analytics.
Applying advanced healthcare analytics to the patient datasets can help healthcare organizations adopt a comprehensive approach to deliver personalized medicine and understand the needs of patients.
Multidimensional predictive models are developed by combining patient information and data obtained from other sources, plus third-party consumer insights. The use of such predictive models results in better patient stratification which, in turn, leads to improved healthcare, higher engagement and reduced costs, the roadmap showed.
That cost reduction is key, since quality healthcare services tend to be costly. This is the reason why healthcare organizations are incentivized to seek volume over value.
By leveraging analytics techniques and customized healthcare models, companies can implement a new payment model based on performance -- the provider would be paid for value, in other words, as determined by outcomes.
The shift from volume to value is a global trend, throwing light on the importance of clinical outcomes. Due to the increase in EHR capabilities and other structured datasets generated by the industry, healthcare data is estimated to register growth of 35 percent each year. Consequently, providers are shifting focus to the implementation of analytic methodologies to improve healthcare outcomes.
A sizeable chunk of healthcare executives anticipate dedicating 15 percent or more of their budget to predictive analytics in 2018.
Perhaps the reason they're pledging a healthy slice of their budget is the savings potential they see in predictive analytics. Fifty-eight percent of execs say they'll save 15 percent or more over the next five years, a 5-point increase over 2017, according to an August study.