Tag: healthcare data analytics

real world evidence

Real World Evidence Analytics Engagement: Helping a Leading Healthcare Service Provider to Reduce Costs and Improve the Efficiency of Clinical Trials

The Business Challenge:

Real world evidence (RWE) studies have unearthed innumerable opportunities for market expansion. However, companies in the healthcare sector are expected to encounter several predicaments in the years to come that includes policy and regulatory issues, challenges arising due to technological advancements and product development challenges in clinical trial segments. Such challenges continue to loom over the global healthcare industry, but the research says that by applying real world evidence systematically healthcare companies can realize billions in reducing the cost of care across different segments of the healthcare industry. Real world evidence can play a crucial role in designing and implementation of value-based contracts and can provide valuable inputs to ensure the alignments of risk from all sides and track patient outcomes. Additionally, real world evidence has the potential to bring transparency and objectivity into the healthcare programs and can help break through various healthcare barriers existing today.

The client is a leading healthcare service provider based out of the United Kingdom. The healthcare service provider is well-known for offering the highest quality of innovative patient care, with several healthcare centers spread across Scotland and Northern Ireland. The client was looking for suitable methods to counter the rising costs in managing the avalanche of data. Also, with clinical trials getting more complicated, they were looking for solutions to maintain electronic health records and validate the patient data in real time.

Real world data analytics has the potential to extract insights from disparate data sources and transform healthcare ecosystem. Want to know how? Get in touch with our experts now.

Solutions Offered and Value Delivered:

Quantzig’s real world evidence analytics solutions helped the client to understand two critical imperatives that are driving healthcare transformation namely, cost control and improvements in clinical trials. This helped the client to proactively examine the safety, efficacy, and ethics of their clinical trials. Also, our experts successfully delivered detailed insights into treatment pathways and pricing levels by developing a customized real world evidence platform and integrating it with the clinical database. With such in-depth insights, the healthcare industry player was able to adopt a business model that helped them experience a significant reduction in the cost and improvement in the efficiency of their clinical trials in the span of less than two weeks. Application of real-world data analytics helped the client to:

  • Link patient and clinical data across disparate sources
  • Satisfy customer demands for cost-effective healthcare services
  • Accelerate time to market by 16% through a constructive marketing strategy

Our real evidence analytics solutions offer real-time feedback to healthcare companies and help them identify potential development areas. Request a FREE proposal to know more about our portfolio of services.

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Benefits of Real World Evidence Analytics

#1. Determine outcomes based on larger data sets

Real world evidence makes use of the medical data gathered from a variety of patients in real time. These data sources vary from electronic health records to social media and blogs. RWE provides an accurate data analysis that can help healthcare companies in deriving better conclusions and ascertain the effectiveness and ROI of healthcare services offered. 

#2. Improves the efficiency of clinical trials and reduces cost

Irrelevant datasets can lead to misleading results and can result in lesser reliability of clinical drug trials. This can further increase the cost of research and development. But by leveraging real world evidence analytics solutions, multiple sources of data can be integrated to determine actual patient outcomes. This can further help in deciding whether a clinical trial design will give meaningful results and will be cost effective.

#3. Respond faster to adverse healthcare developments

Real world evidence analytics helps in collecting post-trial information about a drug in real time. This can help healthcare providers to quickly identify negative reactions, side-effects, and medication errors, thereby restricting potential harm. Furthermore, the gathered information can also facilitate recommendations of medications based on the symptoms of the disease and the status of patient health.

Our customized real-world evidence platform can help you bridge the gap between technology and end-users to optimize patient empowerment. Request a FREE demo below to know more.

#4. Personalize drug treatments

Real world study helps in scouring a large number of patient records and tracking patients in real time. It helps in finding patients who can most benefit from a specific medicine due to various factors like their genetics and particulars of their illness. Furthermore, the real-world application can also identify potential side-effects and can help healthcare providers to offer personalized drug treatments.

