What can Predictive Analytics do for a network like yours?
“[Predictive Models] make it possible to make more right decisions, more quickly, and with less expense.”[*]
Predictive analytics is certainly a hot phrase these days. From telecommunications to customer experience, industries across the board are using predictive analytics to drive improved results—and healthcare is no exception. According to Google Trends, the term “healthcare analytics” has risen in popularity only at a slightly slower pace than the term “predictive analytics.” So why are so many hospitals, integrated systems, and provider networks using predictive analytics? What can it do for your network?
The data you have is a valuable asset to be analyzed – not just for retrospective reference and performance trends, but also for prospective insights. This is where the word predictive is key. Research done by IDC in 2011 shows that the return on investment of analytics solutions that incorporate predictive analytics can be as great as 250%. In healthcare, this means using your data to look forward and make predictions about patients and care outcomes. Moving from the descriptive to the predictive enables informed discussions around clinical, operational, or educational changes, ultimately increasing your ability to provide value-based care.
The best way to use predictive analytics in any industry is with customer predictions. These predictive scores have been called the “golden eggs” of predictive analytics because they are what allow business leaders to take action specific to each customer. At Proskriptive, we have created customer-specific predictions in the form of patient risk scores. Using the attributes that already exist in your data, we separate patients into risk strata that allow you to make data-driven decisions about where your greatest need lies. Patient risk scores can help you predict many key patient activities, including the following:
- likelihood of non-acute ED usage
- non-adherence to medication
- probability of elective surgery
- likelihood to miss follow-up visits
- unplanned admissions
- engagement score
If you are a small to mid-sized healthcare network, you may feel that predictive analytics are out of your reach. However, predictive capabilities are now much more accessible thanks to new technological developments. Organizations as big as the Department of Defense and as specific as mayoral offices are now able to use analytic capabilities that seemed out of reach not too long ago. That means that in healthcare, you don’t have to be a large system to access robust data to predict future outcomes, assess patient risk, and calculate the cost implications of your decisions.
At Proskriptive, we are excited about the increased use of predictive analytics across the healthcare industry. We believe this trend will improve patient outcomes and increase operational efficiency, and we want to help you do both of these things. Whether you are a big, multi-facility healthcare organization or a small network, we are here to help derive insights from your data—at a price you can afford.
[*] Predictive Analytics, The rise and value of predictive analytics in enterprise decision making. 2013, CGI Group.