By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    bowl of vegetable salad
    Raw Foods: benefits and harms
    November 9, 2021
    pros and cons of the keto diet
    Read This Before You Follow the Keto Diet
    May 18, 2022
    spinal cord injuries
    4 Potential Causes of Spinal Cord Injuries (and How to Seek Compensation)
    May 25, 2022
    Latest News
    7 Most Common Healthcare Accreditation Programs: Which Should You Use?
    August 20, 2025
    Hospital Pest Control and the Fight Against Superbugs
    August 20, 2025
    Hygiene Beyond The Clinic: Attention To Overlooked Non-Clinical Spaces
    August 13, 2025
    5 Steps to a Promising Career as a Healthcare Administrator
    August 3, 2025
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    TBI: Some Surprising Statistics
    February 9, 2016
    Your Keys to Safer, Even More Secure Healthcare Cloud Services
    January 13, 2015
    4 Career Options in Healthcare Industry that Combine Big Data & Healthcare
    February 5, 2021
    Latest News
    How Social Security Disability Shapes Access to Care and Everyday Health
    August 22, 2025
    How a DUI Lawyer Can Help When Your Future Health Feels Uncertain
    August 22, 2025
    How One Fall Can Lead to a Long Road of Medical Complications
    August 22, 2025
    How IT and Marketing Teams Can Collaborate to Protect Patient Trust
    July 17, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: Predictive Analytics and Data Mining Reduce Healthcare Costs and Improve Outcomes
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Policy & Law > Global Healthcare > Predictive Analytics and Data Mining Reduce Healthcare Costs and Improve Outcomes
eHealthGlobal HealthcarePolicy & LawTechnology

Predictive Analytics and Data Mining Reduce Healthcare Costs and Improve Outcomes

Ryan Kh
Ryan Kh
Share
5 Min Read
SHARE

Predictive analytics and data mining technology is changing the future of healthcare in unprecedented ways. Healthcare providers around the world are praising these solutions for emerging when they are needed the most.

Contents
  • Predictive Analytics and Big Data Technology Could Stave Growing Healthcare Challenges
  • What is the Catch?

Predictive Analytics and Big Data Technology Could Stave Growing Healthcare Challenges

Healthcare providers around the world are under immense pressure to reduce healthcare costs and improve outcomes. According to the OECD, the United States has the most expensive healthcare system in the world, while delivering fair outcomes at best. Their research shows that the United States spent 16.4% of its GDP on healthcare in 2013, compared to the OECD average of 8.9%. The new healthcare law has tried to address rising healthcare costs by forcing healthcare providers to focus on improving outcomes and reducing readmission rates. The United States isn?t alone in this quandary, even though it is in the worst shape. Healthcare costs in Germany have spiked in recent years, so they had to start charging out-of-pocket fees to patients. Unfortunately, penalizing providers and introducing cost-sharing mechanisms can only do so much. Fortunately, healthcare providers have discovered a newer and more innovative ways to deal with these challenges. One of their best options is using predictive analytics and data mining solutions. Here are some ways that predictive analytics and big data technology could be the solution healthcare providers need. Identifying Thousands of Risk Factors As our understanding of medical knowledge grows, healthcare providers are finally beginning to grasp how little they truly know about the human body. They have, however, identified tens of thousands of factors that play a role in various diseases. It is difficult for doctors to make accurate diagnoses and risk assessments during one or even several clinical visits. As human beings, they can?t even comprehend all the data they need to process at once. This assumes they even would know everything they needed. Since physicians are highly specialized these days, they may be unaware of comorbid factors that fall outside the realm of their every narrower specialty, Predictive analytics technology has made it infinitely easier for doctors to conduct analyses and identify patient risk factors. Perform Better Preventive Care Preventive care is key to most successful healthcare systems. Resources that are invested in treating healthcare problems at their onset can dramatically improve patient outcomes. Improve Actuarial Healthcare Models In order to provide healthcare to patients, insurers, providers and employers must understand the cost structure. Regardless of the nature of the healthcare system, they need to accurately estimate costs, so they can set premiums, implement the right tax policy and budget for future epidemics. This is where healthcare predictive analytics models become most useful at a large scale. The largest governments in the world will depend on them to set their healthcare policy.

What is the Catch?

Most experts agree that predictive analytics can play a crucial role in driving down healthcare costs and improving outcomes. However, Dr. David Crocket, Sr. Director of Health Catalyst, states that it is only effective if the right infrastructure is in place. ?The buzzword fever around predictive analytics will likely continue to rise and fall. Unfortunately, lacking the proper infrastructure, staffing and resource to act when something is predicted with high certainty to happen, we fall short of the full potential of harnessing historic trends and patterns in patient data. In other words, without the willpower for clinical intervention, any predictor ? no matter how good ? is not fully utilized.? Healthcare providers must understand these challenges and invest in the resources they need to get them off the ground.

TAGGED:healthcare data miningpredictive analytics
Share This Article
Facebook Copy Link Print
Share
By Ryan Kh
Follow:
Ryan Kh is an experienced blogger, digital content & social marketer. Founder of Catalyst For Business and contributor to search giants like Yahoo Finance, MSN. He is passionate about covering topics like big data, business intelligence, startups & entrepreneurship. Email: ryankh14@icloud.com

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

engineer fitting prosthetic arm
How Social Security Disability Shapes Access to Care and Everyday Health
Health care
August 20, 2025
a woman explaining the document
How a DUI Lawyer Can Help When Your Future Health Feels Uncertain
Public Health
August 20, 2025
physiotherapist at work
How One Fall Can Lead to a Long Road of Medical Complications
Health care
August 20, 2025
Common Healthcare Accreditation Programs
7 Most Common Healthcare Accreditation Programs: Which Should You Use?
Health News
August 20, 2025

You Might also Like

Rising Health Costs Affect Us All

March 12, 2012
Image
BusinessGlobal HealthcareHospital Administration

It’s Time to Measure Patient Outcomes

April 16, 2015

Three Key Forces Behind Startups and Investment in Medical Technology

December 6, 2015

Google Glass in Medicine: Why There Is Promise

August 21, 2013
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?