Posts Taged predictive-analytics

The Importance of Predictive Analytics

why predictive analytics can improve your health care For most people, their healthcare decisions are determined by cost and affordability. While this strategy may good for your bank account, your health decisions should always be centered around your personal wellness as well as that of your wallet. In order to get the best of both worlds, we can use predictive analytics to improve healthcare while also making it more cost-effective for patients. Here’s why healthcare data and analytics can benefit you:

Predictive analytics will help improve healthcare in several ways. By gathering and analyzing patient data, medical professionals can study patterns in medical history and treatment plans on a much larger scale. Healthcare data will increase the accuracy of diagnoses and improve preventative medicine. For example, your doctor could compare your data to that of patients with similar medical history and demographics to you and see which treatment options were most effective for them.

Medical providers could also use this healthcare data to predict how your health will progress so they can anticipate a problem before it occurs. Not only does this benefit you and your personal wellness, but it will also alleviate healthcare costs. Instead of spending money on emergency medical services, you can save money by avoiding emergency situations altogether with preventative treatment plans designed specifically for you.

Having comprehensive medical data on all patients also allows for coordinated efforts among medical professionals. Instead of having your information transferred from one specialist to another, everything will be secure and available to all relevant providers. This eliminates the possibility of errors and outdated information on patients.

Another advantage to predictive analytics is that it helps policy makers develop more accurate payment plans and cost-model tools. Where you once had to gamble on how much treatment would cost you, with predictive analytics cost-model tools can be fine-tuned so you won’t experience any financial surprises.

You can learn more about how the Catholic Benefits Trust works to integrate predictive analytics, Catholic values, and value-based healthcare into our member benefits by contacting us!

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Predictive Analytics and Your Health

predictive analytics for healthcareMost health organizations currently use descriptive analytics to document and report on what happens in the past. While descriptive analytics are useful, predictive analytics take the interpretation of historical data one step further. Predictive analytics involve studying patterns and trends in historical health data to make predictions about the future. For example, let’s say you have diabetes. Your healthcare provider can determine how at-risk you are for thyroid disorders commonly associated with diabetes by studying how patients similar to you have progressed in the past. This information will then allow them to develop a preventative treatment plan specifically for you and your health.

As value-based care models grow in popularity, predictive analytics become more important to health management. In order to provide quality care focusing on long-term health instead of quantity of visits, organizations need the right technology to provide accurate data. Incorporating predictive analytics tools into a population health management plan is an easy way to implement effective health care methods focused on preventative treatments. Here are a few additional benefits to having predictive analytics:

  • Cost-effective

Being able to predict when patients will need what type of care will save health care organizations money. Instead of wasting valuable resources trying to diagnose and treat an illness when a patient begins to notice symptoms, providers can use predictive analytics to narrow the possibilities and make more accurate diagnoses.

  • Improved long-term health

Predicting future health problems will also help providers create wellness plans tailored to meet the needs of each patient. These customized wellness plans, like our personal health management plans, will focus on the long-term health and preventative treatments to improve the well-being and health of each patient.

  • Fiscal incentives

Instead of using the traditional fee-for-service payment methods, organizations can adopt value-based care models where providers are rewarded for having patients with fewer visits and improved health. Not only will fewer resources go to waste, but providers will also have financial incentives to encourage them to provide quality care for their patients.

You can learn more about how we’re developing sophisticated preventative treatment plans and wellness programs at Catholic Benefits Trust by contacting us!

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