Data in the Healthcare Industry
With the costs associated with healthcare increasing every year, healthcare organization leaders are leaving no stone unturned in order to offer patients more effective treatment while trying to keep costs down. Healthcare executives are being aided in this ambitious endeavour by utilizing data analytic tools that allow them to use their own data to tell them how to best help patients and more effectively run their healthcare networks.
According to a recent report by ResearchNReports, the Big Data in Healthcare market is expected to grow to a value of $34.27 billion in 2022. The valuation in this segment comes from increased investment in data management and assessment tools like data quality solutions, analytic insight software and other technologies. These investments are aimed at making the zettabytes of data that hospitals are accumulating on an annual basis help bring faster diagnosis, more effective treatment, reduce cases of insurance fraud, and a range of additional improvements to the healthcare industry as a whole.
Big Data and Better Healthcare
There’s motivation to make this vast trove of medical data more accessible to groups conducting medical research as well. By encouraging hospitals to save, store, and safely share select types of information within the medical research community, it’s hoped that these groups can use the data to help speed up their work. Government entities such as the FDA and the CDC are taking leading roles in this movement by making their vast amount of data available to research groups, especially after the Big Data Research and Development Initiative which was started in 2012.
Data Challenges Within the Industry
To complicate these initiatives, HL7 and HIPAA regulations place strict rules on where and how patient medical and insurance records can be stored. This places data in several physical and virtual locations and makes gleaning meaningful insight from the data that much more difficult. Using data quality and data management tools becomes crucial for those tasked with accessing multiple databases and delivering effective insight for researchers, network leadership, and other decision makers within the industry.
The fate of the American healthcare system remains in flux, but no matter the politics of the situation, the costs associated with healthcare are likely to only increase in the years to come. The healthcare industry is putting its faith in effective, accessible data in order to battle the rising costs and to deliver the most positive patient outcomes possible.