With the Analytics market growing bigger everyday, Healthcare Analytics is not new. However, with the way healthcare data has grown bigger, focus on Healthcare Analytics has transformed the way we handle and analyze the data. Today we are going to talk more about how healthcare analytics market has evolved and what are the latest trends in healthcare analytics.
The Global Healthcare Analytics market is expected to grow at a CAGR of 31% from 2021-2027 to reach US$ 118.2 billion by 2027.
SOURCE: UnivDatos Market Insights
How do one leverage data for meaningful insights?
At the core of it, Healthcare Analytics is driven by data mindset and data culture where an organization has to look at its data sources and bring up potential workflows to derive value out of a data initiative.
From a provider stand point, a data is available in form of patient demographics, patient conditions, patient diagnosis information, treatment plans, prescriptions, discharge summaries, patient progress notes, patient lab reports, patient claim files. Once we have these records identified, one usually establishes a data model that can store them in a centralized location after mining them from different sources. And further leverage AI algorithms to learn “features”, which are then further leveraged to generate insights. The generated insights shall help in identifying actions that shall help in performing some meaningful activities to control certain aspects of the healthcare services for example –
· To proactively identify and prevent revenue leakages that are one of the most pressing challenges within revenue cycle management process.
· To generate a treatment plan that is in sync with patient’s conditions thus eliminating probabilities of errors.
· To identify claim files proactively that identifies abnormal price patterns leveraging an AI algorithm, such as over pricing for some services that need not be repeatable
Apart from treatment and revenue cycle optimization, with smart systems like AI BOT driven simple symptom checkers or real time decision systems, they are being leveraged to quickly go to a root cause of a problem or arrive to a decision for a patient.
From the Payer perspective, it is important to find how risk associated with a plan and the beneficiaries using the plan. There can be number of different initiatives that a payer can take to improve operational excellence leveraging the historical data.
Goal for some of the payers today are to identify issues proactively by reviewing beneficiary and provider data and then finally creates meaningful reports that can be consumed by providers or beneficiaries for more affordable patient treatments.
In an era where human race is dealing with pandemics, data driven analytics has the potential to measure vulnerable population health and predict the treatment plans for the population in large.
Lets look at some of the interesting information and news that has been the talk of the town around healthcare analytics:
Latest from the Google is how they are using AI to help find answers to common skin conditions
How Encompass Health leverages AI (Machine Learning and Predictive Analytics) helps accurately identify patients who are at risk of being hospitalized, monitor and manage patients remotely and recognize patients who may benefit from hospice care
Siemens Healthineers launches new CT scanner for fast diagnosis and precise interventions in demanding clinical areas
Architecture launched for faster AI discoveries in health
Belfast-based AI data discovery company Sonrai Analytics is launching an architecture that aims to lead to faster and more effective discovery of key mechanisms and drivers within healthcare enabled by artificial intelligence.
Some other investment news:
Capital Rx Secures $50 Million in Series B Financing to Accelerate Growth of Pharmacy Technology Platform
Mayo Clinic And Kaiser Permanente Invest $100 Million In ‘Hospital Care At Home’ Venture
Komodo Health created a groundbreaking predictive analytics platform that leverages real-time data to improve healthcare decision-making. They have recently raised $220M in Funding Led by Tiger Global
Innovaccer Raises Series D at $1.3 Billion Valuation, Launches Innovaccer Health Cloud to Power the Future of Health
Back in Sept last year, Biofourmis a fast-growing global leader in digital therapeutics that powers personalized predictive care, has announced the completion of a $100 million Series C financing round led by SoftBank Vision Fund 2, with participation by existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI.
If you have a similar story or want to share your initiatives of how you are leveraging healthcare analytics for building next gen care experiences, please write to us at firstname.lastname@example.org
Team Health Viva