#5. Identify potential markets and underserved patients

Real world evidence analytics provides population data based on disease trends and medical outcomes. This can help pharmaceutical companies gain insights into patterns of treatment, epidemiological trends, adherence of patient and can offer disease management opportunities. This can be further used to identify potential markets and develop new products and therapies for which market demand is really high.

Why Quantzig?

Quantzig has a team of experts that comprises data scientists and real world evidence experts who focus on real world data analysis and implement evidence-based approaches to tackle healthcare challenges. Our team of analysts works closely within a cross-functional team to guide clients efficiently deal with large real-world databases and identify various risk factors and evaluate the drug treatment efficacy to complement clinical trial outcomes. Quantzig also has the expertise in offering a wide range of analytic solutions that can help tackle a plethora of challenges faced by companies in the healthcare sector, including risk management, and patient-centric issues.

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Quantzig’s Data Analytics Engagement Helps A Leading Healthcare Industry Player Realize Over 5% in Profits and Improve Customer Engagement

2018 has been the year of emerging healthcare industry trends and it is expected to transform the industry in the years to come. This year, however, companies will witness rapid changes with transparency becoming one of the key concerns for healthcare providers. Startups of today are bringing innovative changes to the market by combining technologies like AI and machine learning with traditional practices.

With continued vertical integration, mergers and acquisitions, and big tech companies making their move to the healthcare industry, it’s becoming clear that the pace of disruption in healthcare is accelerating. Moreover, newer healthcare industry trends and the advent of technology have brought the healthcare industry to the zenith of modernization and innovation. But the constantly rising competition in this sector calls for healthcare companies to generate situational-driven strategic insights, cope with upcoming healthcare industry trends, and act with deliberate speed to acquire more customers and retain the existing ones. As far as the healthcare marketers are concerned, it is high time that they identify the ongoing healthcare industry trends, rethink underlying assumptions, and re-engineer their approaches to marketing to stay relevant in the market and create a better customer experience.

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4 Effective Ways Healthcare Data Analytics is Reducing Healthcare Costs

Despite its promising growth prospects, healthcare service providers are hard pressed to find solutions to multiple complex issues including regulatory and policy changes, medicinal and technological advancements, rising costs, staff, and trained employees, maintain efficient operations and services, and support other healthcare initiatives. With increasing concerns for living healthier, longer, and lead more active lifestyles, healthcare costs have increased. Research reveals that the spending and healthcare costs often rise at rates more than the rate of inflation and is expected to increase even more in the years to come.

With the rising healthcare costs, co-pays and deductibles have become expensive and employers are burdened to take a bigger cut of their employees’ wages to pay for insurance premiums. This surge in healthcare costs will soon become a big barrier to the growth of the overall healthcare industry. Therefore, leaders must find alternative methods to combat rising healthcare costs. They must do the appropriate research to find funding, grants, and contributors to help them conduct research, set up programs and implement processes at the pace of change.

At Quantzig, we understand the impact that costs have on your business plans. And to help companies excel in an ever-competitive marketspace, our team of experts has highlighted four effective ways in which healthcare data analytics can reduce the Contact USrising costs of care.

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The Best Health Metrics to Use for Performance Measurement in the Healthcare Industry

The explosion of data science in the modern world has increased the importance of business intelligence, or BI, in the healthcare industry. The healthcare industry generates a lot of data from patients, process, tests, research, and operations. It is almost impossible to make sense of such unstructured data without using any relevant business intelligence tools. Furthermore, the healthcare industry can make use of predictive models and data visualization tools to gain insights regarding patient care, labor distribution, clinical operations, and general administration. The overall goal of the healthcare industry is to improve patient care and operational efficiency. Advanced BI softwareFree demo can help companies to achieve such goals by assessing their performance using various health metrics. Using such health metrics for evaluating performance can help single out improvement areas.

Average hospital stay

Average hospital stay is often an indicator of efficiency in the healthcare industry. This health metrics measures the average amount of time spent by patients admitted into healthcare facilities. Average length of stay (LOS) is often used as a quality metric by medical reimbursement companies to build a prospective payment system.

