The healthcare industry runs on data. Managing databases is an arduous task, the most responsible task, as it directly impacts patients’ overall care management, and a tiny misinterpretation could cost lives! Big Data and AI-ML-powered analytics have changed the way you process data and predict patient care methods and outcomes. Healthcare data analytics has massive benefits viz., treatment cost reduction, prediction of epidemics(COVID or SARS and the likes), avert preventable diseases, precise & accurate diagnosis, preventive and precision medicines are available on time, and more. If you are a physician, a doctor, you stand on the frontline of healthcare.  What are the top ways healthcare data analytics can help you in disseminating your noble service to humanity,i.e.patientcare? Let’s discuss!

1. Descriptive Data Analytics

Descriptive Analytics is widely used in the healthcare segment especially in clinical research. As per one Healthcare meta-analysis report, 48% of clinical research studies were being done on a methodology based on descriptive analytics. Besides clinical research, descriptive healthcare analytics are increasingly adopted in other research areas related to pharmacovigilance, public health, mental health as well. Pharmacovigilance is an excellent example of the efficacy of data analytics in helping physicians in terms of immediate and actionable information. It is helping physicians most directly as they can retrieve actionable insights and information for prescribing medicines, as in the case of researchers’ data mining study that showed FDA’s adverse remarks about statins. It revealed that pravastatin, rosuvastatin, simvastatin were linked to severe renal failure. This way, physicians could get actionable information about these statins towards prescribing them. Furthermore, descriptive data analytics help doctors/physicians with treatment programs by identifying demographics, for example,  oncological insights like cancer trends and related expenditure help them take the call. Another significant example of its usage aspects is the current pandemic. The COVID challenge brought to fore the need for real-time monitoring of several healthcare channels including supply-chain,bed-capacity, supply of oxygen cylinders, concentrators, basis a specific region. Methodologies like data visualization, data mining to carry out a descriptive analysis of a given case are indeed noteworthy how physicians are leveraging descriptive analytics capabilities.

2. Predictive Analytics

As frontline workers, physicians have realized the significance of enhanced predictive analytics during the COVID crisis. Being sudden, hazardous, uncertain in character, COVID posed a serious challenge to them to handle appropriately. Adopting analytical methods in a predictive manner, they could anticipate future developments and cases backed by an advanced level of precision, agility, and speed that ensured efficient management of the situations before them. Doctors and physicians do get better experience using predictive analytics for the treatment of chronic illnesses, like kidney disease. They can easily diagnose the early signs of CKD (Chronic Kidney Disease) by implementing proper data analysis. As per researches, low-level data in databases are digitally transformed into high-level information/knowledge discovery that helps to detect CKD symptoms/patterns in an early stage. This allows healthcare management to improve their decision-making process; they can efficiently allocate resources and plan for patient-centric management conducive to business outcomes.

3. Prescriptive Analytics

Prescriptive analytics happens to be the natural progression occurring from procedures of descriptive and predictive analytics. It can substantiate the stand by removing guesswork that emerged out of data analytics. Prescriptive analytics in healthcare adopts a similar modeling approach to predict outcomes and then utilizes the maximum capabilities of AI-ML, business rules, several algorithms to do a simulation of varied approaches to suggest the best possible actionable insights. Prescriptive healthcare analytics is helping healthcare businesses to adopt cost-effective procedures as it curbs the overusing of testing, screening, and other diagnostic tests. As per  Harvard Business School, Prescriptive Analytics has the capabilities to gauge patients’ early medical conditions, the pre-existing ones that help to evaluate further risks and suggest preventive treatment methods to the physicians.

Bottomline

Healthcare Data Analytics is helping the healthcare fraternity with massive returns on business as well as advanced patient care provision. Technology proves to be the soulmate of doctors and physicians as they juxtapose roles based on cases and situations such as pandemics, patients suffering from chronic illness, etc. Big Data, Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, all are the varied faces of the same dice. Algorithms are here to stay.

Interested to know how data analytics can enhance your healthcare business growth? Contact Us.

