Leveraging technology in an appropriate way can make/break the future of healthcare. One of the ways that healthcare will become more affordable, more efficient, and save more lives is through the use of big data.
As per an International Data Corporation (IDC) report sponsored by Seagate Technology, it is seen that big data is projected to grow faster in healthcare than in sectors like financial services, manufacturing, or media. It is also estimated that the healthcare data will experience an annual growth rate (CAGR) of 36% through 2025.
Market research has shown that the global big data in the healthcare market is expected to reach $34.27 billion by 2022 at a CAGR of 22.07%. Worldwide, the big data analytics segment is expected to be more than $68.03 Billion by 2024, driven largely by continued North American investments in practice management tools, electronic health records, and workforce management solutions.
Here are some ways in which Big Data is changing the healthcare landscape:
The price of healthcare does not come cheap, and many hospitals find themselves struggling with the various costs that come from offering medical treatment. Therefore, Big Data being able to reduce costs is a welcome addition to the healthcare industry. This is possible as Big Data can use predictive analysis to help to predict admission rates, which can help with staff allocation. This helps the hospital to know how many staff members are required and stops them from under or overbooking them, saving them money and resources.
Similarly, by using health tracking, and monitoring a patient’s health before hospitalization is needed, this can reduce serious health problems and the money that needs to be spent on treatment for patients. This can amount to considerable savings, and research has suggested that predictive analysis could save medical organizations around 25 percent of their annual costs over the next five-year period.
Revolving somewhat around healthcare as well as around the claims industry, personal injury cases have increased in accuracy and efficiency, and fewer frauds are being encountered since Big Data has started to be utilized by those analyzing these events. Claim path profiles have managed to be put together through the identification of common behavioral patterns thanks to the data generated and gathered in millions of cases. Personal injury solicitors can work with certain healthcare experts in accessing essential information for the effective pursuit of cases, ensuring medical specialists are providing accurate records, victims are being honest, and offering all details on the incident, and overall, all steps are being taken by the book.
Patient Engagement Can be Enhanced
Through Analytics and Big Data, an increase in patient engagement can also be obtained. Drawing the interest of consumers towards wearables and various health tracking devices would certainly bring a positive change in the healthcare industry, a noticeable decrease in emergency cases being potentially reached. With more of the patients realizing the importance of these devices, physicians’ jobs will be simplified, and an engagement boost can be obtained through big data initiatives, again.
Patient Health Tracking
Identifying potential health problems before they develop and turn into aggravating issues is an important goal for all organizations functioning in the industry. Due to a lack of data, the system has not always been able to avoid situations that could have easily been prevented otherwise. Patient health tracking is one more strong advantage that comes with Big Data, as well as The Internet of Things tech resources.
Advancement in the System
Last but not least, what also needs to be considered is the overall advancement that may be achieved with the help of tech innovations. Being able to access numerous data points in just a few seconds would of course enable the more rapid discovery of effective solutions. Conditions could be more easily treatable, and personalized solutions for lesser common health problems might also be obtained. Any advancements in the healthcare sector are worth considering, and things seem to be going on the right track with the further development of tech tools.
Big Data has a role in another industry, and one may clearly see the positive effects it could have on the system long term. Certain healthcare development companies in the field have already understood the comprehensive advantages of big data initiatives. Although there’s still a long way to go until these tech resources will be used on a global scale, many organizations have started to direct their focus towards analytics and started to use advanced technology for the optimal management of hospitals, clinics, and other similar institutions.
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