Tag: healthcare industry trends

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Predictive Analytics in Healthcare: A Pathway to Personalized Patient Care

Every industry today is transformed virtually by predictive analytics and the healthcare industry is no exception. Predictive analytics in healthcare is advancing patient care significantly by offering detailed insights into the medical history of patients. However, there are many healthcare organizations that are yet to tap into the full potential of predictive analytics in healthcare. Deploying predictive capabilities in extracting actionable, forward-looking insights from the growing pool of data is still a daunting task for many healthcare companies.

However, realizing the power of predictive analytics in healthcare is highly essential as predictive analytics platforms can help healthcare companies to transform medical wisdom into real-world insights. Leveraging predictive analytics in healthcare can help companies to move into the new era of medicine. Consequently, this can improve hospital care, help in the management of chronic diseases and enhance supply chain processes.

At Quantzig, we understand the difference that leveraging predictive analytics solutions can create in the healthcare industry. And to help companies in the healthcare sector stay ahead of the curve, our team of analytics experts have highlighted the ways in which predictive analytics can improve healthcare and also have explained a few use cases for predictive analytics in healthcare.

Are you looking for ways to gain consolidated insights to mitigate risks and resolution of issues for medical cost management and improved patient care? Get in touch with our experts now!

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Weekly Round-Up: A Storyboard on Healthcare Analytics and its Importance in a Fast-Changing World

LONDON: Quantzig, a leading analytics services provider, has announced the release of their new storyboard on the growing importance of healthcare analytics. These downloadable resources explain how healthcare analytics have helped healthcare players to reduce inefficiencies, minimize cost, and forecast future healthcare plans.

Today the healthcare industry is facing the heat of skyrocketing cost of care. Companies in the healthcare sector are trying to address the critical challenges by enhancing data sharing across the value chain. This is the reason why they are looking to leverage healthcare analytics solutions to improve business operations, patient experience, and healthcare outcomes. Analytics in healthcare can help companies to build multidimensional predictive models, enhance healthcare outcomes, and reduce the cost of care.

Quantzig’s analytics solutions have helped companies in the healthcare sector including medical devices, pharma, diagnostics, and healthcare delivery to gain actionable insights into patient care, mitigate risks, medical cost management, and improve payment accuracy. Below, we have summarized some of Quantzig’s free resources that highlight ways in which healthcare analytics have solutions helped healthcare businesses to gain a competitive market advantage.

Digitization has empowered healthcare businesses to gauge the impact of analytics on patient experience and outcomes. Wondering how?  Get in touch with us right now!

#1. How is healthcare analytics transforming the healthcare sector? Do you think maximizing profit by reducing healthcare costs is a herculean task? If yes, then it is time for you to leverage healthcare analytics solutions. Healthcare analytics can help businesses to implement a new model of payment on the basis of performance. Here the healthcare providers can receive the value determined by outcomes. Also, customized analytics tools and real-time dashboards can help in scrutinizing the supply chain to optimize healthcare service and patient care.

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Are you wondering how to optimize healthcare service and maintenance operations? Analytics in healthcare and real-time dashboard can help. Request a free proposal to know more about our healthcare analytics solutions.

#2. Learn how healthcare analytics can modernize the patient journey?  Today healthcare companies may question the value of improving patient experience amidst multiple priorities. But with analytics in healthcare, it seems to be a simpler task. Healthcare analytics can also help map the patient’s journey and assist healthcare companies in bridging gaps that result in leakages in the patient experience.

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Maximizing sales and marketing insights that can be obtained out of every patient interaction is a tough nut to crack and we understand that. Our healthcare analytics solutions provide best-in-class frameworks to assist healthcare organizations in enhancing patient care and outcomes. Request a free demo for more insights.

#3. Customer lifetime value models hold the solution to rising consumerism in the healthcare sector: Customer lifetime value models have always been of great importance for the retail sector, but these models have the potential to solve critical challenges in the healthcare sector too. You must be wondering how? Healthcare analytics by leveraging customer lifetime value models can help companies to enhance their relationship with patients and can lead to more compassionate patient experience.

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Healthcare Analytics: How is It Improving Healthcare Operations Globally?

What is Healthcare Analytics?

Healthcare analytics aims at offering insights into patient records, hospital management, costs, and diagnoses. It covers a broad swath of the healthcare industry, offering insights on both the micro and macro level. Healthcare analytics, when combined with data visualization tools and business intelligence suites, helps healthcare companies operate better by offering real-time information that can support decision making and deliver actionable insights.

