Role of analytics in the health care Sector
Health care industry is one of the world’s fastest-growing industries; consuming over 10 percent of gross domestic product (GDP) of most developed nations. Health care can form an enormous part of a country’s economy. The World Health Organization estimates there are 9.2 million physicians, 19.4 million nurses and midwives, 1.9 million dentists and other dentistry personnel, 2.6 million pharmacists and other pharmaceutical personnel, and over 1.3 million community health workers worldwide, making the health care industry one of the largest segments of the workforce. Obviously, such an industry also creates voluminous data in respect of patients, diseases, diagnosis, medicines, research etc..
Indian healthcare industry is engaged in generating zettabytes (1021 gigabytes) of data every day by capturing patient care records, prescriptions, diagnostic tests, insurance claims, equipment generated data for monitoring vital signs and most importantly the medical research.
According to a industry report, California-based managed care consortium Kaiser Permanente is believed to have between 26.5 – 44 petabytes (1,000,000 gigabytes) of potentially rich data from EHRs.
In the healthcare industry, information can have a profound impact on improving patient care and quality of life, while controlling escalating costs.
Some of the key issues that Healthcare companies face to gain competitive advantage, in the market place, are as follows:
- What are the best ways to contain costs without reducing the level and quality of care?
- Can the companies reduce operating costs, perform dynamic budgeting and forecasting, and improve overall profitability?
- How can doctors, patients, providers and payers work together to improve outcomes?
- Are there ways to perform faster diagnoses and understand different treatment patterns to save and improve more lives?
- Are patients satisfied with their level of care?
- How do the companies compel individuals to become advocates for their own health?
Using data analytics provides the means to find answers to the issues facing the health care industry. Following are some of the services that form the underlying layer of analytics in the Healthcare Industry:
- Clinical Data Management (CDM) Services – that addresses the need for records of patient history, treatment responses, number of patients and income from each of them, mapping of symptoms and drugs etc.
- Promotional Spend Compliance – that addresses the customers’ need to adhere to national and sub national healthcare regulations and similar laws worldwide. This solution is strengthened with analytics capability for sales per spend analysis, competitive returns bench-marking and spend fraud pattern detection capability.
- Social Media Intelligence/Analytics – that helps identify deep business insights on treatment effectiveness, peer physician preferences, key opinion leader’s recommendations, disease spread and concentration etc. using data and opinion from social media. Amongst the end results is enhanced treatment effectiveness and improved clinical trial results.
- Service Analytics for Medical Devices – that ensures monitoring and tracking of all after sales and service related processes, offers insights into supplies management and ensures proactive as well as preventive maintenance. The solution is aimed at the effective management of the services business of medical devices.
- Predictive Asset Analytics of Medical Devices – that enables smoother operations by reducing the risk of medical device failure and by ensuring that the medical devices run at optimal performance.
- Trade Promotion Optimization – that enables trade promotion managers to model, optimize, forecast, budget, execute, manage and measure the trade promotion spends for consumer, health and OTC products.