Move over, retrospective data analysis--the future is in real-time and predictive analytics, says a new market report from Frost & Sullivan. The trend is also toward web-based systems that aggregate disparate data across diverse care settings.
The more "holistic" approach to data mining includes clinical data from electronic health records combined with financial and administrative information to provide a more well-rounded view of the quality and efficiency of patient care--and then using that information to make strategic decisions, according to a Frost & Sullivan announcement.
The firm predicts that the use of advanced health data analytics solutions in hospitals will grow significantly to 50 percent adoption in 2016--up from about 10 percent last year. That's a 37.9 percent compound annual growth rate and an increase of 400 percent over the baseline.
"Hospitals will increasingly invest in advanced data analytics solutions to monitor end-to-end care delivery across a variety of settings," Frost & Sullivan analyst Nancy Fabozzi said. "Due to growing competitive pressures, hospitals need to provide comprehensive reporting on performance and quality measures to a variety of stakeholders. Advanced analytics capabilities are absolutely critical for survival--there is no way to avoid it."
Indeed, many organizations are starting to use predictive analytics. Payers, in particular, see the benefits of predictive modeling to improve member services and for catching fraudulent claims before they put reimbursement checks in the mail. And the Centers for Medicare & Medicaid Services is relying more heavily on predictive modeling to fight fraud, as FierceHealthFinance recently reported.
To learn more:
- see Frost & Sullivan's report summary