The term healthcare data analytics can mean quite a few things. Generally speaking, it’s the term to describe using data and analytic models to get a better understanding of events in the world of healthcare.
But the healthcare world is enormous and encompasses hospitals, drug manufacturers, pharmaceutical consulting companies… skilled-nursing facilities, insurance companies, governments, and employers. When you really think about it, healthcare data analytics is just about everywhere.
If you don’t believe it, consider the fact that total healthcare spending in the U.S. hit $4.1 trillion in 2020—a massive $12,530 per person and 19.7 percent of gross domestic product, according to data from the Centers for Medicare & Medicaid Services.
What is healthcare data analytics? It’s an effort to understand the root causes of problems—whether it’s learning why someone’s blood pressure is too high, or if it’s figuring out how to lower insurance premiums. Healthcare data analytics needs to be a part of completing the picture.
Enterprises will also need to have their own healthcare data analytics internally implemented to better understand the health of employees, as well as how to provide them with the best benefit plans. This is an area where stakeholders can make a difference in providing better healthcare benefits right now.
Why Does Healthcare Data Analytics Matter?
When there’s a high level of importance or spending that’s focused on a particular area—in this case, healthcare—it becomes more essential to focus efforts on understanding underlying trends. This is only possible through the collection, storage, modelling, and analysis of data—otherwise known as healthcare data analytics.
Organizations can leverage healthcare data analytics to provide better health insurance plans for employees, while also doing a more effective job of managing their own costs. These are some of the specific ways healthcare data analytics can play a role in creating more positive outcomes:
- Recognize individuals – It’s not always clear what employees need, or who is at-risk within your organization. Data can help identify places where additional assistance or guidance might make a positive impact.
- Discover fundamental and hidden costs – Healthcare data analytics helps enterprises understand the underlying cost drivers of certain scenarios and expense categories.
- Be forward-looking instead of reactive – When it comes to health care, whether it’s preventing illness or identifying cost savings, looking at data is the only way to reliably assess and respond to a situation.
- Modify actions based on real-time inputs – Without the benefit of healthcare data analytics to guide decisions, it can feel like you’re shooting in the dark. By having access to real-time data, however, it’s possible to continually be knowledgeable about what’s happening in the moment.
Clearly, healthcare data analytics is an important tool and consideration for enterprises today. At the same time, something having value doesn’t necessarily show the best path toward utilizing it. Organizations need to have a gameplan and a certain level of expertise in order to fully and accurately leverage healthcare data analytics.
How Can Enterprises Get the Most Out of Healthcare Data Analytics?
Now that you know what healthcare data analytics is and why it matters, it’s time to figure out how to apply these tools within your enterprise. This can be a challenging undertaking, especially when sailing into uncharted waters.
Without a doubt, turning to a healthcare consulting firm can help firms deploy their analytics program. Not only will utilizing a consulting agency make the adoption and deployment process go more smoothly, they can also ensure enterprises are extracting the most value from their data.
It doesn’t matter if it’s a hospital, government agency, insurance company, pharmaceutical organization, or even a non-healthcare field organization that needs to analyze healthcare-related data, working with a consulting firm will make the whole process more efficient, while also guaranteeing compliance and accuracy.
There is a massive amount of healthcare data out there. Having the right tools and personnel to analyze this data is essential in order to get the most out of it.