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.