With the transition towards value-based care and payment models, the healthcare industry is experiencing a rapid transformation. To navigate these changes, healthcare leaders need to be able to understand their patient and physician markets as well as corresponding market dynamics to make informed strategic decisions. Today, healthcare marketers are asking how to determine the best targets for a healthcare marketing campaign? Which campaigns have brought positive Return on Investment (ROI)? What metrics are used to define success? These are all questions that can be addressed based on robust data and advanced analytics.
Big data analytics within the healthcare industry is the process of extracting patterns and insights from data and using that information to make better informed healthcare decisions. Big data is changing the way hospitals are operating, as it plays a key role in how hospitals and health systems engage with their patients and physicians, while also creating a personalized, intimate experience on a large scale. The infographic below visualizes how effectively using big data could save the industry conservatively $300 million per year. And, one hospital was expected to save $850,000 in overtime costs through real-time staffing adjustments from data analysis.
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