CEO Perspective: How Today’s Analytics Revolution Drives New Healthcare Solutions
Clearly our health care sector has lagged behind all others in using leading edge technologies to improve operations- vested interests have really not worried too much about costs; these were just passed on to consumers, directly and indirectly. With health care now representing about 20 percent of GDP and increasing each year, we must develop new solutions to address our health care problems.
Bolder options are needed now to address today’s health care problems – the prescription: deploy new technology and develop new health care practices building upon global best practices.
Let me share a vision on the possibilities. Suppose we commit to use next generation analytics and leading edge information and communications technology to address today’s health care sector challenges. Here are some of the benefits:
- We can improve patient safety, accessibility, and quality of care
- We can enable patient mobility nationally and internationally
- We can meet the increasing demands from our citizens and healthcare professionals using eHealth and other initiatives as a driver for renewal and improvement of our nation’s health care services
- We can use telemedicine and other technologies to support creative, cost effective new solutions to improve our health care system
- We enable patient records to be stored as secure Electronic Health Records or ‘EHRs’. Just like your secure on-line bank account transaction records, you can access this information, identify issues, alert your practitioners, and if needed, request your EHR be sent to another physician or laboratory. No more going to a physician’s office to pick up copies of imaging data and records, paying extra costs and using ‘sneaker net’ to move this data between offices
- We provide patients with heart disease, diabetes, hypertension and chronic illnesses with monitoring at home using telemedicine devices including wireless applications and even ‘smart beds’ which automatically monitor and transmit diagnostics and vital signs to remote telemedicine centers
- We develop telemedicine systems to support rural, remote regions with access to practitioners, including specialists. The same infrastructure can be used to support ‘mobile’ health care clinics to treat some of the 42 million people in the United States who have no health insurance
- We significantly enhance the quality of clinical health care using predictive analytics and decision support systems that monitor all patient diagnostics, including ECG sensors transmitting data via mobile phones. Using intelligent, real time, secure predictive analytics technology, the diagnostic system helps assess patient status, identify any deviations and alerts the appropriate medical resources, including emergency services.
Many may believe the above capabilities are impossible or decades away. Not really. Technologies exist to accomplish all of the above. The critical success factors- data management and analytics- using powerful analysis tools to modify today’s costly and inefficient health care system. Powerful new predictive analytics solutions will play a key role in improving the quality and efficiency of today’s health care system..
Predictive analytics solutions can help healthcare providers improve cost management, predict consumer behaviors, improve care management and set optimum premium rates. As margins tighten, predictive analytic enables providers to understand, with precision, how to maximize profits more aggressively than competition.
Some healthcare companies have, for example, use predictive analytic techniques to forecast future claim levels based on the age, gender and detailed health insurance claims history. Using these analyses enables insurance firms to more precisely align costs and premium revenues to maximize profits.
And we are seeing many exciting developments in patient care and clinical services. We are excited about our upcoming plans to offer both financial and healthcare solutions using advanced analytics, dashboard technology and visualization tools, within our upcoming Global Analytics Cloud™ portfolio of cloud-based solutions. Using new analytics-driven healthcare solutions, clinical patterns can be identified, for example, that may lead to prevention of medical errors and unexpected events. Some benefits include:
- Reduce morbidity and mortality
- Reduce medical errors
- Improve patient care
- Reduce costs
- Improve operating efficiency while increasing profits
- Minimize risk
- Improve accreditation positioning
- Increase patient satisfaction
Clearly many exciting new developments lie ahead in today’s healthcare market. And I expect innovative predictive analytics solutions will play a key role in helping reshape and dramatically improve today’s health care system.
Paul B. Silverman
InferX Corporation (OTC/PK:NFRX)
President and CEO
Linked in: Paul Silverman