The healthcare sector is expanding just like any other sector and as a result, so is the amount of data related to the industry. In such a scenario, how the data is used matters. Then, there’s the need for managing patient care and innovation within the overall field.
All this has made the healthcare sector realize the need for technological advancement and the importance of data extracted from sources such as patient health history, patient admission, and insurance claims, etc.
Along the years, there has been a gradual shift in the healthcare industry from legacy systems to advanced technologies. One of these major changes is the adoption of big data analytics.
Big data delivers plenty of value to the healthcare sector. According to market research, the overall value of big data in the healthcare market is expected to touch $34.27 billion. The annual growth rate (CAGR) is estimated to be around 22.7%.
So, by 2024, big data analytics will be worth $68.03 billion, on a macro-economic level. This growth is largely driven by investments in areas such as workforce management, practice management tools, and electronic health records. Also, the investment is mainly taking place in North America.
Let’s look at how big data is already being leveraged in medical care.
Collaboration between Tech and Medical Care
Machine learning algorithms are already using big data to aid physicians in drastically improving patient care. Realising the opportunities, medical care providers have already started making use of such technology. One such example is IBM tying up its Watson Health computer system with Mayo Clinic. Some of IBM’s other partnerships are with CVS Health, Memorial Sloan Kettering Cancer Center.
Trends to Keep an Eye On
There are interesting trends to keep an eye out concerning big data’s role in healthcare. There are two trends specifically worth discussing.
The first is the major shift from a pay-for-service model to a value-based care model. Pay for service is a more financially rewarding model where services are unbundled and paid for separately. This gives more incentive for physicians to provide more treatments because payment is dependent on the quantity of care.
The current model (value-based care) prioritises patient care and physicians are paid based on patient health outcomes. There are no more rewards for simply providing a service.
The second trend is the use of big data analysis to deliver evidence-based information. This has drastically raised the potential for improved healthcare provision and also, sharpened the knowledge of medical professionals concerning diseases and illnesses. With the use of big data, medical professionals can now predict outbreaks of diseases in order to better plan and use precautions. As time progresses, big data analytics will vastly improve health tracking and reduce current costs associated with healthcare. However, there are some roadblocks, such as privacy concerns and siloed data, that must be removed first.
At iMovo we can help implement a visual data analytics platform which will allow you to harness the power of your data. Particularly in such an industry where seconds count, a big data analytics platform can help you connect and visualise your data in a timely manner. We will also support you throughout the whole journey. For more information contact us on [email protected].