21 Jul The Big Data Revolution in Healthcare
This week, McKinsey released an insightful report showcasing the Big Data revolution taking place in Healthcare. While Big Data can seem like the buzzword of the day, it is no doubt bringing change to several industries. Healthcare is perhaps the most in need and most fertile for the value gained by big data and data analytics.
Healthcare expenses, globally and in the United States are massive. Estimates in the report suggest that they represent ~18 percent of GDP in the United States or $2.6 trillion. These are incredibly large numbers for any industry, especially one plagued by inefficiency and waste estimated to be close to $750 million per year and growing.
So what value does data provide? At its core, big data and data analytics are designed to deliver visibility which can then translate into insights. These insights can be used to make more informed decisions based on data rather than anecdotal evidence. Informed data-driven decision making is one way to increase efficiency and reduce waste.
In today’s environment of rising Healthcare expenses and coverage uncertainties, data may be the one certainty. Every day billions of data points are generated that have the power to inform. Through data, Healthcare providers, consumers, payors and ultimately, the US Government can win.
Read the full report linked below.