HBD-C 2013 - Healthcare Data Analytics

The healthcare analytics market, already at almost $4 billion annually, is expected to grow to nearly $11 billion per year by 2017. In addition, the application of emerging Big data tools and analytics could help U.S. citizens save as much as$450 billion in healthcare costs, but fundamental change is necessary to meeting such goals, according to a new analysis published this month by consulting firm McKinsey & Company. Healthcare organizations around the globe are gathering information and crunching numbers to determine by careful analysis the key statistical data that will drive improvements in operational performance, quality of care, and cost management. More and more healthcare providers and payers are engaging in complex predictive analytics in the attempt to understand an extremely wide range of patient data ? everything from indicators for relapse and readmission to factors indicating increased medicine consumption, and more. Forward-thinking organizations are setting up the infrastructure needed to collect, process, integrate, and mine these nuggets of hidden data within the increasing large troves of stored patient information.