Healthcare data analytics is very important in meeting today’s complex healthcare needs. Data analytics can give your organization meaningful information that will improve efficiency and increase revenue. Here is everything you need to know about how healthcare data analytics can benefit you.
What Is Healthcare Data Analytics?
Healthcare data analytics refers to activities and analysis that use data collected from healthcare areas. For example, your organization may collect patient data and add it to Electronic Healthcare Records (EHR). Healthcare providers in the public and private sectors can access data from a patient’s EHR, allowing for ease of care. EHRs can also alert healthcare providers when a patient is due for a test as well as track patient’s prescriptions.
Collecting data in healthcare is a rapidly growing industry. According to one study, health data analytics is expected to grow into a $34.27 billion industry by the end of 2022. In the future, data will provide new insights into the healthcare industry which will lead to improved patient care.
Population Health Management (PHM)
Data analytics is part of Population Health Management (PHM). PHM refers to the collection and analysis of patient data, and the use of that data to allow facilities to lower costs while providing more efficient services. In other words, PHM discovers what is working in the healthcare system and what needs to be eliminated. Healthcare data analytics can assist with this process in order to meet goals such as reducing healthcare inequality to vulnerable populations.
The Role of Government in Data Collection
The government plays a significant role by placing regulations on healthcare data. Several government committees exist within the Senate and House to oversee the industry. Regulations determine what data a healthcare organization collects. They also oversee insurance companies and how they interact with healthcare professionals.
Privacy and Security
One of the biggest challenges in the medical field is protecting privacy and security. The HIPAA (Health Insurance Portability and Accountability Act of 1996) addresses this. HIPAA protects personal health information. In addition, many states have there own privacy laws that cover healthcare information. Consequently, data collection must abide by HIPAA regulations as well as individual states’ laws.
Your Healthcare Data Analytics Solution
Data analytics is the future of healthcare. With the correct healthcare data analytics solutions, you can increase your efficiency as well as provide better care. LogiXtech creates custom solutions designed to make it easy to understand and visualize key metrics in your organization. Contact us today to begin working on your custom healthcare data analytics solution.