Hospital readmission rates

Such health metrics measure the number of patients who are readmitted to the healthcare facility shortly after their initial release. The metrics provide critical insight to the quality of care received by the patient at hospitals. Hospitals have to be alarmed when readmission rates rise as it can usually mean a shortage of staff, lack of materials, or point out areas with special needs.

Patient wait times

Patient wait time is widely used in the healthcare industry to measure the amount of time needed to receive treatment from the time they entered the healthcare facility. Patient wait time as a health metrics is useful in measuring patient contentment as well as hospital efficiency. Higher patient wait time is usually the result of understaffing or poor operational design. Measuring this metric over time enables hospitals to identify trends and redistribute labor to deliver more efficient patient management.

Bed or room turnover

In simple terms, health metrics such as bed or room turnover demonstrate how quickly patients are moving in and out of the facility. From a patient satisfaction perspective, it measures how efficient a hospital is, as a patient do not want to spend more time in the hospital. A high turnover rate depicts that hospitals are very efficient at treating patients. However, when coupling with hospital readmission rates, it can paint a complete picture whether they are really efficient or patient usually come back with the same problem.

Average treatment charge

Average treatment charge is of the major financial health metrics, which measures the average amount charged by a hospital to provide treatment to a patient. The metrics can be used by the healthcare industry to calculate the overall average or show an average of each treatment category.

Patient to staff ratio

There is no hard and fast rule that states that a healthcare facility should achieve a certain number to be effective. The ratio should be ideal since a higher patient to staff ratio will result in higher wait times and low care quality. On the hindsight, lower patient to staff ratio adds a financial burden to the hospitals and consequently increases the cost of care. It also exhibits administrative inefficiency and calls for hospitals to reconsider labor distribution.

Medication errors

The healthcare industry is striving hard to lower this health metrics, which measures the number of mistakes made in prescriptions. It also includes mistakes made in dosage and patient and applies both to inpatient and outpatient services.

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How can Health Informatics Impact the Healthcare Industry?

Gone are the days when patients had to carry several files of prescriptions and medical reports before visiting a physician. Today, health informatics has changed the scenario as the healthcare industry players can acquire, store, and retrieve healthcare information to facilitate better collaboration among various healthcare providers. Health informatics is contributing towards major healthcare reforms as it links information technology, communications, and healthcare to improve quality of care and patient outcomes. The field of health informatics gained prominence with the implementation of electronic health records (EHR). With the widespread use of health informatics in the developed parts of the world, the adoption rate in emerging economies is also on the rise. Free demoThis growth is largely driven by healthcare facilities implementing new systems and upgrading existing databases.

Improved patient outcome

Improving patient outcome is one of the most important reasons why players in the healthcare industry opt for health informatics. Physicians and healthcare providers agree with the fact that having electronic medical records assists them in delivering quality care. Additionally, it also assists in accurate diagnosis and reduces the chance of medical errors. It also increases the efficiency of physicians as they can take care of more patients without compromising on the quality of care. Automation is expected to bring about a revolution in healthcare delivery as it is estimated that technology can replace about 80% of a doctor’s work. For instance, sensors and active data collection can replace routine checkups, testing, diagnosis, and prescription.

Cost savings

Medical errors are the biggest contributor to the rising costs in the healthcare industry. Many studies estimate that such mistakes costs the healthcare industry billions of dollars. As health informatics eliminates many labor-intensive tasks, it can eliminate human errors and result in cost savings not only for healthcare facilities but also for patients. Additionally, reducing errors will also result in patients taking less repetitive testing or blood work since EHR can instantly provide historical data.

Patient engagement and participation

In the case of people with specific diseases like diabetes, obesity, cardiac conditions, and asthma, it is essential to monitor medication and patient condition regularly. Health informatics empowers the patient to track their medication usage and physicians to gain updated information on their patients. As a result, physicians can readily suggest the right healthcare choices to their patient.

