Healthcare Analytics – A Simple Analogy
The global healthcare analytics market is projected to reach around $23 billion by the year 2020. While the banking and retail industry has been using analytics for a long time, the healthcare industry has recently adopted this technology. A simple example can explain this, have you ever used your credit/debit card multiple times in a span of say five – ten minutes with the amount being substantially high? Well I have J and within two minutes of the transactions I received a call from the bank asking me if I was using my debit card or I have misplaced it.
Analytics in the banking environment
Now let us see if the same example can be extended to the health industry. Let us consider a patient who needs to control his sugar and his blood pressure. The person in question is a foodie but uses a smartphone application to monitor what he eats. Let’s consider the patient monitors and records the following parameters on his smartphone:
- Fasting sugar level
- Post-lunch sugar level
- What he ate for breakfast, lunch, and dinner
- The amount and duration of exercise/activities he did during the day
Using this smartphone application he can share the data with his physician on a regular interval. The physician’s system is integrated with an analytics solution. Based on the patient’s data the physician can get an approximate projection of could be the patient’s sugar level and BP at night based on what he has consumed and his activities. Accordingly the physician can alert the patient if the system predicts some problem.
Analytics in the Healthcare Setting
Now consider the following analogy:
|Debit/Credit Card Transactions|
|Patient Activity Level & Food Intake|
|Type of Activity/Quantity & Calories in Food|
|Bank Executive Calling|
Similarly, we can explore analytics implementations in other industries and see how we can extend them to the healthcare industry.
This is also an example of how technology can help us in enabling Data Science and Internet of Things in our everyday life. The projected Healthcare Internet of Things market is expected to be $177 Billion by 2020.
On similar lines there are many other use cases where advanced analytics can be used, some of them are:
|Revenue Cycle Management|