CareCloud Stresses the Importance of Predictive Analytics and Business Intelligence in Healthcare
Companies such as CareCloud provide clinical, operational and financial analytics to move healthcare organizations forward. That’s critical, as experts forecast a 22% Compound Annual Growth Rate (CAGR) in Predictive Analytics usage through 2026. The report shows that, based on current trends, this market segment will grow from $10.5 billion to $28.1 billion in 2026.
Increasing the use of artificial intelligence (AI) and machine learning (ML), coupled with the growth of AI and business intelligence (BI) software products, will likely drive the widespread adoption of predictive analytics and BI in healthcare. CareCloud is one of the companies producing innovative tools to support the needs of health care providers.
CareCloud Looks Beyond COVID-19
Responding to the disruptions of the pandemic has become relatively normal for the healthcare sector. However, healthcare providers also want to look beyond the impact of COVID-19 by moving forward with upgrades that utilize predictive analytics and BI technology.
Applications of BI in Healthcare
BI provides insights that increase revenue, reduce costs and improve patient outcomes. At the same time, utilizing BI solutions can help healthcare providers remain compliant with standards and regulations in the industry. Both predictive analytics and BI lead to a better understanding of the connection between clinical care and financial prosperity. For example, doctors and clinicians can use carefully screened data to identify and promote profitable services.
BI facilitates quality improvements and provides a foundation for data-backed decision-making. Business analytics can help physicians and clinic administrators not only monitor but successfully predict patient outcomes.
Practices utilize platforms like CareCloud to streamline their claims processes, improve operational efficiencies and reduce billing errors.
Big Data Healthcare Transformation
BI applications in healthcare depend on big data and lots of it. With an ever-increasing volume of available data, providers are now able to turn their business analytics into intelligent insights.
Physicians are continuously hard-pressed to reduce costs and enhance patient experiences, all while maintaining a standard level of care. Some insurance companies are moving away from a pay-per-service model towards an outcome-based model. This requires a vast rethinking in the way treatment data is compiled, stored and shared.
McKinsey Global Institute found in a recent study that using big data for predictive analytics in healthcare can save up to $450 billion annually in the US alone. With those stakes, the trends of big data, AI and BI utilization are likely to continue skyrocketing.
In response, BI tools such as CareCloud’s Precision BI must continue to evolve, developing modern interfaces that facilitate data visualization and intuitive analysis. Dashboards that allow medical professionals to visualize the data will also become more important. These visual tools can help providers gain a fresh perspective when determining individual diagnoses and treatment plans. Additionally, safe reporting that provides insightful details and makes in-depth analysis easier will continue to revolutionize the entire industry.
Trends in Healthcare BI and Predictive Analytics
The inclusion of unstructured data such as imaging scans will also improve patient outcomes and data available for research purposes. BI and predictive analytics can also help prevent the repetition of expensive treatment and tests due to a lack of data.
AI, ML and improved predictive analytics can further the trend of personalized medicine. Individual patients can benefit from customized protocols rather than a one-size model based on limited patient data and outcomes.
BI and predictive analytics will play a key role in managing patient care and treatment. Hospitals can use big data to streamline patient throughput, improve performance in triage situations and better serve their populations. Physicians can more accurately prioritize patients in trauma and emergency room situations. At the same time, having the right data can lead to more accurate diagnoses and cheaper treatment costs.
About CareCloud Inc.
CareCloud, Inc., is based in Somerset, NJ. The company brings innovation and big data solutions to healthcare providers and facilities. CareCloud Health offers a suite of technology-enabled solutions that help providers increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 health care professionals and facilities across the United States already trust CareCloud to improve patient care while maximizing operating efficiencies.
Services available include revenue cycle management (RCM), electronic health record (EHR), practice management (PM), BI, and predictive analytics.