The healthcare industry faces the unique challenge of needing to simultaneously improve patient care while reducing the cost of care significantly. People don’t want to pay an arm and a leg to be seen by a doctor, but nor do they want their patient experience to go down just because the cost did. Though this may seem like an impossible feat, healthcare predictive analytics makes the impossible possible.
Understanding Predictive Analytics
Predictive analytics are precisely what they sound like: analytics used to make predictions about future events. The process utilizes many techniques to predict the unknown, including data mining, modeling, artificial intelligence, machine learning and statistics. The goal is fourfold, as it aims to improve efficiency in four areas: claims and costs, clinical data, patient behavior and research and development. The ultimate goal, however, is to provide a more personalized patient experience.
Investing in a New Model of Care
Personalized medicine is a very real thing, but until recently, providers have been struggling to provide the level of care that patients expect without running up their overhead expenses. This has proved to be a trying feat, one that was unable to be done without healthcare predictive analytics technology. With this new technology, however, healthcare providers at all levels can have a better understanding of what to expect in terms of everything from patient health to the cost of care.
For instance, predictive analytics can improve the accuracy of diagnoses, aid in the development of preventative medicines and procedures, assist in the development of insurance plans and costs, improve the treatment of individual patients and aid in public health education efforts. Each of these improvements leads to an overall healthier society and, as a bonus, lower cost of care.
What This Means for the Future
Though still relatively new, healthcare predictive analytics is projected to do great things. In addition to improving the patient experience and cutting costs, the program has been largely successful in helping patients take care of their own health in a proactive manner. This is in large part due to the public health education efforts, which aim to educate patients on certain diseases and conditions and what they can do to control said conditions. Additionally, as patient profiles are added into the program, it will become easier for practitioners to recognize high-risk patients and therefore, to provider additional support or care as needed.
All that being said, while predictive analytics are a great tool, they are just that—a tool. Analytics can offer insight into the future and be used to identify tremendous opportunities, but it is ultimately up to the healthcare providers to develop a care model that helps providers create that more affordable and more personalized healthcare experience.
Some improvements you can come to expect in the future include:
- More informed patients who will be happy to assume a greater responsibility for their own care;
- Physician roles that are likely to shift into more of a consulting role rather than the primary decision maker; and
- Lower health insurance premiums, more personalized plans, decreased cost of medicines and increased government funds.
The healthcare industry is about to see some exciting changes, with healthcare predictive analytics being at the forefront. Are you ready?