Big data analytics is a type of advanced analytics which consists of a set of statistical algorithms and predictive models supported by high-performance analytics systems. With high-powered computing systems, these solutions offer several business benefits in the healthcare industry such as effective marketing, new revenue opportunities, better operational efficiency and improved patient care.
Healthcare organisations ranging from multi-provider groups and single-physician offices to large hospital networks are increasingly adopting big data analytics, say the report authors.
Use cases include detecting healthcare fraud quickly and efficiently, and analysing clinical trials and patient records.
In the coming years, the existing healthcare data volume is expected to grow significantly owing to the rapid change in healthcare reimbursement models.
Owing to this, organisations in the industry are leveraging big data analytics to reduce inefficiency in clinical operations, research and development, and public healthcare. In clinical activities, these solutions help in conducting comparative effectiveness research for defining more cost-effective and clinically relevant ways for diagnosing and treating patients.
Similarly, in research and development, big data analytics enables operators to create predictive models for lowering attrition and producing more targeted R&D pipeline in drugs and devices.
James is the Editor of Government Transformation magazine, and has been covering digital government and public sector reform for 20 years. He also oversees the development of the agenda for the UK's biggest public sector transformation conference.