Public health

As the famous saying goes, “knowledge is power,” access to healthcare data can improve the status of public health on a larger scale. Data collected from thousands of patients on hundreds of diseases can provide relevant insights into disease management, drug efficacy, and other factors. Additionally, public health informatics can assist in controlling the spread of diseases during an epidemic and also improve preparedness during an outbreak. Also, collection and analysis of health data can empower public health organization to put preventive plans in place by monitoring changes in certain geography or demographic.

Telemedicine and self-treatment

Health informatics helps physicians in accessing patient data remotely. This will often result in lower hospital visits and availability of immediate care, which improves patient outcomes and reduces cost. Additionally, the increasing success of medical wearable devices will also allow healthcare professionals to gather a wide variety of health metrics and recommend appropriate treatment plans.

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Best Use Cases of Big Data in Healthcare

Big data has transformed many industries by performing analysis and conducting forecasts that were previously deemed impossible. One such area where big data has brought about a considerable change is in the healthcare industry. The use of big data in healthcare has the potential to reduce the treatment costs, improve operational efficiency, improve patient outcomes, and improve the quality of life. Today, healthcare professionals have access to large volumes of data like the EHR, which help them devise effective strategies. The rising cost of healthcare services is a major factor behind the use of big data in healthcare. For instance, healthcare expenses represent about 17.6% ofFree demo the nation’s GDP in the US. Smart, data-driven thinking can significantly reduce such expenses without compromising on outcomes. Here are some of the best examples of the use of big data in healthcare.

Big data assists in operational management in hospitals

One of the most significant problems faced by healthcare facilities is to allocate healthcare personnel in a given shift optimally. Too few and the quality of patient care deteriorates, too many and it unnecessarily increases the operational cost. Four hospitals in Paris, which are part of the Assistance Publique-Hôpitaux de Paris, have been using big data to forecast the patient footfalls at a given time and date. A key data point to perform such analysis is obtained from historical hospital admissions record, which goes back as far as ten years. The data scientists then performed a time series analysis to see relevant patterns in admissions rate. Feeding this data into machine learning programs can fetch the best algorithms to predict the future admission trend.

Electronic Health Records (EHR)

EHR is one of the most prominent examples of the use of big data in healthcare. It is a master repository of patient data that includes their demographic information, medical history, test results, and allergies. These records are then shared among healthcare practitioners in both public and private sector to provide better care. The healthcare practitioners can add new data into the records as they give care to the patients without the fear of data duplication. The advancements in EHR have progressed to such levels that it can also trigger warnings to track prescriptions and send reminders when a patient gets a new lab test. The US has been the model country in implementing the EHR with a 94% adoption rate, while other countries are still struggling to implement them fully.

Prevention of medicine abuse

Medicine abuse can be fatal and lead to consequences as bad as accidental deaths. In the US alone, opioid abuse has caused more accidental deaths than road accidents, overtaking it as the most common cause of accidental death. The Obama administration spent close to $1.1 billion to tackle this problem. However, scientists at Blue Cross Sheild have started working towards the problem, which would cost a fraction of that $1.1 billion. In partnership with big data experts at Fuzzy Logix, they start out by analyzing years of insurance and pharmacy data to identify 742 risk factors that predict whether someone is at risk for abusing opioids. As a result, it helped the concerned authority to prevent drug abuse cases by identifying the people who were at a higher risk.

A cure for cancer

The Obama administration came up with Cancer Moonshot program, which had panels that made recommendations towards finding an effective cure for cancer. One such suggestion made from the panel included the case of big data use. Medical researchers are studying a variety of data to find trends and treatments and recovery rates of cancer patients. The researchers can spot the treatment plan with the highest success rate and also point out the best treatment plan for each patient. Additionally, by examining tumor samples and patient treatment records, data scientists can figure out how specific mutations and cancer proteins interact with a variety of treatment plans provided to the patient. One of the most promising use cases of big data in healthcare industry has to be genetically sequencing cancer tissue samples from cancer trial patients to find a viable solution.

