Reduce Costs with Predictive Analytics
There has been a paradigm shift towards outcome and value-based payment initiatives in healthcare. This has created a push to utilize health data and predictive analytics to improve patient care and optimize information processing. From cost savings to risk management, health information technology has been revolutionizing the field of healthcare management.
Insights Are Lurking in Those Databases
Healthcare systems are becoming increasingly data-reliant in this technological revolution. With more access to aggregated data, it can be analyzed as a whole to allow an efficient allocation of resources. Lurking in these databases is information on systemic wastes of resources and health trends of populations. Health systems can track patient outcomes and individual practitioner performance in real-time, and even identify people at risk for chronic diseases.
Reduced Costs for Payers and Providers
In addition to healthcare systems, healthcare payer and provider organizations are employing predictive analytics to optimize their practices. In 2019, 61% of executives used technology within their organizations (SOA). Those who weren’t stated that they plan to do so in the next five years.
Of those who have been using predictive analytics, 42% reported reduced costs and 39% reported improved patient satisfaction as a direct result of its implementation. These executives plan to increase their investment in predictive analytics and expect to save 15% or more over the next five years.
One thing payers and providers both agree on is that predictive analytics is critical to the future of their business. The two most desired outcomes executives cited – cost reduction and patient satisfaction – were recorded as the top two actual seen results. As 2021 comes to an end with record-breaking data analytics utilization rates, we can only anticipate a steady increase from here.
