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How Prescriptive Analytics is benefiting Healthcare industry
Prescriptive Analytics and Predictive Analytics both deal with the future. Based on your business data, the former gives you information on what is going to happen, and the latter takes it a step further by recommending actions to change or improve the outcome of the event. Healthcare providers are leveraging data science and business analytics tools to drive their clinical, administrative, and financial operations. Data Analytics is helping healthcare providers with clinical applications like risk scoring for chronic diseases, avoiding patient readmission, drug compatibility for patients, etc. Most of the healthcare service providers do not know the clear difference between Prescriptive and Predictive Analytics, and this holds them from deciding which among the two is most beneficial for their business and patients.
What is Predictive Analytics?
Predictive Analytics processes your historical data using a machine learning model that looks for trends and relationships between various data sets. When you apply your current data with this model, it predicts (based on your past data) what will happen in the future. For example, based on the pattern of diagnosis, hospitals can predict the rate at which a disease is spreading.
What is Prescriptive Analytics?
Prescriptive Analytics takes Predictive Analytics one step ahead. It gives you actionable insights on how you can alter or improve the outcome of what is going to happen next. Prescriptive Analytics helps you make informed decisions and have better command over your current actions to improve future outcomes. For example, based on the pattern of diagnosis, hospitals can predict the rate at which the disease is spreading, and prescriptive analytics can suggest to increase the number of beds to accommodate future patients.
Benefits of Prescriptive Analytics for Healthcare providers
The Healthcare industry is undergoing a shift to deliver value-based services to its patients; and Prescriptive Analytics is the technology that can help them fill the gap between information and decision that drives their business.
Reduced Operating Cost
The administrative and financial operations can be optimized based on what is going to happen in the future. Predictive Analytics tools give actionable insights on budgeting, accurate business planning, avoid excess staffing levels, right capacity requirements, inventory management, etc. It not only reduces the operational costs for the hospital but also significantly brings down the hospital bills for the patient.
Clinical decision making based on intuitions can sometimes have less favorable consequences. Prescriptive Analytics with machine learning can give data-backed insights to make clinical decisions that are critical to the health and treatment of the patient. Advanced genome studies, together with big-data are playing a critical role in the development of precision therapies.
With a surge in the usage of wearable activity and health tracking devices, a significant amount of usable user data is being generated and is being used for clinical diagnostic purposes. The same goes for valuable clinical and diagnostic records of patients that are highly prone to cybersecurity attacks. Prescriptive Analytics and machine learning tools can provide your data with a primary barrier of security.
The future of Healthcare with Prescriptive Analytics
Integrating big data and machine learning is opening new avenues for better treatment plans based on similar patient conditions and medical history. Healthcare providers can move into a direction where they can use patient data and analytics to deliver personalized care and treatment. Prescriptive Analytics offers a great opportunity to provide better treatment, take accurate clinical decisions, and make healthcare services and products more affordable for the patients.
If not sure how you can integrate your data with Prescriptive Analytics, get in touch for a FREE consultation.