The advent of analytics has fundamentally changed the operating environment of modern-day industries. From analyzing to leveraging data, analytics has helped businesses in different domains to make better data-driven decisions. One such promising area is the healthcare industry.
Thanks to healthcare analytics, medical organizations have found ways to reduce costs of treatment, predict outbreaks of epidemics, eradicate diseases such as polio, and improve the overall quality of life. Recognizing its growing importance, Krupanidhi School of Management (KSM) became a pioneer in healthcare analytics course in india and offers a two-year Post Graduate Diploma in Management in Healthcare Analytics programme. The programme is suitable for students who aspire to gain knowledge of analytic strategies and management techniques.
So, how is analytics revolutionizing the healthcare industry? And what’s the scope in India? Let’s take a detailed look at these questions.
What are the applications of healthcare analytics?
- Fitbit – Fitbit is the most prominent advocate for the use of healthcare analytics. Bought by Google for over a whopping $2.1 billion, Fitbit has over 28 million active users, because of which they can leverage a vast amount of data for healthcare purposes.
Post-acquisition, Google realized the competition they were up against, and as a result, wanted a leeway in the wearable technology market. Therefore, Google took the help of big data and machine learning to get a competitive advantage in the market. It explains why they purchased Deepmind, an artificial intelligence company, for $500 million, to develop tools that forecast patient outcomes.
With the help of such tools, Fitbit can gain personalized insights of its users, to diagnose issues such as sleep apnea, hypertension, high blood pressure, etc. Based on the diagnosed condition, Fitbit suggests wellness improvements and assists the wearable user towards physical fitness.
- Improved staffing – Shift managers working in hospitals face a problematic task in allocating staff for a given shift. If they allocate too many workers, they run the risk of increasing labour cost. However, if they allocate less than the required number of workers, it can lead to poor customer service. It’s where big data comes into the picture.
Through big data, hospitals can predict the expected number of patients on a daily and hourly basis. The key data set here is ten years’ worth of hospital admission records, which data scientists crunch using time series analysis techniques. It helps them identify relevant patterns in admission rates and then use machine learning to create algorithms that predict future admission trends.
According to an article in Forbes, this statistical technique was applied in a few hospitals, where they could forecast admission rates for the next 15 days, and accordingly, draft staff workers and reduce patient wait time. The hospitals saw encouraging results in terms of a better quality of care. Big data saves the day!
- Electronic Health Records – Electronic Health Records (EHRs) is the most widespread application of big data in the healthcare industry. Thanks to EHRs, hospitals can now own digital records of each patient, which includes their demography, medical history, allergies, recurring symptoms, test results, etc. Only doctors and relevant healthcare personnel can access these records through a secured information system, in private and public hospitals, respectively. Moreover, every record consists of modifiable files. As a result, doctors can make changes over time without the hassle of paperwork and data replication.
EHRs are beneficiary to patients as well. Based on their medical history, EHRs can remind hospitals to send reminders to their patients over a new lab test or track prescriptions of their existing medicinal treatment.
Inspired by EHRs success in the US, many hospitals in India are also looking to adopt this smooth and efficient healthcare record system.
- Analytics to help doctors – In healthcare, the role of analytics is to assist doctors in making data-driven decisions within seconds and bring improvements in the treatment of patients. Such a tool is particularly useful in case of patients with a troubled medical history, who suffer from complex conditions.
For instance, patients prefer using smart devices that record their every step, heart rates, sleep patterns, calorie consumption, etc., on a daily basis. This information, coupled with other trackable data, can help the device identify potential risks. So, what if their doctors have access to this vital information? They can not only monitor their patients’ health but also guide them in becoming physically and mentally fit. Moreover, in case of an emergency such as an elevated heart rate, the doctor can contact the concerned patient’s kin and immediately make arrangements to transfer their patient to the hospital for treatment.
Furthermore, analytics can also help doctors in strategic planning for communities, based on the insights gathered through patient data. They can organize free checkups for people of different demographic groups and identify factors that deter them from following up their diagnosis with treatment. Subsequently, they can analyze the medical services of several areas, and accordingly, review their delivery strategy to the problematic ones.
What’s the scope of healthcare analytics in India?
As per the financial express, the Indian healthcare industry is expected to grow to $50 billion by 2025, and in the process, create over four crore jobs. These statistics project a steady flow of income and job growth in the healthcare sector for the proceeding future.
By graduating in our PGDM in Healthcare analytics program, you can obtain an administrative, management or executive level position in healthcare organizations. You can work on exciting projects in government and private health agencies, and areas such as analytical pharmacy, neuro pharmacy, etc.
Data analytics is the future of the healthcare industry. Be a part of that future with our PGDM in Healthcare Analytics program and soar your career to greater heights.