Predictive analytics are a form of technology that make forecasts about specific unknowns in the future. The technology’s use in healthcare offers various benefits, primarily in operational management, administrative tasks and clinical care. The tech is already delivering value in different healthcare settings, including large academic hospitals, healthcare insurance firms and small private physician practices.
The technology’s numerous benefits include reductions in cost of healthcare, more consistent patient care and improved patient outcomes. It is expected that the use of predictive analytics in the healthcare industry will become more widespread in the near future. Today, we look at some of the common applications of predictive analytics in this industry.
Determine disease progression
Healthcare institutions usually use predictive analytics to identify patients whose conditions may get worse. For example, they can use it to forecast whether a patient with diabetes will develop renal disease. The ability to identify disease progression while in its early stages allows for early intervention, which significantly improves patient outcomes.
Make clinical predictions
Health insurance companies, healthcare organizations and clinicians also use predictive analytics to forecast the likelihood of patients developing certain conditions, including stroke or cardiac problems. Normally, this is done by collecting claims data, biometric data, EHR data and national data, which is used to develop models that can predict disease likelihood.
Help select healthcare providers
This technology is also used to help individuals choose their providers. It does so by analyzing physician data and predicting which healthcare provider best fits the needs of the patient, as well as their specific requirements, whether those requirements include immediate availability, certain working hours or other specific needs.
Find optimal treatments
Treatments for illnesses such as cancer are sometimes tailored to specific patients and their disease, as this will help achieve the best outcomes. Analyzing all the data needed to make decisions on treatment may be cumbersome for an individual, but it is not challenging for predictive analytics technology.
The technology can, for instance, analyze the genomics of a particular cancer and the patient diagnosed with the ailment and forecast the best treatment regimen for that patient. This capability is particularly important for treating illnesses that progress rapidly, because it allows clinicians to find the optimal treatment without wasting time trying different approaches.
Help with allocating resources
The complexity, scope and size of healthcare organizations have made effective and efficient allocation of resources arduous for administrators. Predictive analytics makes this task easier because the technology can identify patterns in resource allocations and forecast future needs, which allows administrators to move or obtain resources without difficulty.
As more companies such as RYAH Group Inc. (CSE: RYAH) enter the healthcare analytics space, a lot more entities in the healthcare system are likely to embrace this technology and use it to deliver better outcomes for the different stakeholders, including patients.
NOTE TO INVESTORS: The latest news and updates relating to RYAH Group Inc. (CSE: RYAH) are available in the company’s newsroom at https://ibn.fm/RYAH
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