Big Data is generating a lot of buzz these days across a spectrum of sectors, thanks to the huge benefit companies are clocking by making optimum use of data. It is making the world a better place to live in by revolutionizing healthcare across the globe. The previous decade witnessed the generation of large chunks of data, and it was also the time when we came to know of how technology can leverage this information and come up with valuable insights that can make businesses of all kinds including healthcare, more productive. Apart from increasing profits and reducing overhead costs, this ground-breaking technology is helpful in forecasting epidemics, decreasing death rates and improving the lives of people.
Prevention of diseases – Big Data is being increasingly used by healthcare providers to recognize those who are vulnerable to diseases. By using clinical history, insurance claims and other such relevant information, healthcare firms can provide a protection cover to those who are at a high risk of ailments. Smartphones are driving this ‘Prevention’ culture in health care, as people are getting more and more dependent on mobile apps and devices like Fitbit, JawBone, etc., to keep a check on their health and track their progress on physical fitness. Researchers are using this information to get a better understanding of the health of people and factors affecting it.
Quality enhancement – Big Data is also extensively used by service providers to improve the quality of healthcare they provide to patients. It helps them build clinical decision support systems that are instrumental in recognizing faults beforehand and correcting them. This way they are able to deliver seamless services to the subjects.
Cost Reduction – Another advantage of using Big Data is that it assists in decreasing the rising costs of healthcare. Through Big Data, companies can dig out details regarding the fee charged by doctors for various procedures, across different locations. After a detailed review, healthcare firms get a clear idea of how to lessen the costs. For instance, the best way of doing so is to eliminate duplicative and unnecessary tests. A report by McKinsey & Company substantiates this. It has confirmed that the healthcare industry can save a whopping half a trillion dollars by utilizing Big Data.
Sectors like retail and banking have been at the forefront when it comes to utilizing Big Data. Healthcare is still running behind because of concerns related to security of patient information. First movers in this space are encouraging other stakeholders to walk this path, thanks to the impeccable results they are generating. However, the question that still lingers is – Will the healthcare industry be able to make good use of Big Data like other sectors and are there barriers existing that will block its usage?
Thanks to the rising popularity of Big Data, healthcare firms are becoming abreast with this newfangled technology to stay ahead in the market. As the traditional tools are not efficient to make full use of Big Data, these stakeholders are beginning to adopt a holistic approach that revolves around their customers. This helps them give considerable attention on both the aspects – the cost incurred and the results of treatments. By doing so, the healthcare landscape is redefining itself and opening its doors to Big Data, for the best interests of both stakeholders as well as patients.