Overwhelming news is that the contribution of healthcare to the global economy is a staggering $4trillion. The healthcare value chain features numerous players with manufacturers at one end and buyers at the other extreme. Healthcare includes treatment of physical as well as mental ailments. It starts from diagnosis of the disease and includes every therapy undertaken for the prevention of the illness. As you know, access to affordable healthcare is the basic right of every citizen, so a brief overview of the healthcare system will come handy for you.
The Boom in the Sector
The healthcare system has gone through quite a few horizontal as well as vertical changes in the last few decades. Integrated Delivery Networks (IDNs) were formed by vertical integration of hospitals. Also, horizontal amalgamation happened at many points in the value chain. For example, physician practices, drug as well as device manufacturers and even hospitals merged together. But it is a known fact that quality and affordability are a must to make any healthcare system effective. Moreover, by 2019, a throbbing million will enter the health care system, thereby making it a composite body with a contribution of 19 percent of the GDP. Additionally, you must stay prepared that this will encourage shortage of physicians and pave way for applied analytics in this sector.
The Upcoming Changes
A study reveals that chronic disease will spread like wild fire in the coming years, eventually weighing down the health care system around the globe. Thus, cost control will become an important issue. In addition, the health reimbursement plans have focused on activity and not outcome till now. This needs a shift thus making the focus quality rather than utilization.
The clinical decision support systems will also go through an overhaul. The health care data along with the medical literature is increasingly enormously. Therefore, analysis and making diagnosis will become tougher for clinicians. To manage this, a strong clinical decision support system that has a steady analytic engine to covert data into meaningful information will be required.
What needs to be implemented?
It has also been found that there is a strong relationship between socio-economic status and health. This inequity needs to be reduced with the help from analytics and identification of root causes of diseases using non-traditional approaches. Another upcoming trend is of ‘tele health’ in which patients will be allowed to manage health using network enabled equipment from home. This facility is available only for a limited segment of the population currently and therefore analytics will be required to achieve economies of scale here.
The Accountable Care Organization (ACO), distribution delivery architecture, is also proposed to be appointed to improve the sector. Numerous physician practices, pharmacies and hospital systems will be creating their own ACO. Application of Electronic Health Records (EHRs) is also being pushed by federal financial incentives which will pave way for Health Information Exchanges (HIEs).
Thus, health care information systems, electronic health care records and connected networks will become commonplace in this industry. Therefore, analytics will be needed to churn out information in this sector. Questions about treatment regimen, drug administration, combination of therapies and protocol for rehabilitation will be addressed via analytics. So, data analysis and personalized medication can be summed up as the future of the healthcare industry. Stress will be on achieving transparency and economies of scale. Cost management and focusing on outcomes rather than activity will be also be central to the new policies.
Healthcare industry falls in our sweet spot, thus confident of achieving success via any service that comes our way. Our analytics services will help you to function better in the healthcare sector. Send across your needs by writing to us as contact@marketquotient.com
