If you want to know how big data is helping to make the world a better place, there’s no better example than the uses being found for it in healthcare.
In the healthcare industry, what is more important than getting better medical outcomes? Every day, healthcare professionals around the world are struggling to find more ways to improve their lives. However, the world is changing. Frankly speaking, the speed of change in the world is faster than most of us can keep up with. Intuition is no longer able to achieve good patient outcomes. The amount of healthcare data is constantly accumulating every second, making it increasingly difficult to find any form of useful information. With the help of big data in healthcare, leaders are now able to predict epidemics, cure disease, improve quality of life and avoid preventable deaths. Market research has shown that the global big data in the healthcare market is expected to reach $34.27 billion by 2022 at a CAGR of 22.07%. Globally, the big data analytics segment is expected to be worth more than $68.03 billion by 2024, driven largely by continued North American investments in electronic health records, practice management tools, and workforce management solutions.
Here are 5 ways in which big data can help and change the entire scenario of the Healthcare sector:
- Health Tracking – big data and analytics along with the Internet of Things (IoT) is revolutionizing the way one can track various user statistics and vitals. Apart from the basic wearables that can detect the patient’s sleep, heart rate, exercise, distance walked, etc. there are new medical innovations that can monitor the patient’s blood pressure, pulse Oximeters, glucose monitors, and more. The devices and their accompanying apps track can monitor physical activity, as well as chronic conditions such as diabetes, Parkinson's or heart disease. The continuous monitoring of the body vitals along with the sensor data collection allows the healthcare organizations to keep people out of the hospital since they can identify potential health issue and provide better care before the situation goes worse.
- Cost Reduction - Various medical institutions, hospitals, and clinics face great financial difficulties due to inefficient financial management. Over-staffing or under-recruitment of staff is the leading cause of loss in the medical world. However, predictive analytics can help physicians solve specific problems that paralyze the industry. Healthcare facilities can now use predictive analytics to reduce their investment rate when needed to optimize their investments.
- Assisting High-Risk Patients - If all the hospital records are digitized, then perfect data can be accessed to understand the pattern of many patients. Doctors or physicians can identify the patients approaching the hospital repeatedly and identify their chronic issues. Such understanding will help in giving such patients better care and provide an insight into corrective measures to reduce their frequent visits to the hospital. It is a great way to keep a list and check on high-risk patients and offer them customized care.
- Preventing Human Errors - Various human factors can cause medical errors that can have a significant impact on the healthcare sector. Of course, every industry strives to achieve 100% accuracy, but the health sector has to deal with critical issues to the point that a doctor does not want to make a mistake. Big data improve treatments and helps healthcare professionals avoid the wrong medication. Research has shown that big data could save the entire medical industry up to $ 21 billion a year
- Advanced analysis - Apart from the current scenario, big data can be a great benefit for advancement in science and technology. For Healthcare, Artificial Intelligence, such as IBM’s Watson can be used to surf through numerous data within seconds to find solutions for various diseases. Such advancement is already in progress and will continue to grow with the amount of research collected by big data. The availability of predictive analysis will assist patients traveling to a particular geographical location by studying similar patients in that area. Physicians can now use captured information from connected objects to set automated reminders, communicate with their patients, and track their progress. Research says spending on connected objects could soon reach $ 120 billion.
Although most of the big data generated are not fully utilized currently due to limitations of the toolset and funds, it is the future. Invest in these tools and use big data Analytics to be a part of an evolving Healthcare Industry to reach new heights in terms of support.