Healthcare analytics is a process of using vast amounts of gathered information to help organizations get actionable insights. These key insights are developed through data-driven findings to drive fact-based decision-making. In turn, such firmly taken decisions enable effective planning, learning, measurement, and management. The use of healthcare analytics enables a reduction in the cost of treatment, predicts preventable illnesses, and improves the quality of care for patients. As per a study conducted by Polaris Market Research, the global healthcare analytics market is projected to reach USD 324.9 Billion by 2026 and is estimated to register a CAGR of 7.9%.
What Role Data Analytics Play in Improving Healthcare Services
With data analytics in healthcare, it becomes flexible to collect medical data and then transform it into relevant insights for providing better care. Below mentioned are some of the prominent examples where data analytics plays a role in solving complex problems.
- Staffing: This is one of the crucial aspects for any organization to run it properly. Finding the right balance of resources ensures managers don’t overstaff or understaff. It is possible to correct the imbalance of staffing with the help of healthcare analytics. Leading hospitals across the globe use big data to understand the patterns and forecast admission rates in advance.
- Electronic Health Records (EHRs): EHR is one of the most popular applications used in the US healthcare sector. Over 90% of hospitals have adopted this system to improve their overall functioning. Such functionality helps to keep digital health record for each patient visited the hospital for future reference. Furthermore, it reduces the need for any paperwork and ensures no risk of repeating data.
- Boost Patient Engagement: Several potential patients can also be consumers who utilize smart gadgets to help track their daily activities. This tracking includes step count, heart rate monitoring, storing sleep patterns, etc. Patients directly monitor their health which leads to improvement in the quality of life.
Major Trends in the Healthcare Analytics Market
In the huddle to contain the spread of COVID-19, leading market players are adopting data analytics in healthcare. Researchers are leveraging these tools for performing everything right from the monitoring of hospital capacity to the detection of high-risk patients. Many industry experts believe that analytics tools can play a crucial role in preparing for similar situations. Several key factors influencing the healthcare analytics market in a big way includes the introduction of big data in the healthcare sector, rapid advancements in technology, and the advent of social media