How Healthcare Businesses Can Leverage Data Analytics to Solve 4 Critical Problems

Despite the rapid adoption, there is still a lot of untapped potential for data analytics for healthcare, and organizations are striving hard to leverage the technology to address problems about patient care, disease management, hospital administration, and medical innovation, to name a few. The amount of data collected in real-time in various departments of any healthcare business has reached an all-time high. In the pandemic-hit year of 2020, the industry saw hospitals, pharmaceutical companies, and diagnostic centers use the data they possess to deeply analyze hidden trends and predict patterns that helped the world tackle the COVID-19 crises efficiently.

The effectiveness of a data analytics solution for the healthcare industry depends on how easily the users can access the platform to create actionable insights that can solve short-term and long-term problems and unlock the full potential of their healthcare businesses. Investing in quality data analytics software will be imperative and a critical success factor for healthcare businesses in the upcoming decade. In this blog, we will take a deeper look at how organizations can leverage data analytics for healthcare to address shortcomings and critical problems such as:

A. Labor Utilization & Productivity

As witnessed all over the world, in times of grave emergencies and crises, it is important to ensure the clinical and administrative staff in hospitals, pharmacies, and research centers are optimally utilized. Apart from ensuring the hospital is never understaffed, managers today also have to understand that overworking the staff can lead to harmful work culture, leading to more problems in the long term. With every little aspect of staff, doctors, and patients being documented in real-time, hospital business stakeholders should leverage robust data analytics platform to identify which days and shifts need more staff on board to handle the incoming patients and how the staff in different departments can be smartly utilized to ensure that none of them feel overworked and exhausted.

B. Optimize Cost of Care

Healthcare spending has skyrocketed in the past decade and today it accounts for nearly 18 percent of the total GDP of the USA. From operational costs to drug discovery, patents, and medical equipment procurement; stakeholders of healthcare businesses are constantly trying to efficiently optimize care delivery. By analyzing a host of data points, managers can swiftly understand the stopgaps to manage the risks and reduce errors that often lead to unnecessary spending, thereby increasing the cost of care. Today, there is a critical need for analysts to take advantage of the hugely accessible data to improve the effectiveness of critical care and accelerate the decision-making process.

C. Improved Clinical Trials

Efficiently conducting clinical trials holds key to the overall advancement in the healthcare industry. Winning the race to get new drugs and medicines to the market is the most important success factor of many big pharmaceutical conglomerates but a crucial aspect of any innovation in the pharma sector is efficiently conducting clinical trials. The Importance of data analytics in healthcare especially while determining the findings and key aspects from the clinical trials cannot be overstated. The findings from critically analyzing the data by virtue of cross-correlation and regression analysis help the stakeholders to understand the trial methods and optimize them in real-time. Eliminating the noise from the huge amount of data collected from these trials enables the decision-makers to understand the insights that matter and take the necessary steps to make the right decision and further accelerate the process of drug discovery and time to market.

D. Elevating Personalized Patient Care

Today, many people expect personalized care, especially from hospitals and clinics that they often visit for consultation and treatments. Today, enterprise applications in clinics and OPDs collect a lot of data from the incoming patients and generate their personalized profiles and details about their visits to the clinic. One of the major benefits of data analytics in healthcare is that it offers opportunities to the managers to provide personalized care to patients and predict what aspects of care are preferred by their patients who have to visit the clinic regularly. In a competitive industry, ensuring every customer is satisfied with the care provided by the doctors ensures the success of the hospital business in the long term.

ITLytics is a robust data analytics and visualization platform that aims to empower stakeholders of any healthcare business by leveraging the power of analyzing available data. Today, ITLytics is helping some of the biggest hospitals and pharma manufacturers to make better decisions by swiftly creating reports and easily deriving actionable insights from available data. Interested in knowing how ITLytics can elevate your healthcare business? Get in touch with us at – inquiry@itcube.net

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