Are you facing difficulties in dealing with regulatory pressures in the healthcare industry and constantly changing market dynamics? Get in touch with us to know how healthcare analytics can help you deal with all your issues.

Why is Data Analytics Important in Healthcare?

With the adoption of digital tools like electronic health records (EHRs), data has become more structured. Furthermore, it has improved the analysis to a large extent. Moreover, the emergence of machine learning and artificial intelligence have made inferences and predictions easier than ever before.  The dramatically positive impact data analytics can have on the pressure health systems is more efficient and promises to enhance clinical outcomes. Ideas such as doctor-on-demand, video calls, and Wi-Fi-enabled blood pressure monitors were a fantasy a decade ago. But today they are mainstream and real. This is encouraging both consumers and healthcare providers to adopt healthcare analytics rapidly to lower costs, improve efficiency and enhance patient satisfaction.

Healthcare analytics provides consolidated and actionable insights and helps in risk mitigation and resolution of issues facilitating efficiency and accuracy in the process.

Benefits of Health Analytics

Benefit #1: Identifying and targeting the right people

Health plan serves a diverse group of people who may be at any point along the continuum of health and wellness. Healthcare analytics helps the healthcare companies to identify people who are at risk and could benefit from weight management, additional screenings or smoking cessation programs. Furthermore, healthcare analytics aids in providing care to those who need it best. This starts by analyzing multiple sources such as claims data, health risk assessments and a lot more. Without healthcare analytics, health plans would have to wait to find who requires careful coordination. Additionally, health plans can leverage healthcare analytics to analyze what are the factors that motivate people and how to change their behavior. Also, it helps in taking a closer look at screening rates among people in different demographic groups. This can further help in identifying barriers to screening and determining the best way to encourage target groups to complete the recommended screenings.

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Are you wondering how to address key challenges, reduce costs, increase margins, and gain a competitive market advantage? Leveraging healthcare analytics solutions may help. Request a free proposal here to check out our portfolio of healthcare analytics solutions.

Benefit #2: Increasing productivity with real-time healthcare analytics

Healthcare analytics offers relevant data that elevates operational efficiency. This is the reason why proactive healthcare organizations are turning to healthcare analytics for right-time data feeds to track costs and outcomes and improve decision-making. Furthermore, it also facilitates the standardization of staffing with real-time data that allows physicians to focus on one patient-centered activity at a time. Top healthcare organization has realized an improvement of 50 percent in its variance from benchmark lengths of stay and a reduction of 10 percent in readmissions for heart attacks and heart failure.

Benefit #3: Reducing inefficiencies in the supply chain

Healthcare companies accumulate a huge amount of data which is stored in silos across the entire enterprise. Data silos make it difficult to spot the opportunities of savings in the thousands of daily supply chains. Healthcare analytics helps in connecting these islands of information which leads to smarter and wiser buying decisions. Additionally, it provides the ability to gather and blend data on a common field. By leveraging healthcare analytics, companies can create dashboards with data from multiple sources. Furthermore, this will offer 360-degree assessments of supply chains and help in more accurate visuals, eliminating excess and obsolete inventory while reducing the involvement of clinical staff in replenishment and ordering.

Benefit #4: Automating ad hoc visual analysis

Healthcare analytics helps in automating spreadsheets for ad hoc financial reporting in healthcare. This rule out the tendency of mistakes that are made at the expense of accuracy, efficiency, and time. Data visualization thus allows to quickly automate processes that used to consume a large amount of time. Furthermore, by leveraging healthcare analytics and artificial intelligence, providers can see a significant improvement in revenue, patient access, lower cost, patient experience, and increased asset utilization.

We understand the challenges companies face in data-driven decision making and solving operational problems. Our analytics solutions provide best-in-class frameworks to introduce innovations frequently and strive for better clinical outcomes. Request a free demo below for more insights.

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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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US Healthcare Industry Overview and Latest Healthcare Industry Trends

The US healthcare industry is endeavoring to find a balance between value-based care and fee-for-service. But this smart step is not going to come easy for companies because of the ever-changing policies, processes, capabilities, and complexities impacting the US healthcare industry. Moreover, factors such as increasing revenue pressure, consistently deteriorating margins, demand for the latest equipment and technology, and limited financial resources have put healthcare providers in a difficult and challenging position.

