A new study report from the Society of Actuaries, a global professional organization for actuaries revealed that over 60 percent of payers and providers have the plan to increase their analytics budgets by 15 percent or more. They also highlighted that utilization of predictive analytics among payers and providers has seen a 13 point increase, from 47 percent in last year to 60 percent in this year. With 89 percent, the report illustrated that the healthcare executives plan to use predictive analytics in the next 5 years, as health systems and health plans alike comprehend how critical good clinical and business intelligence is to organizational success.
The Society of Actuaries research report noted that healthcare organizations plan to boost their spending on predictive analytics software and initiatives, in addition to 60 percent say they’ll be upping their budgets by 15 percent or more. That’s all because executives who apply predictive analytics are experiencing results that align with the outcomes they’re targeting, which perceives cost reduction and patient satisfaction as the top sought, as the report noted. As the healthcare leaders adopt these new tools, hospitals and payer organizations are expecting them to evolve in the year ahead, with advancements in data visualization, refinements in data collection methods, innovations in Machine Learning and NLP (Natural Language Processing). Although, apart from the benefits the tools have allowed, executives also cited challenges like shifting barriers to adoption, lack of budget, incomplete data, regulatory issues, a lot of data, and shortage in the workforce with necessary skills.
Even though these challenges, healthcare organizations of all sizes can take advantages of predictive analytics. In a statement, a Fellow of the Society of Actuaries Sarah Osborne stated that this data underscores the importance of achieving the Triple Aim for both payers’ and providers’ bottom lines –two of the three pillars are represented in executives’ top priorities. And the good news is that organizations using predictive analytics are actually achieving their desired results. Our hope is that this trend will continue through additional predictive analytics implementation across the industry.