Data science can be utilized in healthcare to assist in achieving population health management, financial success of medical institutions, and improved outcomes in value-based care.
As healthcare institutions strive to develop their analytics capabilities, they transition from simply having descriptive analytics and enter the realm of predictive analytics.
Although predictive analytics is only step two of three steps on the journey to analytics maturity, it’s a huge leap forward for many businesses.
Instead of simply presenting a past case and explaining it to someone, predictive analytics estimates the likelihood that an event will occur in the future. This enables clinicians, financial experts, and administrative staff to receive alerts of possible risky situations before they occur so that they can make informed decisions about how to respond.
The value of staying one step ahead of problems is seen most clearly in surgery, intensive care, and the emergency room, where saving a patient’s life might rely on quick responses and a sharp sense of when a problem might arise.