Analytics in Healthcare Industry

| July 4, 2018

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The global healthcare industry is expected to grow at a CAGR of 24.7%. This is made possible by the leveraging of various analytics tools and practices by the healthcare providers for improving their operational efficiency. The United States is at the front of the growth, accounting for 65.84% which can be attributed to country’s substantial investment in healthcare.  Europe and Asia are on a path of steady growth with increased expenditure on technology, R&D and the emergence of Big Data. The volume of data available is expected to be increasing at an exponential rate in the years ahead. Current cumbersome techniques of evaluation will soon have to pave the way for advanced analytics. These techniques, which have the ability to process, act on, manage and distribute data from a variety of sources, will become the backbone of the healthcare sector. With this evaluation, the vast health data will be better understood and more effective, real-time, specific decisions can be taken.

Spotlight

Prosperoware

Prosperoware is an enterprise software company focused on legal and professional services. Our 300,000+ users represent half of the G20, most of the Am Law 200, a quarter of the UK Top 100, many large global corporations, and the Big Four accounting firms. Our innovative software is transforming how professionals work and enabling firms to better compete. Our more than 270 customers range in size from only a few professionals to more than 14,000 users. We maintain offices in Chicago, Philadelphia, London, Mumbai, and Prishtina.

OTHER ARTICLES

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Article | March 31, 2020

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Business growth Businesses opt for predictive analytics to predict customer behavior, preferences, and responses. Using this information, they attract their target audience and entice them into becoming loyal customers. Predictive analytics gives valuable information about your customers such as which of them are likely to lapse, how to retain them, whether you should market directly at them, etc. The more you know about them, the stronger your marketing will become. Your business will become the leader in predicting your customer’s exact needs. Customer satisfaction Retaining existing customers is almost five times more difficult than acquiring new ones. The most successful company is the one that invests money in retaining those customers as much as acquiring new ones. Predictive analytics helps in directing marketing strategies towards your existing customers and get them to return frequently. 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Risk assessment analyzes the following data types: • Socio-demographic factors • Product details • Customer behavior • Risk metrics Forecast sales Evaluating the previous history, seasonality, and market-affecting events make revenue predicting vital for a company’s planning and result in a company’s demand for a product or a service. This can be applied to short-term, medium-term, and long-term forecasting. Predictive models help in anticipating a customer’s reaction to the factors that affect sales. Following factors can be used in sales forecasting: • Calendar data • Weather data • Company data • Social data • Demand data Sales forecasting allows revenue prediction and optimal resource allocation. Healthcare Healthcare organizations have begun to use predictive analytics as this technology is helping them save money. They are using predictive analytics in several different ways. With the help of this technology, based on past trends they can now allocate facility resources, optimize staff schedules, identify patients at risk, adding intelligence to pharmaceutical and supply acquisition management. Using predictive analytics in the health domain has also helped in preventing cases and risks of developing health complications like diabetes, asthma, and other life-threatening problems. The application of predictive analytics in health care can lead to making better clinical decisions for patients. Predictive analytics is being used across different industries and is good way to advance your company’s growth and forecast future events to act accordingly. It has gained support from many different organizations at a global scale and will continue to grow rapidly. Frequently Asked Questions What is predictive analytics? Predictive analytics uses historical data to predict future events. 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Some tools used for predictive analytics are: • SAS Advanced Analytics • Oracle DataScience • IBM SPSS Statistics • SAP Predictive Analytics • Q Research { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What is predictive analytics?", "acceptedAnswer": { "@type": "Answer", "text": "Predictive analytics uses historical data to predict future events. The historical data is used to build a mathematical model that captures essential trends. That predictive model is based on current data that predicts what will happen next or suggest steps to take for optimal outcomes." } },{ "@type": "Question", "name": "How to do predictive analytics?", "acceptedAnswer": { "@type": "Answer", "text": "Define business objectives Collect relevant data available from resources Improve on collected data by data cleaning methods Choose a model or build your own to test data Evaluate and validate the predictive model to ensure " } },{ "@type": "Question", "name": "How does predictive analytics work for business?", "acceptedAnswer": { "@type": "Answer", "text": "Predictive analytics helps businesses attract, retain, and grow their profitable customers. It also helps them in improving their operations." } },{ "@type": "Question", "name": "What tools are used for predictive analytics?", "acceptedAnswer": { "@type": "Answer", "text": "Some tools used for predictive analytics are: SAS Advanced Analytics Oracle DataScience IBM SPSS Statistics SAP Predictive Analytics Q Research" } }] }

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Article | March 31, 2020

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Spotlight

Prosperoware

Prosperoware is an enterprise software company focused on legal and professional services. Our 300,000+ users represent half of the G20, most of the Am Law 200, a quarter of the UK Top 100, many large global corporations, and the Big Four accounting firms. Our innovative software is transforming how professionals work and enabling firms to better compete. Our more than 270 customers range in size from only a few professionals to more than 14,000 users. We maintain offices in Chicago, Philadelphia, London, Mumbai, and Prishtina.

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