Predictive analytics is starting to make its presence known in the healthcare industry after years in minimal growth. Over the next eight years, predictive analytics in the healthcare industry is expected to grow at a rate of 30%, driven by the numerous benefits they offer. These benefits include improving patient outcomes, increasing operational efficiency, increased treatment options and enhanced ease of treatment.
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Over the last five years, electronic health records in the United States have been widely implemented, giving health care systems access to large amounts of data. In order to fully utilize predictive analytics for healthcare, institutions need to have a clear vision of what they’re trying to achieve. Predictive analytics have the potential to reduce hospital readmissions, solve staffing problems, identify patients most vulnerable to specific hospital-acquired infections, and much more. With such a wide variety of uses and large amounts of data sets, healthcare institutions can sometimes be overwhelmed with deciding how exactly they intend to use predictive analytics, how they will go about deriving value from the results.
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Using Analytics Services to Improve Quality of Care
Global research and advisory firm Quantzig recently worked with a leading US based hospital chain who wanted a detailed analysis of its care delivery structure in order to improve the care management process. The goal of the study was to improve the quality and safety of patient care and to ease the burden on physicians, strengthening hospital administration and supply chain efficiencies.
Quantzig’s healthcare analytics specialists were able to help the client streamline its workflow, improving collaboration between patient, pharmacy, payer, care provider, and employer; which improved the efficiency of its staff. In a matter of weeks, the hospital chain was able to make all medical records available online within 48 hours of discharge, resulting in up to 10% reduction in erroneous claim payments.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of about 120+ clients, including 45 Fortune 500 companies.