Managed Analytic Services in Healthcare Improving Patient Outcome

The healthcare industry is actively embracing data-driven models, leading to a surge in demand for managed analytics services. Managed analytics plays a crucial role in assisting hospitals by providing real-time actionable insights, optimizing workflow, and improving patient care. The global healthcare analytics market is projected to reach $106.16 billion by 2028, with a compound annual growth rate (CAGR) of 22.92%.

Managed Analytics Services Overview:

• Definition: Managed analytics services involve third-party solutions provided by data analytics and artificial intelligence companies to help hospitals streamline workflow, enhance patient care, and improve overall efficiency.

• Services Offered: These services encompass data warehousing, data analytics, business intelligence, data visualization, big data analytics, data governance, and long-term maintenance.

Healthcare Analytics Management:

• Definition: Healthcare analytics is the use of data and statistical analytical techniques to convert raw data into meaningful insights for better decision-making.

• Process:

  • Data collection

  • Data management

  • Data analysis

  • Data visualization and reporting

  • Data governance

  • System monitoring

  • System maintenance and upgrades

Types of Analytics Used in Healthcare:

1. Clinical Analytics: Focuses on predicting patients' future health issues based on electronic health records (EHR).

2. Financial Analytics: Deals with the financial impact of treatments on patients, considering factors like surgery costs, insurance coverage, and medication expenses.

3. Outcomes Research: Analyzes outcomes in the healthcare industry, including mortality rates, hospital stay duration, and re-admission rates.

Benefits of Healthcare Analytics:

• Operational efficiency

• Greater transparency

• Cost reduction

• Real-time access to patient records

• Improved patient care

• Better collaboration

• Faster decision-making

• More time with doctors

• Data security and privacy

Applications of Healthcare Data Analytics:

1. Strategic Planning: Helps hospitals make informed decisions about treatment facilities, patient records, and admission protocols.

2. Staffing Management: Streamlines staffing issues, managing working hours, rotations, part-time hires, interns, and volunteers effectively.

3. Fraud Detection: Reduces the risk of fraudulent insurance claims by identifying changes in network patterns and detecting vulnerabilities.

4. Medical Logistics and Distribution: Ensures timely deliveries of essential medical supplies and alerts staff when replenishment is needed.

5. Electronic Health Records (EHR): Organizes and streamlines digital health records, providing doctors with crucial patient information.

Conclusion: Healthcare managed analytics is essential for hospitals to enhance efficiency, provide better patient care, and make informed decisions. From fraud detection to electronic health records management, managed analytics services offer valuable support to the healthcare industry. Leveraging the power of data, consulting companies contribute to improved scalability, agility, and the adoption of the latest technologies, ultimately transforming healthcare services for the better.