LONDON--(BUSINESS WIRE)--Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of their article on the best ways to reduce healthcare costs by effectively implementing healthcare data analytics.
Despite operating in a sector that has immense growth opportunities, healthcare organizations have to combat challenges such as regulatory and policy changes, medicinal and technological advancements, rising costs, staff, and trained employees, maintain efficient operations and services, and support other healthcare initiatives. They have to implement technologies in their organizations that can keep their spending and healthcare costs in pace with the rate of inflation.
Healthcare costs in the United States are disproportionately high when compared to any other developed nation. Many factors contribute to the rising healthcare costs, such as expensive new diagnostic tests and treatments, administrative costs, malpractice and drug costs. Also, 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. Such factors have forced the government to play a stronger role in negotiating prices for healthcare and compelled healthcare organizations to find alternative methods to combat rising healthcare costs before they become a barrier to the growth of the overall healthcare business.
Rising healthcare costs are increasing insurance premiums for patients but not lowering out-of-pocket costs for them. This can act as a major growth barrier for US healthcare service providers. Get in touch with our experts and know how healthcare data analytics can help you achieve cost-savings.
Ways to reduce healthcare costs by implementing healthcare data analytics:
Minimize healthcare waste
Patient variation and wastes associated with the delivery of care often leads to increasing hospital costs. Various methods such as LEAN, Six Sigma, and other healthcare quality process improvement techniques can be employed with the aid of healthcare data analytics to address healthcare waste. These methods possess the potential to successfully address administrative costs and bring higher returns by focusing on patient care or clinical costs. Moreover, organizations can implement big data analytics in healthcare and healthcare data analytics to reduce their healthcare costs.
Excess healthcare waste can increase costs for healthcare service providers significantly. To know how big data analytics in healthcare and healthcare data analytics can together be leveraged to bring higher returns for the organization along with improving the patient care, Request a free proposal now!
Reduce hospital readmissions
Readmissions are a major reason for increased healthcare costs. However, they can be avoided when better actionable information is available to both patients and healthcare providers. Organizations can leverage the benefits of healthcare data analytics and can provide real-time, concise and correlated data for more effective decision making. Healthcare data analytics can even help physicians to gain accurate insights regarding the patient’s health.
Want to know how healthcare data analytics can help organizations to gain real-time data regarding the patients’ health and reduce hospital readmissions? Request for more information.
Cost-effective treatment for chronic diseases
Doctors are generally limited to the amount of patient history available to them and lack the vital information regarding symptoms and suffering of patients. This obstructs the treatment of patients suffering from chronic diseases. Healthcare data analytics can address this issue by supplying doctors with the vital correlative information that can help them make better use of the EMRs rich electronic documentation of patient information. Healthcare data analytics also provides a complete report of longitudinal diagnostic data, historical treatments, medical history and empowers clinicians to provide more effective and efficient treatment of chronic diseases.
Insufficient patient data becomes a reason of concern for the doctor and the patient and can result in inaccurate treatment. To know how big data analytics in healthcare, predictive analytics in healthcare and healthcare data analytics can together address this problem and aid in cost-effective treatment for chronic diseases, Request a free demo.
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 our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal.