16/01/2021 0 Comment

How Big Data is helping Med-Tech Industry to evolve.

In the healthcare industry, both lawmakers and providers alike are often faced with the challenge of making the best decisions for their patients and the industry as a whole. Through the help of Big Data in the Medical Industry, leaders are making decisions on a daily basis that is significantly impacting health outcomes and costs on their subjects.

And with multiple decisions to make considering large information, it’s no surprise that big data and analytical tools are continually becoming prominent in the Med-Tech industry and are starting to play a more significant role in decision-making in healthcare.

As it’s evident from the chart above, the role of big data within med-tech is only set to rise in coming years, with significant achievements set to be made in the field of clinical and operational analytics. 

Researchers, policymakers and providers alike are adopting big data analytics models to help improve their delivery of care, resource allocation, and preventative health measures. 

As the industry continues to evolve and seek out ways in which it can innovate and refine the quality of tools at its disposal and make data-driven decisions. The day is not far when such technologies become an industry standard. These advancements will ultimately lead to more proactive and successful healthcare operations in the future. 

With respect to Big-Data and it’s practical implementations, let’s explore some of the key ways in which its incorporation into AI, can help to drive transformation in the field of healthcare practices in the coming years: 

Improved Customer Serviceability and enhanced user experience.

Big data enables service providers by offering them a robust system of information that helps them delivering high-quality customer service that can take place in real-time.
Be it a hospital or an insurer, having better data-centric tools enables client-servicing representatives to focus on their service.

This translates into services becoming more informed, analytically driven, and – most importantly – accurate. If a healthcare provider has access to a certain database of medical information, they can simply look up their patient’s query. In case they can’t resolve the query instantly, they’ll swiftly pass on the information to more qualified representatives who will follow the same suit. 

This development will be particularly effective for health insurance providers, who will optimize their level of customer experience to distinguish themselves from their competitors while continuing to deliver an accurate service in a “No-room for error” industry.

Global Clinical Analytics Forecast

(Global healthcare big data analytics services market. Image Source: Statista)

When utilized effectively, big data will enable healthcare companies to access the data required in the streamlining processes and personalizing their healthcare. Patients will be able to receive a more detailed and personalized experience which will have them better catered and cared for. 

Reduced Costs and increased returns.

The analytical platform encapsulating big data tech may sound like an expensive piece of technology, but once implemented it can help lowering the overall costs to a great extent.

For example, we can have a look at the performance of the six-hospital system in the US, Memorial Care. Through the tracking and collection of physician performance analytics, the organization was successful in lowering the average per patient cost by $280 – annually it amounts to a savings of $13.8 million. 

High portions of healthcare costs come from thousands of accidental patient fatalities per year – resulting in billions of dollars in expenses. This issue stems from doctors who were in some way overwhelmed by the staggering patient data that would’ve required analyses for the correct application of drug therapies.

By utilizing Big Data in Medical Industry and cloud analytics to better manage medications, doctors can effectively analyze and detect side effects for patients. This will help to cut down on patient admissions, hospitalizations, and cases of patient fatalities.

Greater Patient Privacy.

The adoption of big data in healthcare can significantly boost patient privacy and alleviate security concerns. The key reason behind this is because their information is stored in data centres with varying levels of security. 

Data arriving from a wider range of places can bring a higher level of risk. However, a cloud-based big data solution can add a heavy layer of security for HIPAA compliance that’s unique to the healthcare industry. It also makes for a cost-effective solution that can benefit the bottom line and quality service for many private healthcare endeavours.

Many companies look to build a hybrid approach when it comes to data storage and flexibility. However, it’s worth noting that all systems are required to share data and cooperate with other segments of a company. 

Without sufficient control, fraudulent behaviour could infiltrate the system and bring significant losses for the company. When it comes to the protection of big data, perimeter-based security is a comprehensive solution that ensures that information remains accessible without the risk of it being incorrectly manipulated. 

Healthcare today needs technology to make information easier to access, more private, and more straightforward to innovate on. Big data is an essential facet for overcoming the many existing challenges in global healthcare, such as the management of tight budgets and the heavy workloads of medical professionals. 

Big Data in Medical Industry can not only help to free up staff but also to improve the quality of services they provide. When big data allows doctors to have all the information they need in a single place, it’s possible to achieve great levels of personalization while bringing tailor suited treatments in a significantly faster manner.

Also Read: Mobile App for Parenting Assistance: Wachanga’s Path to overnight success & How Niche start-ups scale up globally.

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