Business intelligence in healthcare: How data can transform
Everyone who cares about health should care about data According to Grandview Research, "The global healthcare business intelligence market size was valued at $4.61 billion in 2018
According to Grandview Research, "The global healthcare business intelligence market size was valued at $4.61 billion in 2018 and is projected to expand at a CAGR of 12.8% over the forecast period."
The increasing need to attain a better operational workflow and enhanced patient care mainly by healthcare providers, payers, and manufacturers are some of the key factors propelling the growth.
Business intelligence and big data are expected to play key roles in the future and are projected to boost market growth. The healthcare industry has the potential to positively impact all the stakeholders including patients, clinical staff, physicians, employers, payers, and providers with the help of the business intelligence solutions.
How data helps healthcare to transform:
All major global tech giants gather, aggregate and monetize personal data in return for free online services. What if this data-sharing model was applied to medical discovery, or expanding treatments for rare-disease patients?
Recently, digital health has been growing exponentially as big data, artificial intelligence and other technologies come to the fore, although many would argue healthcare is slow to adopt and innovation is behind wider society.
Healthcare analytics enables hospitals and other healthcare units to strategically move the core focus of their organization from 'volume of patients' to 'value provided to each patient'.
With the help of a healthcare data analytics platform, organizations will be able to reduce operational costs, increase access, and improve care while creating a positive financial margin in a dynamic health economy.
Digital technologies will help in understanding the patient experience better, their environment and lifestyle, particularly during clinical trials. Data-driven decisions could increasingly determine whether to accelerate or stop the development of new innovations in healthcare.
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