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4 Vital Roles of Business Analytics in Healthcare Industry

Today, healthcare companies have access to more data than ever before and are seeking ways to harness the power of business analytics to improve business operations. Business analytics is widely used in the healthcare industry to reduce healthcare delivery costs, increase process and operational efficiency, and improve quality of care. Data sets in the healthcare industry are complex, and as a result, a clearly defined BI strategy becomesFree demo essential. It is also the reason why business analytics in the healthcare industry is relatively in its infancy stage.

Role of Business Intelligence in the Healthcare Industry

Optimizing Business Operations

Business analytics can be utilized in a number of ways to improve various aspects of healthcare operations. For instance, hospitals can analyze patterns in emergency-room care and consequently refine their staffing strategy to determine how many ER attendants are required during different shifts. Optimizing this number will considerably save hospitals nursing costs, which is avoidable. Business analytics can also be used to improve other hospital operations including optimizing inventory, hospital equipment, and specialized care facilities.

Supplier Analysis

Hospitals and clinics can take a closer look at their suppliers by analyzing inventory data, EMR, and other metrics. Using such business intelligence tools, they can determine when they are overpaying the suppliers, underutilizing devices, or having wastage in their supply chain. By comparing pricing across various suppliers and analyzing their cost base, hospitals can better negotiate prices with their suppliers.

Improve Patient Outcomes

The healthcare industry has access to a huge amount of patient data. They can analyze patient data across patients with similar cases and analyze patterns to implement preventive care measures. They can categorize patients on the basis of the level of risk using predictive modeling to improve the care quality. For instance, IBM has developed a predictive model to accurately identify patients that are at the risk of heart disease by collecting structured and unstructured data from a large pool of patients.

Estimating Insurance Costs

Business analytics can help companies determine insurance costs and also predict and refine other medical expenses. For instance, medical institutions can map insurance provider data to patient data in order to create accurate models and healthcare plans. Since most insurance companies are moving towards outcome models; hospitals are willing to work with insurance providers to promote patient outcomes by recommending efficient treatment programs. Insurance companies are willing to lower premium payments for preventive care, as it decreases the cost of overall claims for them.


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IR21

What will 2018 Look Like for the Healthcare Industry?

The healthcare industry is one of the most volatile and dynamic industries, in a good and a bad way. The changing healthcare landscape and the technological development of pharmaceutical companies might be good news for the patients. However, as far as the investors are concerned, fluctuations in the healthcare scenario may not always be a positive indicator. If you are a stakeholder in the healthcare industry, here are a few healthcare industry trends that you can expect in the upcoming year.

Expected Healthcare Industry Trends in the Market

Specialty diseases are coming to the spotlight

Previously, demoexperts in the medical industry had diverted their focus to common diseases rather than specialty diseases that only affected a minority of people in the society. This mindset is slowly changing with specialty diseases slowly coming into the spotlight. What has forced many of the pharmaceutical companies to concentrate on these chronic diseases is the facts that there are fewer existing treatments, lesser competition, and long treatment times. For the investors, players in the healthcare industry who are specializing in the treatment of these ‘orphan diseases’ or chronic diseases, healthcare industry trends are predicting better returns in the future.

Mergers and acquisitions are on the rise

With patents for blockbuster drugs worth billions of dollars expected to expire within the next decade, the big companies will be frantically looking for ways to cover their losses. Since R& D is an expensive and time-consuming affair, many healthcare industry trends are predicting the growth of companies in this sector through mergers and acquisitions.

Asian markets will boomRequest Proposal

The Asian market is on the rise, especially in terms of growth and rapid economic development. The players in the Asian healthcare industry have realized that to match up with the technological advancements of the West, they need to upgrade themselves. Also, health insurance is a relatively untapped market in Asia; however, with more private insurers expected to enter the market, these healthcare industry trends will show positive signs of growth.

Technological advancements

Healthcare is one of the industries that has welcomed technological changes and developments with open arms. Some of the healthcare industry trends such as artificial intelligence, big data analytics, and blockchain technology are expected to change the face of healthcare in the upcoming year completely. Such healthcare industry trends are expected to change the face healthcare market in the years to come.

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How to Win Big in Healthcare by Giving Patients a Better Retail Experience: Tips and Tricks

Healthcare is no more all about providing good patient care; it is much more than that.  There are extensive changes in the technology employed in patient care, patient preferences, payment models, etc. that calls for swift action on the part of healthcare players to cope up with the changing demands. The big question is how players in this industry can survive in the mounting cut-throat competition in the market, and simultaneously ensure that their customers are delighted. The million-dollar answer to this is innovation and differentiation in the offerings and service provided. The players in the healthcare industry can take inspiration from other sectors like retail and incorporate their strategies to provide a better retail experience to their patients.

So, what exactly do we mean by retail experience in healthcare? It basically refers to giving the patients a feeling of personal attention and personalization of services. This will help them establish a more intimate connection with the medical providers, in turn, promoting their loyalty and morale trust towards the company. But doctors are no retailers, so how can they incorporate retail practices into the medical services? Here are a few tips and tricks:Free demo

Go Digital

People are slowly becoming more digitally inclined, and almost every industry has identified this trend and are consequently hopping on to the digital bandwagon. In retail, businesses are aware that they need to be where their customers are – social media and other digital platforms. You will find many retail businesses that are digitally active in creating awareness and staying connected with their customers.  As far as health services are concerned, providers can adopt various digital strategies online as well as offline in the clinics, such as digital payment methods, collect patient data, provide consultation, etc. to provide a retail experience to their patients.

