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Health Data Analytics : Delivering Value-Based Care

Health Data Analytics : Delivering Value-Based Care

Introduction:- 

It is believed that the future of healthcare organizations will be driven by data and digital transformation. You would agree that the recent global pandemic has already accelerated the pace of change in the healthcare industry.  For healthcare industry owners, health data analytics is on top priority now more than ever, especially as healthcare information systems harness the power of data to optimize every aspect of the healthcare process.

It is now the time to switch to value-based care to improve patient experience at every point of delivery. And if you want to leverage the power of data analytics with your healthcare business, then this blog is for you.

Let’s start the journey and get detailed knowledge on how Data Analytics is beneficial for your healthcare organization.

What is Healthcare analytics?

This can be classified as the process of analyzing current and historical data to predict trends, and even helps in better managing the spread of diseases. Moreover, With the help of digital analytics systematized, analyzing, and interpreting data helps ensure better compliance, improve care quality, manage risks, and advance research.

For medical practitioners and healthcare managers. Moreover, this combines administrative and financial data to optimize the existing procedures, lower operational costs, and streamline services.

When efficiently coupled with data visualization tools and business intelligence suites, healthcare analytics can be easily leveraged at both micro and macro levels to gain actionable insights supporting decision-making at each level.

Need Of Analytics Tools In Healthcare Industry:- 

With the advancement in the healthcare industry, both patients and doctors are getting benefits in one way or the other. Improving patients’ lives also requires both measurement and extensive analysis of large healthcare data sets. 

The valuable and actionable insights help physicians, researchers, medical specialty societies, as well as pharmaceutical companies. The healthcare stakeholders are also enjoying the benefits by leveraging and working on the areas of improvement. 

CodeStore Technologies has its own and the best analytics tools available. Our Reporting Studio serves businesses with data analytics services and presents interactive visualization and intelligence reports in many formats.

With the implementation of our integrated analytics and reporting solutions practitioners can:-  

  • Derive better treatment outcomes by delivering data-based, personalized care solutions.
  • Improve the patient experience with better communication and connected care.
  • Make informed decisions about cash flow and above all, cost management made easy. 
  • This also helps in identifying areas to cut costs and optimize resource allocation.
  • Eliminating human errors in case of prescriptions and dosages with automated alerts.
  • Moreover, This reduces the waiting time for the patients by assessing and optimizing scheduling and staffing procedures.
  • Ensuring patient satisfaction by streamlining processes for making appointments, providing referrals, and processing insurances.

As healthcare organizations are shifting from a fee-for-service to a fee-for-value model, therefore the need to improve practice performance and patient care quality makes data analysis a crucial function of daily workflow.

Uses Of Our Data Analytics In Healthcare:-

Data analytics supports the optimization of healthcare across industry stakeholders – starting from practitioners, patients, and health information systems to medical specialties, pharma companies, and makers of medical devices. 

Moreover, There are different types of applications of healthcare data and analytics that can be classified into 4 categories and are:-

Health Data Analytics - Efficiency Improvement

 

Risk Management

 

Performance Analysis

Research Initiatives

 

Quality data equates to quality patient care and adds value to your organization. A reliable healthcare data analytics solution helps move from a cumbersome clutter of information to actionable insights with a time-tested process that involves:

Data Gathering:– Whether you use patient surveys, extract information from case files or employ machine-to-machine data transfer, or all these, all the information needs to be collated in one place.

Action On The Insights:-  Leveraging this actionable evidence to achieve your business goals.

Data Transformation:-  This is where all the data is processed, cleaned, verified, and analyzed to find answers to research questions.

Additionally, you’ll want to ensure that the healthcare data analytics software is agile enough to evolve with the growing needs of your practice. It should be built with sophisticated security features as it will store all the data using which you can unlock the greatest possible value for your medical practice. 

