LONDON--(BUSINESS WIRE)--Quantzig, a global analytics solutions provider, has announced the completion of their latest article on the top reasons why healthcare industry is moving towards analytics. Modern technologies are changing the world as we know it. And there is no better example of this than the influence of big data and analytics in the healthcare industry.
A huge amount of healthcare data is coming our way every second, making it difficult to find any form of helpful information. Big data is not to be idealized - it can be both boon and a bane. The impact of analytics and big data on the healthcare industry is an essence of how modern technology is altering the world. Some of the renowned advantages of analytics in healthcare include higher profits, reduced price, and better quality of life. Huge amounts of heterogeneous medical data have become readily available in various healthcare organizations.In this blog, Quantzig has listed top reasons why healthcare industry is involving in analytics.
According to the data analytics experts at Quantzig, “Analytics help healthcare industry players to form this data and leverage them to derive meaningful insights.”
View Quantzig’s comprehensive list of the top reasons why healthcare industry is involving in analytics
Quantzig is a global analytics advisory firm concentrated on leveraging analytics for prudent decision making and offering solutions to clients across several industrial sectors. Listed below are the top reasons why healthcare industry is moving towards analytics.
Top reasons why healthcare industry moving towards analytics
- Prevention is better than cure: In today’s health-conscious environment, the awareness among the general public on fitness and well-being is increasing. This has powered the market for devices like wearable tech as they help consumers easily track their health without having to perform regular medical checkups. A recent study has shown that the use of wearable tech helps to grow patient engagement by allowing them to keep track of their daily routine. Similarly, major companies in the healthcare industry swear by the fact that there has been a substantial increase in ROI through big data analytics. Healthcare companies need to adjust their business plans and include big data and analytics in their long-term growth strategies by leveraging apps and wearable tech markets to stay profitable in the long run.
- Facilitates diagnosis: Analytics makes it easier to analyze large volumes of healthcare data generated on an everyday basis and ascertain critical insights about the disorders, which would otherwise prove impossible to predict. In fact, even doctors will soon be using analytics to know the complete history of their patients. At a macro level, admission to a huge amount of national healthcare data will help governments to spot increases and outbursts and develop strategies in advance to cope up.
- Reduces Fraud: Abuse and fraud can lead to higher costs in the healthcare sector. Usual frauds can be in the form of several treatments being issued in the same person’s name, patients getting treatment from many hospitals instantaneously, etc. Analytics helps to safeguard companies in the healthcare industry from such misuse by using predictive analytics to find out concessions and patterns. Once these patterns are recognized, healthcare players can take precautionary action and save themselves from huge losses.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.