Investopedia recently published an article on the impact of big data on the healthcare ecosystem. From reducing costs to digital health monitoring, the article identifies the following ways big data has changed healthcare:
Reducing Healthcare Waste
Lack of transparency in the healthcare system has led to wasteful spending, procedures, and time. Big data reduces waste by aggregating patient information and utilizing it to improve outcomes and make sure unnecessary procedures don’t happen.
Between enhanced clinical records and predictive analytics, costs are reduced by identifying early treatments for patients. The overall cost reduction of disease prevention, reduced readmissions, data transparency, and better outcomes is expected to reduce US healthcare costs by up to $450 Billion.
Analyzing patient data can improve the quality and efficiency of healthcare because it can predict adverse events and help patients avoid being sent to the hospital before the adverse event occurs.
Understanding how drugs interact with patients from the time they are taken throughout their entire lives provides an opportunity to improve medications and maximize benefits. With big data pharmaceutical companies can connect biological and clinical data to find the right patients for the right trials and more.
In line with the government incentives provided to the healthcare industry, CMS aims to use big data to increase transparency and patient outcomes.
Digital Health Monitoring
Digital health monitoring leverages best-in-class technology to keep patients out of the hospital. Through step, sleep, and heart monitoring, patients can avoid visiting the doctor and take charge of keeping themselves healthy.
Big data provides a lot of value to the healthcare industry and is already helping grow the retail, financial, and sporting industries. Moving forward big data will play a critical role in driving efficiency in healthcare. Click here to read the full investopedia article.