Leveraging Big Data Analytics to Boost Medicare Advantage Plans

Big Data News

Leveraging-Big-Data-Analytics-to-Boost-Medicare-Advantage-Plans Leveraging Big Data Analytics to Boost Medicare Advantage PlansAlthough big data analytics has much to offer, many businesses still don’t feel the urge to switch over. And, when it particularly comes to the health care industry, the urge for big data adoption is at a much slower pace than other industries. Although some businesses and hospital lineups are following the trend, and shifting from the traditional files and folders to electronic health records, the change is rather at a snail’s pace.

With big data analytics tools, health care providers can quickly and easily analyze data from cloud-based electronic health records of individual patients to provide an improved and effective patient care to their patients especially the high-need and high-cost patients, thus providing, a coordinated care, and helping the industry transition from fee-for-service to value-based care.

Analysts believe that a strategic approach to implement big data analytics can significantly reduce Medicare costs and increase efficiency.

The healthcare market with a shortage of skilled healthcare professionals often is highly competitive, and in such cut-throat markets, even marginal gains and savings can be of many advantages.

Not only in boosting operational efficiency, can big data analytics bring savings, but a good data analytics strategy can also be the key to success in value-based care. Furthermore, health care data which includes behavior data, disease progression data, and benefit-use data, can help healthcare providers predict cost and risk metrics for new patients.