Clinical and Financial Services Embracing the Power of Predictive...

Clinical and Financial Services Embracing the Power of Predictive Analytics

By Pharma Tech Outlook | Thursday, October 11, 2018

During the recent past, the healthcare industry has experienced a wide variety of innovations. A lot has been said about the healthcare industry’s development, especially the discovery of predictive analytics. The intelligent use of predictive analytics and related technologies are helping hospitals target products to meet the need of the hour in terms of customer satisfaction and workforce efficiency. This process also enables to maximize the marketing dollars more effectively.

As the technologies are developing, Fortune 500 companies are turning to adopt predictive analytics with an increasing frequency. These innovations help them to become smarter in their communication capabilities not just with their consumer audience but also with their own workforce. Hospitals and the concerned departments are widely adopting and utilizing this innovative science. They are also used in combination with behavioral economics and big data as a way to optimize employee engagement with health benefit offerings.

A number of market reports state that the predictive analytics possesses the potential to enhance care delivery. Adopting these types of solutions can dramatically improve patient outcomes, while seamlessly reducing the care costs. Moreover, this can also lead to enticing more healthcare executives to explore the implementation of data-driven tools. 

A recent survey from the Society of Actuaries (SOA) states that the 85 percent of healthcare payers, as well as providers in the industry, have currently started harnessing the potential of predictive analytics. The report also states that some other organizations have plans to harness the power of such solutions in the next five years.

The report also states that 85 percent of survey respondents experienced the power of predictive analytics and claimed that these tools would be necessary for the future of their business. However, the wide and rapid adoption of predictive analytics capabilities drives the need for access to timely and accurate data along with adequate funding, which are the two key resources that most of the organizations today feel that they lack. 14 percent of the total respondents of the report stated that incomplete data still remains as a critical barrier that most of the organizations are faced with when they implement predictive tools. Meanwhile, around 6 percent of the respondents reported that they are challenged with a large amount of data, indicating that many organizations simply don’t know where to begin assessing their data assets. Both providers and payers may have more data at their fingertips than they think. 

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