US Healthcare Industry Overview 

Current estimates put US healthcare industry’s spending at approximately 15% of the total GDP, which is considered to be the highest in the world. The US spends the highest on health care costs for pharmaceuticals in the world. In this region, approximately 85% of the citizens have the privilege of health insurance, availed through their employer or purchased individually. The federal government in the United States does not guarantee universal health care to all of its citizens. The healthcare programs that are publicly funded help provide for some of the disabled, the elderly, and the poor. Federal laws in the US ensure public access to emergency services regardless of their ability to pay. Those who don’t have health insurance coverage are expected to pay for medical services privately, which is costly. The most common reason for personal bankruptcy in the US is the expensive health insurance and medical bills. But the emerging trends in the US healthcare industry are going to bring about significant changes to the market landscape. 

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Global Healthcare Industry Overview 2018

Healthcare Industry Overview 

The healthcare industry overview unveiled by a recent analysis lays down some interesting facts which might force you to think twice before making investments in this market. Today, the healthcare industry is one of the fastest evolving sectors globally. Do you ever wonder why? This is due to the fact that today health care is looked upon not as a crisis that has to be dealt with but as the way of life. The healthcare industry overview findings reveal that this industry is going through a rapid transformation, and to succeed in this environment of competition, there is a need for the organizations to make significant investments in technologies to cut down costs Contact USand improve medical care. Before digging into the global healthcare industry overview, let’s figure out what health care is all about.

What Does Health Care Mean? 

To provide medical products, equipment, and services to protect, extend, or increase the quality of patients’ lives can be broadly termed as healthcare. Key findings from recent healthcare industry overview studies show that this industry encompasses a wide network of interrelated providers who focus only on the health outcome of patients.

Global Healthcare Industry Overview

Today, the healthcare industry is providing colossal business opportunities worldwide. Do you ever imagine why? This is because of the rising health concerns among consumers. Here is a brief synopsis of the healthcare industry overview that has been realized by the experts globally:

  • Spending on healthcare typically accounts for approximately 10% of the GDP in the developed nation
  • This spending is more on treatment than prevention in almost all the countries
  • Although awareness related to healthcare is rising with governmental and non-governmental organizations’ intervention still majority population all over the world is facing the problem of obesity and overweight
  • There is an increase in annual visits by doctors and more employersRequest Proposal are encouraging healthy lifestyles through incentive programs like gym memberships
  • Opportunity for green industry franchise has also expanded its roots
  • Organic restaurant and sustainable food practices business have also sprung up
  • Entrepreneurs are on the way to finding solutions to meet the needs of an aging population
  • Sedentary lifestyles and uncontrolled eating habits are leading to a rapid increase in the risk of cardiovascular diseases

Recent healthcare industry overview reports reveal that despite knowing the right way to live, there is a long way to go for all of us, which, in short, means that the demand for healthcare services will keep on increasing. There are several healthcare industry trends that are working as a support system for this rise in demand. Some of the top healthcare industry trends are listed below:

Top Healthcare Industry Trends 2018

Telemedicine

Telemedicine is a great way to mitigate the gap between physicians and patients. The need to reduce healthcare costs and the growing number of the aging population are also important factors propelling the rise in telemedicine services. This can help the researchers in deducing a completely different healthcare industry overview in the years to come.

Artificial intelligence

Recent information obtained from healthcare industry overview reports show that AI is expected to be one of the important healthcare industry trends in the upcoming years. This is driven by the demand for precisiRequest Solution Demoon medicine and cost reduction. AI is capable of transforming any area of healthcare, such as workflow tasks of the hospital and diagnosing health conditions, and boost efficiency.

Robotics

Robots are playing the lead role in bringing about a revolution in the medical world. There is a dire need to improve medical productivity and reduce routine errors. This leads to an increase in the demand for healthcare assistance and automation robots.

IoT and wearables

Today, patients are getting more involved in managing their own personal health. This has been even more efficiently facilitated by the advent of wearables and connected devices, which, today, have become one of the rapidly emerging healthcare industry trends, i.e., according to recent healthcare industry overview reports. It helps in making healthy lifestyle choices and overcoming specific diseases like asthma, COPD, pain management, and heart arrhythmia.

Blockchain

To mitigate the security-related risks associated with sharing information, especially in healthcare, blockchain technology is getting more and more attention and has become one of the famous healthcare industry trends today. Many reports that focus on the healthcare industry overview actually highlight the fact that blockchain technology will be one of the biggest disruptors in the healthcare industry.


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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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