The $14 billion healthcare analytics industry is expected to reach $50 billion by 2024, and a recent study found that 83% of health insurance payers consider data and analytics a top priority in the coming year. This shift in strategic direction is good news for patients and providers. But for the payers, even though it’s a top priority, it’s also a huge undertaking.
It’s wasted.
According to a recent study headed by Humana’s Chief Medical Officer, William Shrank, MD, the US health care system spends around 18% of its GDP on health care – about $10,000 per person. But it’s estimated that about 25% of that is wasted. That’s an estimated waste of $760 billion to $935 billion each year.
As we go into a new decade, let’s go over the basics of healthcare analytics: what it means, what it can do, and how health systems can get started.
And as care models have evolved, so has technology. The buzz of Big Data has matured into daily conversation. And for the future of healthcare, the new buzz word is interoperability.
Big Pharma is only getting bigger. Along with healthcare services and medical equipment, the pharmaceutical industry is growing at an accelerated pace. By 2021, the market is estimated to reach $1170 billion globally. And a data-driven market such as healthcare has pharmacies and drug companies looking to embedded analytics to boost profitability, prescription volume, and patient health outcomes.
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