Bangalore: Blockchain is an emerging technology that secures to transform the process of commercial activities carried out through transactions. It transfers dealings with the digital currency called Bitcoin. It has correlated with many commercial industries. The promoting structure, an extensive functionality and different functions of its shared ledger of Blockchain system have the extensive potential to change the performance of healthcare. The technologies like Blockchain spread over the all Industries and Healthcare sector is in the list of Blockchain implementation now.

This technology is not only aimed at payment operations that documented financial activities. But It can also apply to any communication that needs security. It has the potential to improve the process we communicate with each other Individuals. This made a huge demand for Blockchain development companies to build a secure Blockchain for the healthcare sector. It helps to exchange the real-time money in the form of digital currency called Bitcoin to eliminate intermediaries called Trusted Third Parties. Coming to health care, it is all about maintaining records that transfer of delicate data between healthcare clinics and patients, customers and insurers and medicine drug companies. Many individuals involved in the more business-related interacting and chances for errors, failures, waste of time and extra expenditure. Blockchain technology can help to overcome these problems. The Blockchain Technology helps to maintain data. An excess of Medical records, victim account, complex billing data, medical analysis and more perform it very complicated to manage such data in the healthcare enterprise in a well-organized way.

Benefits of Blockchain Technology in Healthcare Industry

Using Blockchain technology will benefit the healthcare business in a number of methods, some of which listed here:

• Powerful and cost-effective

Smooth and risk-free data experiencing over health care providers perform a crucial function by allowing the advantages like cost-effective strategies, accurate analysis and ultimately the better remedy for several diseases. By using the Blockchain technology, the healthcare providers can operate together with the help of interfaces with enabled distributed access. Powerful data tracking and robust security requirements are other purpose-specific functions allowed by Blockchain technology. Evenness, activity, quality, and safety are other key advantages of Blockchain technology.

• Cybersecurity

The current health systems operated with single desk control system interfaces. The entire data managed by a central organization. In this point of view, there is a possibility of errors, and spams may expect by hackers to use the data shared in the system and lead get access on overall data and chances to make business and put the patients in dangerous situations.

Blockchain can use in the system to prevent the private support of an industry. A big organization with various branches holding different levels of an entry on a Blockchain record with encryption installed within the blocks will protect systems from obvious threats and crimes

• Billing and Claims

Billing and Claims Management is a procedure within which submitting and processing medical applications associated with outpatient analyses, medications, and remedies performed. Many organizations have submitted the patient data breaks, where patient agreed on data directly to medical support fraud, fake, and theft. Through Blockchain technology, it is desirable to prevent an immeasurable bulk of these cases because the technology it connects in a complicated series of data businesses. It has accurate audit ability and traceability would benefit add to the business and develop trust in the method.

• Storage Capability:

Companies Implementing Blockchain inside the healthcare business to collect and maintain medical records, forms, reports and lab statements, which require an important amount of storage place. In the cases, all the concern members have taken part in the chain would have a comprehensive model of the complete medical report of every patient. And this volume could probably better the storage space of modern Blockchain technology.

• Easy access and Budget Control

The constant connectivity with secure based authorization and easy access hugely enables the taken part Individuals (members). By converting the slow processes, the Blockchain technology supports the healthcare enterprise to extract the highest potential of workers through various phases and methods. As a result, it improves the human richness and improved productivity and leads to transforming business better output in a less extent of time. By allowing slicing the methods into different forms the Blockchain technology also serves to keep the accounts under control, reduces management costs and provides a reliable, aim-oriented utilization of allotted Budgets.

Conclusion

The Blockchain is a decentralized, shared ledger of transactions occurring over peer interfaces. By applying this technology, there is possible to remove third-party trust companies that are acting as mediators between two individuals and not required of authorization to verify the funding transactions. This completely done risk-free with expanded transparency and reliable tracking systems that drive to a high level of cost decrease in the capital investment for business support.

Through Blockchain technology in healthcare, the user can maintain the patient data that shared across various networks with completely no chance of a security or privacy violations. The technology provides for documenting the activities in decentralized records, leading in clarity and delivering on other crucial supplies like time and expense. It became a powerful technology that can support to prevent data spams in healthcare business. It is a safe and secure method of maintaining records, collecting, and receiving delicate data.

We at Fusion Informatics is a leading Blockchain Application Development Company has successfully developed projects for our clients. If you are looking to advance your company with Blockchain .contact us !