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Best Practices to Ensure Healthcare Data Security

Data breaches are increasingly becoming a matter of concern for the players in the healthcare industry. Many cases of criminal hackers stealing protected healthcare data to commit medical identity theft have been reported in the recent past. These data security breaches can prove to be very costly for healthcare providers and moreover can lead to loss of patient trust and goodwill.

It is crucial for all healthcare organizations to implement advanced data security systems to protect the valuable patient information in their database. With a significant amount of data at their disposal, the need of the hour for healthcare companies is to be alert of hackers formulating loopholes to gain illegal access to this data. We have curated a few best practices that can be incorporated by providers for protecting themselves from breach of the critical healthcare data:Free demo

Educate the staff

In several reported cases of healthcare data breaches, employees of the organization were found to be the culprits. Sometimes, this could happen due to negligence on the part of employees as well. Therefore, it is essential for healthcare organizations to train their employees on their actions that lead to a violation, impart lessons on avoiding phishing, advice on choosing a secure password and not disclosing credentials to third parties, etc.

Ensure network protection

Hackers use multiple methods to gain entry into healthcare data systems. So, healthcare providers must ensure that they are prepared to combat them with advanced tools and technology. Providers must understand that it is not only essential to have firewall and anti-virus systems, but they should also invest in technology that limits the damage when attacks occur.

Encrypt portable devices            

Healthcare data breaches can occur if the portable devices in which vital information are stored gets stolen or lost. Healthcare companies must encrypt all their portable devices such as laptops, USB, smartphones, etc. that hold crucial patient information to avoid any loss of data. In addition to providing encrypted devices to employees, companies must also lay down strict policies against carrying data on unencrypted personal devices.

Delete unnecessary data

An important fact that medical companies need to keep in mind is that the more the data that they hold with them, the more is data that is available for data criminals to steal. So, they must formulate policies that mandate the deletion of unwanted patient information that is no longer required, from their directory. Also, they must also undertake measures to audit the data being stored on a regular basis.

Implement physical security controls

Though medical companies are widely adopting electronic health records, several organizations keep some of the vital information on paper. Companies must ensure that the access to these records and file cabinets are locked or restricted to authorized personnel only. Also, there should be adequate security cameras installed around these facilities to monitor the employees accessing these records.

Secure wireless networks

The advent of technology has forced most of the organization to rely on advanced wireless technology. But these technologies make the companies more vulnerable to data security breaches. Such advanced technology has several loopholes that hackers can use to gain access to the company’s records and databases. Therefore, healthcare organizations must ensure that their routers and other components are up-to-date, network passwords are secure and changed frequently, and there are adequate measures to block unauthorized devices from accessing the network.

Keep tabs on third-party data storage

Cloud computing has been on the rise in the recent past. Though it is an easier and much more cost-effective method for companies to store data, they have several associated risks of data loss. Sometimes the cloud storage providers may not be equipped with the adequate security measures. In such cases, the chances of loss of vital patient information to hackers are very high. So, it is important for healthcare companies to keep a close watch on their cloud storage data and also evaluate if they have adequate security measures to protect their data.

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Top Challenges in Clinical Data Management

Today, all modern industries and companies are embracing the power of digital technologies. The healthcare industry is also following the trend by using patient data management systems, which keeps track of patient information and medical history thereby replacing handwritten medical files. Since patient data is sensitive, medical companies and professionals should adopt new strategies to manage such healthcare data securely. Clinical data management simplifies a lot of operational tasks thereby increases the efficiency of healthcare providers. However, it Free democan be challenging to manage such large and complex sets of healthcare data. Clinical data management is further complicated by various government regulations and compliance issues.

HIPAA Compliance

The Health Insurance Portability and Accountability Act (HIPAA) requires security measures for EHRs to be shared among medical practitioners and be made accessible to patients. Majority of the healthcare providers have to balance between operating a closed-network system and implementing shared data access and security protocols. Also, after providing a platform to share data between practitioners, a data breach could cost healthcare companies significantly higher than in other industries.

