Big Data: The Platform Evolution Redefining Healthcare
Healthcare providers are faced with a multifaceted market where medical costs have risen quickly while margins and reimbursements have fallen to new lows. These dramatic changes have created many challenges: rising regulatory requirements, lower reimbursements, healthcare reforms, and global competition, which leads to margin attrition. To remain competitive, healthcare companies need to adopt a value-based approach to improve patient care while optimizing their processes to achieve greater efficiencies and contain costs.
New opportunities have emerged as a result of advances in technology. The latest collaboration models across healthcare providers, patients, and outsourcing partners help put a strong focus on patient outcomes and new offerings in the market. Today’s real-time and data-driven culture reacts to market changes faster than ever. In turn, healthcare companies must be equipped to respond swiftly to inbound data and act on the insights to drive a responsive and patient-centric organization.
Analytics can help healthcare organizations deliver on these demands and provide the system to sort through this surge of data complexity. Leveraging the abilities of big data analytics in healthcare enables the organization to create actionable insights, create time-to-value, and improve outcomes. Information gleaned from these insights helps informed patients become more accountable for their health conditions. It can help demonstrate value and achieve effectiveness and efficiency by maintaining small details to large processes in a healthcare network. Analytics can help in discovery, help design programs, increase service operations, reduce risk, and improve sustainability.
Hospitals can harness new technologies to analyze big data more efficiently to provide better coordinated patient care and clinical decision support by facilitating life-saving, real-time decisions at the point of care, especially in immediate need areas such as the emergency room. Real-time monitoring based on a constant evaluation of patient health patterns through digitalized patient data enables physicians and other patient care personnel to make better clinical decisions with a single view that ties together all lab reports, medical tests, and prescribed medications for a patient. Bringing together data from patient lifestyle choices and clinical data to follow and positively impact patient health in the long term and improve the quality of life.
Healthcare has seen a shift from a volume-based care payment structure to a value-based payment structure for entities across the healthcare value chain. This puts an emphasis on preventative medicine, improved patient care, and outcomes while building financially sustainable healthcare companies. Healthcare companies need to differentiate from the competitive landscape by impacting patient outcomes positively by improving operational excellence, care efficacy, and customer service. Patients benefit from this approach as they more involved in decisions on their health and participating in lifestyle choices that improve care outcomes.
Physicians need to utilize the actionable insights that exist within their data systems in this complex healthcare scenario for providing a full spectrum of care. Understanding changes in uncertainty around regulations, reimbursement models, curbing rising healthcare costs, and improving profitability is essential to institutionalize big data decision-making.
HARNESS PATIENT DATA ALONG WITH EPISODE OF CARE FOR AGILE DECISION MAKING
IntelliPatient combines clinical, claims, care management, and socio-demographic data into a single view to offer insight into healthcare quality, cost, and outcomes. It helps the healthcare providers to track diseases and help the care teams to determine what treatments are most effective. IntelliPatient brings together advanced analytics and care management capabilities to maximize the value of patient information acquired from care providers.