Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of their free supplement on the roadmap to healthcare analytics. Amidst the skyrocketing healthcare costs, companies in the healthcare sector are addressing inefficiencies by enhancing data sharing across the value chain and are looking at leveraging analytics to improve business functions and patient experience. Therefore, healthcare players are shifting their focus from volume-based payment models to value-based and outcome-based models. Applying advanced healthcare analytics to the patient datasets can help the healthcare companies adopt a comprehensive approach to deliver personalized medicine and understand the needs of patients.
Importance of healthcare analytics
- Multidimensional predictive models
Multidimensional predictive models are developed by combining patient information and data obtained from other sources of information and third-party consumer insights. The use of such predictive models results in better patient stratification which, in turn, leads to improved health care, higher engagement, and reduced costs of healthcare.
- Reduces Healthcare Costs
Quality healthcare services are costly. This is the reason why healthcare players are incentivized to seek volume over value. By leveraging healthcare analytics techniques and customized healthcare models healthcare companies can implement a new payment model based on the performance. Here the healthcare provider would be paid for value, as determined by outcomes.
- Improves healthcare outcomes
Globally healthcare industry is increasingly moving from volume to value, throwing light on the importance of clinical outcomes. Due to the increase in EHR capabilities and other structured datasets generated by the healthcare industry, healthcare data is estimated to register the growth of 35% every year. Consequently, healthcare providers are shifting focus to the implementation of analytic methodologies to improve healthcare outcomes.
Date: February 19, 2019