Lately big data analytics has been a trending topic in the healthcare industry. The healthcare industry is on a mission to improve quality of care for patients, and big data has popped up as a valuable asset in that mission. The emerging trend has been discussed to help the industry contain costs and improve member outcomes. They key to big data is how it is analyzed to discover more effective interventions and treatment options. Analytics can have a major impact when utilized in healthcare. According to a KPMG survey of 270 healthcare professionals, 10% are using advanced analytics and predictive capabilities in their organizations and have found value and savings from the usage. Many have also onboarded a RCM partner to help their practice with analyzing and organizing patient data. Check out the impacts below on how big data is improving healthcare analytics and why it will benefit your practice to get onboard.
Analyzing big data can help you save money
By targeting early warning signs with big data analytics, you can avoid mistakes or cost effective issues which will help your practice save money in the long run.
Finding and targeting the right people
By analyzing “big data” or multiple sources from claims data to member-provided information to health risk assessments you can start providing quality care to those who need it best.
Delivering the right intervention at the right time
Big data analytics mixed with technological advances can help your practice ensure that the most effective intervention is identified for each person, and that it is provided when needed. This can help a lot with yourchronic care management efforts.
Adjusting programs and closing the loop
Data analytics can help your practice gain useful insights that will allow for programs to be quicklyadjusted, such as PQRS, MU, CCM, value-based care, etc. It also gives you the ability to improve programs and create new ones
Helping providers select the most cost-effective outcome-based treatments
Big data analytics helps you identify what treatments will work best for each patient and which will generate the most value for your patients and the practice.
Detecting healthcare fraud early in development processes
Big data analytics can help your practice identify fraudulent claims in the early stages by developing predictive models based on historical data, weather data, real-time data on wages, medical claims, attorney costs, call-center notes, demographics, and voice recordings.This increases patient safety!
Analyzing your patient’s data in your practice workflow can be a valuable technique to your practice’s success. Big data analytics will improve member outcomes and the quality of care provided to your patients. With a forever evolving healthcare industry, having a data analytics process can help your practice stay current, competitive, and consistent in the care provided to your patients. If you don’t have a data analytics process set up, then it is time to consider making that step. Check with our RCM and Practice Success consultants to get help with analyzing your patient’s data and making big data analytics a part of your 2016 success process.