Big data analytics is the boon which an industry of any size can benefit from. Healthcare is no exception. Big data analytics has created a number of possibilities for this sector. Starting from the patient care to drug administration, and from regulatory compliance to insurance billing, hospitals have to deal with too many data every single day. The digitalization of scattered information, which big data is all about, can help the healthcare industry to reap a high ROI for all kinds of medical practices.
As the world progresses towards a smarter future, the healthcare industry is all set to welcome transformations that can make the best use of big data analytics and its subsequent technologies. Here are a couple of trends that the industry is talking about in 2018.
Internet of Things (IoT) and the Health Care Industry
Today’s healthcare industry uses smart, interconnected devices that keep generating a humongous volume of data every day. Since this data is not manageable individually by the staff, hospitals prefer investing in the healthcare IoT, and the amount of investment has crossed more than $120 billion on an average. The nature of these data produced every day is diverse. This is where Hadoop – an open-source framework that enables computer networks to streamline issues involving massive amounts of data – cuts in, and hence gets the scope to play a significant role along with its big data analytics framework. The possibilities that this technology opens up for lowering the operational cost and improving the quality of treatment are limitless and hence, enjoy wide acceptance in the industry.
Effective Prediction – The Only Way to Improve the Outcomes
In the digital era, hospitals are required to comply with the Electronic Health Recording (EHR) system that allows them to store the growing numbers of patient information in details. The better the combination and analysis of structured and unstructured data across multiple sources, the more accurate it gets to diagnose the condition of patients, and come up with a predictive treatment method. The predictive modeling of the derived data from these EHR systems has allowed the hospitals to reduce the mortality rate and Hadoop with its machine learning algorithms has substantially allowed increasing the ability of the hospitals.
It is needless to say that apart from the medicine, the health insurance is an integral part of the entire industry. As the numbers of disputed and fraudulent claims are increasing over the years, Hadoop and big data analytics can be leveraged to streamline the efficiency of medical insurance claims. The entire industry is moving towards an evidence-based activity. Gaining a complete 360-degree view of not just the patient details, but also the mode of treatment chosen help to reduce errors and avoid redundancy of irrelevant treatments.
Mapping the activities of the growing number of digital devices in the healthcare industry is where big data analytics can help industry players earn an edge, and the giant leap of faith empowers the industry in improving the outcomes.
In the digital era, data is the biggest asset that a company can have. Not only the healthcare businesses, but organizations of all types and sizes should have a big data strategy in place to organize, use, and secure this invaluable asset.
Do you have one, yet?