Big data has the potential to revolutionize healthcare like never before.
Healthcare providers are steadily digitizing their internal operations and people all over the world are using technology to track their wellbeing in a myriad of ways. Here at Billing Savi, we provide our clients with data-backed insights that transform their practices for the better.
There are mountains of data that healthcare organizations can use to improve their operations, provide better patient care, reduce errors, and much more. However, sorting through and analyzing all this information is no easy task.
It will require proper management and sophisticated technology to squeeze out the enormous benefits healthcare data can provide to both patients and providers.
So what are some of the biggest opportunities healthcare data presents today? What kind of systems do we need to draw valuable insights from all this information?
We wanted to highlight some of the great ways in which data can improve healthcare operations and outcomes in the near future. Read on to learn more about the incredible potential of healthcare data.
The Rise of Healthcare Data & Digitization
Like many other industries, healthcare finds itself sitting on a vast amount of data. This data comes from various sources, such as:
- Hospital records
- Patient medical records
- Examination results
- Biomedical research
- Insurance records
Providers are quickly digitizing their healthcare operations by incorporating electronic medical records (EMRs) that store medical and clinical data collected from patients.
Electronic health records (EHRs) allow providers to see a digitized version of their patient’s entire medical history. This includes their medical diagnoses, prescriptions, allergies, and test results.
Additionally, people all over the world are now monitoring their health with wearable devices. These devices provide valuable data on activity levels, heart rates, sleeping patterns, and more.
At Billing Savi, we use an intelligent data platform called Savi Sense to help healthcare organizations identify key drivers of revenue growth and identify problem areas.
By integrating this data into patient care, healthcare providers could dramatically improve health outcomes for their patient populations.
Finding Meaning Through Artificial Intelligence
Although an enormous amount of healthcare data exists, sophisticated analytic tools will be needed to extract valuable insights. Due to the immense amount and scale of healthcare data, it is very difficult for individuals to effectively sort through everything.
This is where artificial intelligence (AI) comes in. Artificial intelligence is incredible at sorting through large amounts of data and identifying patterns in even the most obscure sets of information. By pairing human insights with AI capabilities, the healthcare industry can make better decisions in a whole host of areas.
Reducing Bias in Data
Artificial Intelligence (AI) and Customer Relationship Management (CRM) systems can play a big role in taking favoritism out of data analysis.
Like AI solutions, CRM systems help manage customer data. They support sales management, delivers actionable insights, integrates with social media, and facilitate team communication.
Unfortunately, human beings can bring inherent bias when evaluating information and miss red flags within their data sets. For example, a laboratory might think a certain sales representative was their most valuable, based on the number of samples she brings in.
Data analysis could show that she was actually bringing in unpayable samples, enabling the laboratory to change its sales operations to raise revenues.
Improving Treatment Accuracy
Healthcare providers can improve treatment accuracy by implementing data generated insights. By understanding the effectiveness of different forms of care, practitioners can make better decisions and feel confident about their chosen treatment options.
Thankfully, more and more healthcare organizations are turning their data into useful, actionable information. Doing so is consistently increasing the quality of patient care and sharpening how well the industry understands best practices for treating diseases, injury, or illness.
Reducing Prescription Errors
Did you know that prescription errors in the US negatively affect millions of people a year? Healthcare organizations lose billions of dollars every year due to these errors, and thousands of people lose their lives.
Innovative data companies such as MedAware are attempting to tackle this problem by recognizing errors before they take place. These platforms identify and prevent medication-related errors and risks by applying advanced machine learning algorithms and outlier detection mechanisms.
By analyzing and harnessing the practice patterns of thousands of physicians treating millions of patients around the globe, the software can accurately flag medications in conflict with the profile of the patient, physician, or institution.
Preventing Health Issues with Data
One of the biggest ways data can help healthcare is by preventing health issues before they become reality. There is tremendous potential to integrate healthcare data with information from devices that track people’s movements, diets, and sleep patterns.
Devices such as FitBits and Apple Watches have become commonplace with the general population as people take it upon themselves to improve their overall health. These companies are also working with healthcare organizations to encourage healthy living and share data with providers and researchers.
As these integrations develop, we are seeing the establishment of real-time health monitoring systems. Wellness monitoring devices and software can generate alerts and share health data for patients to catch any red flags or areas of concern. On a big scale, this data could also help prevent diseases from spreading and identify outbreak areas.
In conclusion, the field of healthcare data holds tremendous potential for improving patient care, reducing costs, and minimizing errors. By using AI, CRM systems, and human analyses, providers can gain a much better understanding of how effectively their healthcare operations are working.
As the industry continues to embrace data technologies, we could see a tremendous transformation in the quality of treatments and the effectiveness of our healthcare system. There is so much potential for improvement within this field, and we are very excited to see what the future holds.
To learn how Billing Savi can help you make data-based decisions to grow your practice, please contact us for a free consultation by filling out the form below