The role of Data driven innovations in shaping the future of healthcare, Health News, ET HealthWorld

The role of Data driven innovations in shaping the future of healthcare

By Saikumar Chintareddy

Data is key to unlocking the potential of our digital future. In healthcare, data science has provided unprecedented opportunities to reduce the cost of care, enable preventive care, and improve patient outcomes. With the introduction of virtual assistants, artificial intelligence (AI), genomics and blockchain, data-driven digital health technology is enabling more connected experiences across the health care landscape and changing the way patients, providers, and payers approach health care.

According to a study by McKinsey, up to 25 per cent of US healthcare spending, close to a trillion dollars, is underutilized. This can be eliminated by up to 75 per cent with better data utilization. Leveraging emerging technologies, advanced analytics, and diverse data sets can simplify healthcare processes and help achieve the quadruple aim framework of expanding access to care and health equity, improving care quality, enhancing patient and provider experiences, and reducing cost of care.

Data Powers Better Health Outcomes

Data collection and processing enhances delivery of care and can be utilized to improve patient outcomes and lower costs.

  • Application of advanced analytics to broad, inclusive data sets, can empower providers with a sharper lens to derive accurate insights for better results.
  • The connected data ecosystem creates interoperability that minimizes risks in achieving desired outcomes.
  • Data also helps in derivation of insights that help create overall health equity, allowing the health ecosystem to serve all communities more efficiently.
  • Data empowers patients by keeping them informed on their condition by offering better access and therefore, an enhanced patient experience.
  • Health care organizations can align their business models and strategies with data analysis, helping them better optimize their operations and customized it to every individual’s needs.

Barriers To Data-Driven Innovation

Despite the promise data innovation holds in health care, the industry has struggled to take its full advantage, owing to certain challenges:

  1. Health data analysis is a complex endeavor, requiring effective management to ensure data accuracy, free of bias. To reap its benefits, institutions need to build clean, accurate, and, comprehensive datasets
  2. Interoperability and lack of connectedness also need to be addressed. Advancement of standardized health care data exchange would reduce administrative burden on providers. Connecting the health workforce via data would also expedite the diagnostic process and reduce costs for patients and insurers.
  3. Research shows that to drive data innovation, the health care system needs more skilled analytic resources, speedy integration of advanced technology across multiple platforms, and increased data governance.
  4. To unlock the full potential of health data, we need to ensure its security and authorize access by patients’ consent. Impenetrable patient information systems would promote a culture of trust and transparency, leading to an uninhibited and complete shift to digitization.

Together to shape the future of healthcareData-driven innovation will help us further modernize, streamline, and simplify the health system. Stakeholders recognize the potential of machine learning, analytics, and other advanced digital tools in healthcare. Yet, to transform the quality and delivery of healthcare through AI-powered systems, the integration of data-based platforms is urgent and fundamental.

A Harvard Business Review Analytic Services survey of health care professionals demonstrates that the industry deeply values collaboration and data sharing. According to the study, 86 per cent of the respondents agreed that significant reform can be achieved through strategic and operational alliances using shared data and agreed-on outcomes and decision-making criteria, and 84 per cent believed that increased data sharing between health care organizations can have a significant impact on health care reform efforts.

The future of digital healthcare will be data-driven, and it will connect all corners of the health ecosystem- from manufacturers to pharma and providers. It will encourage co-development and sharing of creative solutions and a more efficient, integrated, and well-connected system to benefit all stakeholders.

With advanced data management systems, this vision will soon become our reality, enabling people to live healthier lives and make the health system work better for everyone.

by Saikumar Chintareddy, Vice President, Software Engineering, and Head for Data, Enterprise Architecture and Integration, United Health Group

(DISCLAIMER: The views expressed are sole of the author and ETHealthworld does not necessarily subscribe to it. shall not be responsible for any damage caused to any person/organisation directly or indirectly.)

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