5 Ways Big Data is Changing the Health Sector
The health care sector is booming and the need to manage patient care and drugs has increased in synchrony. As these needs increase, new technologies are being adopted in the industry. The use of Big Data and Analytics in the healthcare sector is a major change that could take place in the future.
According to a report by IDC (International Data Corporation) sponsored by Seagate Technology, it was found that Big Data should grow faster in healthcare than in sectors such as manufacturing, financial services or the media. It is estimated that health care data will grow at a compound annual growth rate of 36% by 2025.
Market research has shown that global health care market data is expected to reach $34.27 billion by 2022 with a CAGR of 22.07%. Globally, the Big Data analytics segment is expected to reach more than $68.03 billion by 2024, primarily due to continued investments in North America in electronic health records, management tools cabinet and workforce management solutions.
1. Health monitoring
Big data and analytics, as well as the Internet of Things (IoT), are revolutionizing the way we can track a variety of user vital statistics and data. In addition to portable devices that can detect the patient’s sleep, heart rate, exercise, distance traveled, etc., new medical innovations can be used to monitor the patient’s blood pressure, pulse oximeters, blood glucose meters, etc. Continuous monitoring of vital body data and sensor data collection will allow care organizations to keep people out of the hospital as they can identify a potential health problem and provide care before the situation arises.
2 Cost reductions
Big Data can be a great way to reduce costs for hospitals with more or less senior staff than books. Predictive analytics can help solve this problem by predicting admission rates and assigning staff. This will reduce the investment rate of the hospitals and allow them to use their investment as much as possible. The insurance industry can save money by supporting wearables and health monitoring systems to prevent patients from spending time in the hospital. This can reduce waiting times for patients as the hospital will have sufficient staff and sufficient beds as per the analysis. Predictive analytics also helps reduce costs by reducing the rate of hospital readmissions
According to a recent Society of Actuaries report, 47% of health organizations already use predictive analytics. It is also noted that over 57% of health sectors believe that predictive analytics will save organizations 25% or more annual costs over the next five years.
Healthcare & Big Data Facts: The McKinsey & Company report shows that after 20 years of steady increases, health care spending now accounts for 17.6% of GDP, nearly $600 billion more than the expected benchmark for US size and wealth.
3. Assistance to high-risk patients
If all hospital records are digitized, this will be the perfect data to view the model of many patients. The hospital can identify patients who visit the hospital repeatedly and identify their chronic problems. Such understanding will help provide better care to these patients and provide an overview of corrective actions to reduce their frequent visits. It’s a great way to keep a list, check high-risk patients, and offer personalized care.
4. Prevention of human error
It has often been found that professionals tend to prescribe a wrong medication or to send a different medication by mistake. In general, these errors can be reduced since Big Data can be exploited to analyze the user’s data and the prescribed medication. This can corroborate the data and signal any potential misplaced prescription to reduce errors and save lives. This software can be a great tool for doctors who treat multiple patients in one day.
Healthcare Data and Big Data: Medicare and Medicaid service centers avoided more than $210.7 million in health care fraud in one year using predictive analytics.
5. Progress in the health care sector
Apart from the current scenario, Big Data can be a great advantage for scientific and technological progress. For the healthcare sector, Artificial Intelligence, such as IBM’s Watson solution, can be used to scan a lot of data in seconds to find solutions to various diseases. These advances are already underway and will continue to grow with the number of searches collected by Big Data. He will not only be able to provide accurate solutions, but also customized solutions for unique problems. Predictive analytics will be useful for patients traveling to a specific geographic area by studying similar patients in the same area.
Healthcare and Big Data Facts: Efficient use of Big Data could add $ 300 million annually to the health sector.
In summary, Big Data increases the capacity of the health sectors to:
- predict epidemics
- cure the disease
- improve the quality of life
- increase preventable care
- start early preventive care
- warning signs faster
Many studies and research prove that technology has significantly transformed the health sectors. Professor and researcher Ronda Hughes also explains in her research how Big Data improves health services.
Although most of the generated Big Data is not fully used at present due to the limitations of all tools and funds, it is definitely the future. Invest in the future and use Big Data analytics to be part of a fast-paced health sector looking for an experienced company like ours to help you.
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