Analytics in Healthcare Industry is not just taking the market forward but it is firming its step in the businesses too. It is on its phase where the growth is simply exponential in nature and there is no turning back.
The question is, can analytics and insights really transform the healthcare industry, and if it can then what are those key areas that it can develop in the industry that will help in moving it forward towards growth. Can it bring customer engagement and satisfaction that lasts longer with trust, can it make it affordable to help the industry to cut costs so that it is easily accessible to its customers.
Let’s know all about it.
Analytics in Healthcare and its market reach
The market reach of analytics is huge and is expected to reach USD 50.0 Billion by 2024. The reason you ask?
Well, analytics and insights is a way that provides a business’s path of making intellectual market strategies and updating their operations and status in the market. It is not just there merely because of big data and the developments of technology that has brought the growth in the sector but all the industries possible.
As for the analytics for healthcare is considered, the approach of analytics provides a deep understanding of customer engagement and behaviour by keeping in mind their well-being and requirements.
Healthcare Analytics offers a whole new platform for these industries to enhance its factors that makes a healthcare industry stronger, such as, the treatment efficacy, the technology enablement, economic cost, and the most important, customer experience.
It is the basic need for the healthcare industry to gain their customer’s i.e patient’s trust in order to get ahead in the market. It is in the hands of the patients to move up any facility provided to them if they find it good and useful, but if they don’t, they have the complete power to turn everything down. So, it is a crucial step in healthcare analytics to understand the patient’s views and gain their trust by achieving customer engagement.
As per a study, more than 90% of both the patients and the providers have the views that patient satisfaction is a major thing. And, about 88% of patients confirmed that if not provided with the satisfactory service, they will definitely switch it to find better providers.
Healthcare Analytics and its benefits
Advanced analytics is a provider of key aspects that helps the healthcare industries to attain patient satisfaction which involves personalized care, providing the patients with control over their treatment and data, and also transparency.
When these aspects are clear with the patients, they feel satisfied not because of the services they get but because they witness a trust and a bond approving them of their data and letting them take care of themselves too. Advanced analytics even helps in gaining the risk factor percentage of different problems by reading and going through the patient’s data.
According to McKinsey, healthcare expenses represent 17.6 per cent of the U.S. GDP, which is almost USD 600 Billion more than what is expected for a country of its size and wealth.
Analytics has also reached an upper level in helping the healthcare industry by driving the efficacy of patient treatment and extracting outcomes that are reduced patient re-admissions based on the data study of patients understanding the risk factors.
Also, analytics in healthcare provides them to generate revenue and cost savings for healthcare providers. It not only helps the healthcare industry but also lets the patients be loyal to them as they get some control over their data and maintain their health and living standards.
The future of Technology and Analytics in Healthcare
It is not just analytics in healthcare that is moving forward the business and industry, but the adoption of digital platforms and technology such as Artificial Intelligence has also driven it far ahead.
The size of AI in healthcare is expected to reach USD 6.6 Billion by 2021 and has the potential to reduce healthcare costs by USD 150 Billion by 2026 as per the Stanford Health trends report. Advanced analytics is a tool that provides a way to work out these technologies and not just this the predictive analytics part plays a major role in providing data that can pose a risk and allows proactive measures to stop them.
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