Editor’s Note: Predictive analytics has the potential to revolutionize not only care delivery, but also life sciences commercialization. However, this potential can only be realized if life sciences organizations integrate the right data and work with organizations skilled in applying predictive models that can generate actionable insights for field, brand, and patient services teams. While integrating prescription journey data into go to market strategies is not novel or even innovative, most organizations still struggle to generate actionable insights that can improve patient outcomes and drive business growth. In fact, an argument can be made that the proliferation of available data has created more complexity for life sciences entities forced to marry disparate sources from various entities to generate quality insights. The PhilRx patient access platform offers a unique, end to end commercialization solution that offers full visibility into the prescription journey in real time for life sciences manufacturers looking to improve patient access. Our platform allows manufacturers to integrate this data into their own work streams and to benefit from proactive insights delivered by our business operations team. To learn more about how our platform benefits life sciences manufacturers visit: https://phil.us/life-sciences/.
Welcome to the future of medicine, where predictive analytics is changing how we care for patients. With the help of new technology and machine learning algorithms, doctors can now use data-driven insights to predict and prevent diseases, find high-risk patients, and ensure each person gets the appropriate treatment.
The impact of predictive analytics in healthcare cannot be overstated. Research estimates that by 2021, the healthcare predictive analytics market will be worth $9.3 billion, expanding at a CAGR of 24.5%. Rapid expansion like this demonstrates predictive analytics’s rising significance in the healthcare industry.
In this article, we’ll explore predictive analytics in healthcare and see how it impacts the industry.
Simply put, predictive analytics is a type of data analysis that uses statistical algorithms and machine learning to figure out the possibility that future events are going to happen based on what has happened in the past.
In healthcare, this means using and analyzing patient data gathered from sources like electronic health records, medical imaging, and wearable devices to identify patterns and risk factors that can be used to forecast outcomes like the occurrence of diseases, complications, the onset of a condition, and adverse events.
Humans can take months going through scans. Computers can do it much faster
Below, we will discuss how predictive analytics is used in healthcare.
Predictive analytics significantly impacts healthcare by facilitating early detection and prevention of diseases, thereby playing a crucial role in population health management and preventive care. By analyzing patient data, medical professionals can identify individuals at high risk of developing chronic conditions such as diabetes, heart disease, cancer, or Alzheimer’s, and subsequently devise targeted intervention strategies to mitigate or manage these conditions.
Through the implementation of predictive models and machine learning algorithms, healthcare professionals can uncover correlations between seemingly unrelated factors, contributing to a more comprehensive risk assessment. This empowers practitioners to make informed decisions and deliver personalized, proactive care to at-risk individuals, ultimately leading to improved health outcomes and reduced disease prevalence.
The effects of Chinese medicine, herbal and acupuncture can be quantified and integrated with predictive medicine
Leveraging patient data and identifying patterns and risk factors enable healthcare professionals to design customized treatment plans that address each patient’s unique needs. This results in more effective therapies and reduced adverse effects, ultimately improving patient outcomes.
Personalized medicine, a burgeoning field in healthcare, harnesses the power of advanced analytics and genomics to create individualized treatment regimens, taking into account factors such as genetic makeup, lifestyle, and environmental influences. Tailoring the process enhances the efficacy of medical interventions, reduces the likelihood of adverse drug reactions, and shortens recovery times, leading to an overall improvement in the quality of patient care.
Predictive analytics allows healthcare providers to anticipate the demand for specific services, facilitating optimal resource allocation.
For instance, detecting an increase in the prevalence of a particular condition enables practitioners to reallocate beds, surgical instruments, and medical equipment to ensure patients receive timely and appropriate care. Predictive analytics can inform staff scheduling, ensuring adequate personnel are available to address fluctuations in patient volume.
Through resource optimization and allocation alongside streamlining operations, healthcare facilities can enhance efficiency, reduce waste, and minimize patient wait times, ultimately improving the overall patient experience and contributing to better health outcomes.
Utilizing predictive analytics, medical providers can identify patients at higher risk of hospital readmission and implement preventive measures, such as personalized treatment plans or post-discharge support.
This approach not only reduces readmission rates but also alleviates overall healthcare costs. Analyzing factors such as patients’ medical histories, social determinants of health, and follow-up care compliance, healthcare providers can develop targeted interventions to support patients during their recovery and minimize the likelihood of readmission.
These strategies may include comprehensive discharge planning, home care services, or telemedicine consultations, ensuring patients receive adequate support and resources to manage their conditions effectively.
Lastly, predictive analytics enhances patient experiences by enabling healthcare providers to better comprehend patient needs and preferences. If areas for improvement, such as reduced wait times or more accessible communication channels are identified, providers can create a more patient-centric healthcare environment. Advanced analytics can also inform the development of tailored patient education materials, ensuring patients receive relevant and easily digestible information about their health conditions and treatment options. By fostering a culture of patient-centered care, healthcare providers can empower patients to take an active role in managing their health, leading to increased satisfaction and improved long-term health outcomes.
There are numerous examples of healthcare predictive analytics. Some of them include the following:
With predictive analytics for healthcare, providers can find patients who are likely to stop taking their medications and create targeted interventions to help them do so. Some of these interventions are reminders, education, and other ways to help people take their medicine as prescribed.
Another use is that it improves how a hospital runs, like managing beds, staffing, and inventory. Healthcare providers can estimate the number of patients and the number of staff members they will need. With this, hospitals ensure they have enough staff and the tools to give high-quality care.
Professionals can identify trends and patterns that may impact health outcomes, e.g., disease prevalence, risk factors, and social determinants of health. They can use this information to develop targeted interventions and care plans to improve health outcomes and reduce healthcare costs.
Stakeholders can use predictive analytics to look at healthcare claims data and find patterns that may point to fraud, waste, or abuse, like billing for services or treatments that were not needed. Providers can use this information to look into and stop fraud, lower costs, and improve healthcare quality.
The process of making a drug is complicated and expensive. It involves finding possible drug targets, testing the drug’s effectiveness and safety, and getting regulatory approval. At different points in the drug development process, predictive analytics is used to improve target identification, predict how well a drug will work, and improve the design of clinical trials.
Predictive analytics is transforming the healthcare industry in unprecedented ways. While its use in healthcare is still in its early stages, it holds immense promise for the future of medicine. As technology improves, we expect to see more examples of healthcare predictive analytics that will improve results and change the medical field.
But as we embrace the potential of predictive analytics, it is important to remember that we must also prioritize patient privacy and data security. We must ensure that providers remain committed to patient-centered care.
Our consultants will work with you to analyze your current channel strategy and make recommendations for how to improve patient access and increase the percentage of scripts getting covered by insurance.