Sharing Patient Data

Sharing patient data is still a grey area for players in the medical industry. Some regulations restrict sharing of data with a medical representative and other medical professionals. To tackle such issues, the medical industry is working on strategies like EHRs and cloud computing to facilitate sharing of clinical data. Additionally, integrating and standardizing the sharing platform for every medical professional to grant access to healthcare data is also an ongoing challenge.

Mobile Computing

The demanding nature of today’s digital technology has placed great importance on mobile computing. Professionals want access to data at the comfort within their fingertips. However, shifting the platform to mobile devices seems quite a challenge in the field of clinical data management. It’s a lot easier to upload medical entries to a tablet directly then scribbling on medical charts for transcription later. The problem arises when providing a secure wireless access throughout the care facility to medical professionals. It requires developing a completely new security and compliance protocols for mobile devices.

Operational Analytics

The clinical data management systems and EHRs have helped improve the quality of care that is provided to the patients. Alongside patients, healthcare professionals and workforce has also benefitted with a substantial increase in operational efficiency. For instance, healthcare workforce management is largely measured using patient care and healthcare data, which isn’t an ideal metric for performance measurement. As a result, it has urged HIS managers to look for new strategies to mine healthcare data in order to perform productivity and profitability analytics to identify true measure of performance and identify improvement areas.

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Top Healthcare Industry Trends That Will Shape the Future

Good healthcare and lifestyle As a result, key players in the healthcare industry are continuously striving to incorporate the latest technologies and trends into their business to attract more customers and enhance their customer experience. Here are a few technology trends that are sure to take over the healthcare industry by storm:Free demo

Social Media in Healthcare

When social media platforms were initially introduced, it was just seen as a medium for informal communication between peers. Who knew that one-day social media would take over the business world! Today, most of the companies have established their online presence to stay more connected to their customers. Healthcare industry players can also leverage social media to educate the public on health issues and create useful content through videos, slideshows, and infographics to reach out to the public.

Paving the Way for Technology

Technological innovations such as big data analytics, artificial intelligence, wearables, etc. have already made their presence felt in the healthcare industry. Medical companies are constantly experimenting with the latest technologies in patient care facilities, ensuring that they do not have to compromise on their healthcare. Technologies such as big data analytics helps medical companies to analyze patient’s previous records and provide appropriate treatment more efficiently. This is extremely useful in cases where a patient must take treatments from multiple hospitals as the patient data can be shared between these medical companies easily.

Brick and Mortar to Digital Screens

Today, technology has made people so lazy that they want to get things done in the comfort of their homes – be it shopping, food, or even healthcare. This gap has been identified by many healthcare institutions that are now providing consulting services to the patients over a laptop/phone/iPad screen. Though this is a more cost-effective method for both the medical companies and the patients; the limited scope of physical examination of patients will pose a problem as the doctors will not be able to give them the best prescription and medical care.

The Privacy Policy

A large amount of patient data is available with medical institutions. This is increasing the concern for patient security, breaches, and violations. People are becoming more aware of the privacy policies. Hence, companies in the medical industry must be highly cautious with sensitive patient information.

Why Quantzig?

Today, managers have access to a plethora of data, and decision-making on the basis of gut-feeling, the rule of thumb, and trial and error are eliminated with the advent of analytical services.

Experts at Quantzig believe that “When analytics and healthcare go hand in hand, it becomes an unstoppable force.”

For more than 14 years, we have assisted our clients across the globe with end-to-end data management and analytics services to leverage their data for prudent decision making. We have worked with 120+ clients, including 55+ Fortune 500 companies. At Quantzig, we firmly believe that the capabilities to harness maximum insights from the influx of continuous information around us is what will drive our organization’s competitive readiness and success. Our objective is to bring together the best combination of analysts and consultants to complement our clients with a shared need to discover and build those capabilities and drive continuous business excellence.

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