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Data Analytics – Revolutionizing the Healthcare Sector

Jun 13, 2022

The healthcare sector generates a colossal amount of data daily but struggles to turn that data into actionable insights that help improve operational efficiencies and patient outcomes. Converting this structured and unstructured data into meaningful information requires advanced data analytics techniques. Data analytics is the process of interpreting and analyzing quantitative data through various methods to bring out qualitative insights, answer questions, and identify trends.

Healthcare Data Analytics

Healthcare data analytics collects and analyzes healthcare information to derive insights and prompt decision-making. It can be employed at micro and macro levels to boost operational efficiency, simplify processes, curtail overall costs and enhance patient care. This gives us a holistic view of each patient. The global healthcare analytics market was valued at USD 23.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 23.8% from 2021 to 2028 (source).

At Key Management Group Inc., our data analytics expertise enables healthcare companies to predict and transform their business into new markets and expand growth opportunities through insights-driven decision making. To know more, please visit https://bit.ly/3wfXexj.

Data Analytics and Covid-19

The impact COVID-19 pandemic has had on the healthcare sector is evident worldwide. Analysis of medical data has resulted in a better understanding of responding and treating patients. Today, healthcare providers and researchers are turning to data analytics to allocate resources, predict surges, improve patient care, and employ preventive measures. As a result of this pandemic, a mammoth rise of health data has been recorded and manipulated, permitting for bigger and better data analytics.

5 Key Benefits of Selecting KMG as your Healthcare Data Analytics Partner!
  • Deploy Evidence-based Medicine: KMG’s Data analytics enables healthcare providers to consolidate and analyze information from this extensive patient database generated from multiple sources.
  • Fraud Detection & Prevention: In the US alone, the National Healthcare Anti-Fraud Association estimates the loss to health care fraud to be about $68 billion annually, accounting for around 3 percent of the nation’s spending on healthcare (source). KMG leverages data analytics that helps to detect anomalies much faster and notify instantly, significantly decreasing the potential for healthcare fraud.
  • Developing New Innovations: KMG facilitates data analytics in healthcare that plays a pivotal role in developing new forward-thinking therapies and innovative drug discoveries. By utilizing a mix of real-time, historical, and predictive metrics and a cohesive mix of data visualization techniques, healthcare providers can identify probable strengths and weaknesses in processes or trials.
  • Delivers Greater Insights: Key Management Group Inc. enables healthcare organizations to analyze healthcare data which helps them to effectively inform, educate and motivate their patients to take responsibility for their health. Also, bringing clinical data together helps deliver greater insights that make the patient treatment plans more effective and ensures better patient outcomes.
Conclusion

Almost every industry depends on data to acquire dynamic insights into business activities and expand its operations. Although health data analytics still has a long way to go, it has played a vital role in resolving various persistent problems. This process unleashes numerous possibilities that can transform the healthcare sector if properly executed.

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