Why is healthcare analytics the next big thing?

From aviation to food delivery, businesses across industries and sectors are adopting analytics. In fact, the analytics industry in India is projected to double in size by 2025. Healthcare will play a significant role in contributing to the growth.

The possible changes are:

First is India’s lack of a qualified medical workforce according to guidelines from the WHO. This leads to an inability to explore all potential applications surrounding health analytics and their solutions. Although MBA institutes have begun to offer courses such as PGDM in Healthcare Analytics, as well as MBA in Health Management as a specialization, the workforce is not getting in fast enough. A higher number of professionals in the field may mean finding, among others, tech-based solutions for keeping patient records, reducing costs, diagnostic accuracy.

Second, there is the critical risk of potential data leaks and inconsistent data. According to a health care analytics company in the U.S., "essentially all the ways we protect our health data — from the APIs that transmit it to the actual disk storage, the data is at risk of being compromised fully and absolutely. Along with the theft.

In terms of possible opportunities: India’s ever-growing hospital industry is expected to expand at 16-17 per cent by 2022, with a projected $322 billion value, suggesting the possibility of major investments in healthcare technology.

There will be tremendous demand in the near future for health care analytics specialists in positions such as pharmaceutical sales manager, medical practice manager, and data analyst, among others, in hospitals, government healthcare centres, technology firms, home healthcare agencies, etc. With the help of analytics, the high cost that comes with the present way patients are cured could be significantly lowered.

By reducing healthcare waste and focusing on clinical outcomes, along with automated treatment plans, without human resources, and admission to hospital, bills could be reduced, and people will be cured faster.

Analytics will help in predicting, preparing, and in some cases preventing future outbreaks of disease. It will also help in the collection of information required by government health organisations for much-needed initiatives and in the allocation of adequate resources

Analytics will play a crucial role in the foreseeable future of personal and public health and in the near future it is set to grow into an industry worth hundreds of billions of dollars. Read More