Benefits Of Our Healthcare Analytics Solution:-

For Healthcare Providers

Powered with core capabilities in technologies like artificial intelligence and machine learning, smart solutions can forge seamless connections across the healthcare ecosystem. By collecting and analyzing patient health data sets, providers can:

  • Improve the delivery of care with real-time access to the right data.
  • Identify high-risk patients and accordingly allocate staff and resources for timely interventions and improved outcomes.
  • Identify and address health problems before patients become critical.
  • Efficient monitoring and measuring health outcomes to determine the success and efficiency of treatments and healthcare programs.
  • Bridges the intervention gap with in-patient care during epidemics by tracking patient intake and specific medical conditions. 

The potential benefits of such systems are limitless, extending to possibilities such as disease cure, preventable care, early detection of disease, risk assessment, and epidemic predictions.

For Payers:- 

Insurance carriers are subject to ever-evolving regulations. And being one of the major expenses for families, health insurance relies heavily on efficiency and client satisfaction for success. Moreover, By collecting and analyzing information using very centralized dashboards, payers can easily:-

  • Identify and attract potential clients by analyzing demographics and profiles.
  • Uncover the potential for fraud by leveraging predictive analytics to forecast and notify in case of at-risk claims.
  • Moreover, they can compare pricing data against performance metrics to determine the best value and lowest cost providers for specific services and procedures.
  • Evaluate hospital claims and prescription data to plan targeted campaigns for specific medical conditions.

Key Features Of A Healthcare Analytics Solution:- 

  • Patient Health Dashboards
  • Inventory Management
  • Optimize Resource Utilization
  • Customized Alerts
  • Medication Efficiency
  • Prescription Compliance
  • Predicting Risk

Future of Data Analytics in Healthcare:- 

With improved technologies, the boundaries of every industry extend. Moreover, starting with Artificial Intelligence to Natural Language Processing to Machine Learning, healthcare organizations are improving a lot. Let’s have a look at some of the positive effects:-

  • Artificial Intelligence is used to analyze data for identifying malignant tumors, diagnosing disease, and structuring clinical trial cohorts, among several other uses.
  • NLP uses various techniques to make sense of human-generated writing or speech, especially across extracting data and information from medical reports and sorting many clinical documents.
  • They essentially leveraged machine learning to generate models that describe data. As the volume of data keeps growing, the algorithm adapts to new information and creates models that accurately fit the data. Moreover, ML uses a predictive capacity for precision medicine.

This is just a glimpse of what the future holds for health data analytics. With technologies advancing at an exponential rate, innovations that can create an even bigger impact are inevitable.

Unlock the Power of Health Data Analytics with CodeStore Technologies:- 

Your technology is only as good as the data you feed into it. With CodeStore Technologies, the business owner will get access to experts who know how to use data in any form to generate result-oriented solutions.

Our team can also help you in building a custom platform that is scalable, easy-to-use, secure, and built according to your healthcare requirements. We have assisted many healthcare organizations to develop solutions that simplify and systematize better decisions right from data selection to evaluation and visualization.

  • We integrate actionable insights into your existing platforms to improve the speed and accuracy of your clinical decisions. 
  • Above all, Our scalable tech stack enables our team to solve your data challenges. They also accelerate innovation that helps you stay ahead of the curve.
  • The CodeStore Team works with you at every step to develop the most efficient healthcare solutions. Our solutions are tailor-made for your organization. Moreover, we can help you achieve your goals easily.

Moreover, Our skilled workforce becomes an extension of your team. They also help your healthcare organization in unlocking the power of data to drive better outcomes and bring more value.

If you plan to develop healthcare solutions or integrate data analytics with your existing healthcare solutions, then send your requirement to [email protected].

    Prateek Saxena
    Ajay Kumar Goel
    CEO/Director
    • ✔ 10+ years of professional experience which includes 5+ years as Founder and Co-Founder as a Technology Partner of lean startups across different domains.
    • ✔ Technology Advisor to various companies and organizations.
    • ✔ Passionate for technology & businesses and making them successful.
    • ✔ Core competencies in Project Management methodologies and implementing digital strategies using Web 2.0 Technologies.
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