Data analytics trends and opportunities in healthcare
The ongoing effects of the pandemic, rise of IoT and increased patient expectations for healthcare institutions to personalise their healthcare journey is spurring a data analytics revolution in healthcare. Healthcare providers are now turning to data analytics more than ever before, to identify key health patterns and trends, while helping improving the accuracy, efficiency and delivery of healthcare at scale.
In this quickguide, we take a look at some key data insights driving innovation in healthcare for 2022.
Improving healthcare claims processing efficiency
Unpaid claims payments are one of the biggest causes of revenue loss for hospitals and healthcare providers. To help reduce errors when processing claims, healthcare providers use claims scrubbers (data checking software) to ensure that claims that leave the door have the best chance of getting paid, ideally the first time they are submitted.
However, the medical billing process in regions like the United States is particularly challenging. If a claim is denied by insurance the first time, it has a 60% chance of being denied a second time and an increased chance that it will never get paid. The cost of reworking a claim can average as much as $118 per claim, according to Becker’s Hospital Review, leading to reduced profitability.
One healthcare claim processing platform efficientC revolutionising the sector has recently embedded AI and BI within its framework. As a result, 95% of customers’ claims get paid within 20 days or less, an average 15% cash flow improvement for customers, a 40% reduction of denials in 60 days of implementation, and increased cash collections with decreased write offs. Read more
Imagine a future where a wide range of surgeries, no matter how complex, could be conducted remotely, a future where a patient in dire need of help could access the most highly regarded specialists in any area of medicine regardless of where on the globe that person may be.
In 2019, Dr. Ryan Madder from Spectrum Health performed a series of simulated remote percutaneous coronary interventions (PCIs) via a control station outside of Boston. A year earlier, Dr. Tejas Patel completed the first-in-human remote PCI cases in India, with about 20 miles between the physician and his patients.
Both of these breakthroughs were achieved using the CorPath GRX System from Massachusetts-based firm Corindus, the world’s first medical device to bring robotic precision to percutaneous coronary and vascular procedures that has been cleared by the U.S. Food and Drug Administration (FDA). Creating innovations this incredible comes with unique challenges. Read more
There’s no longer any debate in the healthcare world over whether data is useful. Though the industry must move more cautiously because of the sensitive information involved in most healthcare transactions, companies have grasped that data holds the key to helping patients, modernising processes and care, and saving money. Beyond those benefits, companies are realising they can even drive revenue with their data.
Once an organisation has started using a BI platform like Sisense, there are countless ways data can start driving revenue. Healthcare billing leader Billing Savi uses its Sisense-powered analytic app to create new opportunities for its customers and differentiate itself in the marketplace. Read more
The steady growth of medical data is outpacing many health providers’ ability to make use of it. Data mining and analytics tools previously used for commercial data are being applied to medical data in various forms. In 2020, for instance, experts from Sisense joined forces with the G-Med online community to create the Medin’Sight app to help fight COVID-19, and Sisense client GeriMedica began infusing analytics insights into practitioner workflows to improve elder care.
Companies building software for medical professionals can greatly enhance their offerings by buying a robust analytics platform and embedding it in their core product. Providing increased access to more specific data on patients, combined with data from a variety of other sources, can help predict potential problems, recommend novel treatments, and streamline treatment. Read more
This year promises some exciting developments with artificial intelligence and big data within the health technology space. By health technology this covers a vast array within medicines, medical devices, vaccines, procedures and health provision systems, each developed to solve a particular health problem. These data and insights can help revolutionise healthcare in a number of critical ways. Read more.
At AZK Media we’re passionate about helping health technology companies, data analytics and BI companies grow across the APAC and UK/EMEA regions. From exceptional data storytelling, to video marketing, customer advocacy strategies, PR and lead gen solutions, we know what it takes to amplify your health innovation to prospects and the press. Contact us to find out how we can help you today.