Giving a Personal Touch in Services

Who doesn’t like to be made feel special right? ‘Personalization/customization of service’ is a retailer’s bible to providing top-notch service to customers and customer retention. Retailers are analyzing valuable customer information to offer useful services at the pre-sales, sales, and after-sales stages. The same applies to healthcare. Also, they can adapt this technique to give a taste of retail experience to medical patients. Useful patient information and records can be used by clinics to prescribe customized medical routines and medications to the patients.

Keep Brand Engagement in Mind

Various leading retailers are resorting to customer-centric approaches in business to draw more customer attention to their business and keep them engaged with the brand. Medical organizations need to draw inspiration from this and understand the patient pain points better which will, in turn, help them to align operations, tools, and partnerships to meet the patient expectations and give them a retail experience in medical services.

 


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Shed Those Extra Pounds with The Best Workout Apps This Season

With Thanksgiving and the holiday season around the corner, most of us have already switched “ON” our glutton mode. But does this mean bad news for those of us who have already made our new year resolution to stay fit in 2018? Well, not really! We at Quantzig, bring to you some of the best workout apps this season that will help you keep track of when you need to go from “extra fries” to “exercise”:Free demo

RunKeeper

For those of you who are into cardio than body-building exercises, RunKeeper is one of the best-suited fitness apps for you. RunKeeper tracks walks, runs, and related exercises that you indulge in. This fitness app helps you plan your route to get to your goal, be it to race, weight loss, or hitting a particular pace target. Using this fitness app, you can create custom training plans or choose ready-made schedules, win rewards for your workouts, share your progress with friends, join challenges to push yourself, etc. No wonder RunKeeper is regarded as one of the best workout apps, as it easily helps you stay motivated.

Strava

Are you an aspiring athlete who wishes to be connected to other athletes from around the world sans the junk posts that you might find in other social media posts? Then Strava is the app that you have been looking for! Strava’s community includes millions of cyclists, runners, active adventurers, etc., which makes it one of the most attractive fitness apps to have on your device. But what makes it one of the best workout apps to have is its tracking ability and their motivating and competitive community. Some of other key features of this app include statistics such as your speed, pace, elevation gained, distance, calories burnt, an interactive map of your activity, etc. You can compare your performance with other users in the community and also share your activity highlights, stories, and photos.

Yoga Studio

Yoga Studio is one of the most highly recommended fitness apps for yoga enthusiasts. With over 70 ready-made classes for yoga and meditation for levels ranging from beginner to advanced, this fitness app is undoubtedly one of the best workout apps for those of us who are planning to follow the path of yoga to stay fit. Each class on the app lasts from 15 to 60 minutes, and you can easily customize your classes based on what you want to focus on – strength, flexibility, balance, relaxation, etc.

Sworkit

Sworkit is one of our top picks for the best workout apps this season. What makes this app more attractive is the fact that it’s simple and customizable. After entering your personal data into the app,  you can specify your fitness motives and goals. The workout dashboard introduces you to numerous cardio exercises, yoga, and stretching exercises that are demonstrated by a coach. You can also compile using your personalized workout using the custom dashboard.

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IR19

Answers to the 3 “Big Questions” in Artificial Intelligence

For years, the business world interpreted data to formulate meaningful business strategies using traditional analytics. However, technology has made life more easy and advanced for us. Technologies like artificial intelligence are slowly transforming our everyday lives just like how the internet and smartphones did years ago. So here are three answers to the three questions about analytics and AI technology that probably would have run through your mind at some point in time.Free demo

Why is Artificial Intelligence the Next Big Thing in the World Of Technology?

Before the invention of AI technology, did you think anything could be as superior or much more advanced than the human brain? Well if the answer is no, then that is precisely why there is so much hype around artificial intelligence. Artificial intelligence can do what the human brain does in a much faster and organized manner. This feature of the AI technology has attracted players from various industries such as healthcare, heavy industries, air transport, gaming, etc. to adopt and incorporate this technology into their business operations.

Why Should You Not ‘Leapfrog’ to Artificial Intelligence Ignoring Analytics?

The world is headed for a new era of transformation with technologies like artificial intelligence in place. Though analytics had been the basic foundation stone for formulating important business decisions, over the years companies have started relying more on technology to wash their hands off analyzing complex data sets and arriving at the right solutions. However, companies should understand that as much as AI technology has been a boon, bypassing analytics is not a smart shortcut to incorporate AI technology as analytics is one of the key milestones on the path to being successful in artificial intelligence. Analytics helps companies to drill down various historical and current information about the business to have a broader view of the business scenario. Therefore, it is fallacious for companies to believe that they can ignore analytics and incorporate only AI technology into their business.

Despite its Superior Technological Expertise, Why Are People Still Skeptical About the Future of Artificial Intelligence?

It has been rightly said that nobody or nothing is perfect. The AI technology is also not free from flaws. Artificial intelligence lacks in the following areas that are making many skeptical about its utility in the long run. A few of these challenges are listed below:

  • Lack of emotional intelligence to enhance customer experience
  • The tasks performed by AI technology are specialized and cannot be altered easily
  • Machines using artificial intelligence will replace more jobs
  • Difficult to carry out tasks which require collaboration with various segments or departments

 

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