Managing big data in health care is very important as detailed in the article on data analytics in Health Care. Being able to analyse data in more in-depth ways helps health care providers manage risk and predict costs.
Being able to uncover regular and irregular patterns can help health care systems better care for its patients and reduce costs – a benefit for all.
For example, North Carolina Department of Health and Human Services is using analytics to catch fraudulent health care claims. It uses IBM's fraud management system to analyse millions of claims to unearth patterns that are questionable. These instances can then be further investigated. The analysis can even help determine if fraud is occurring in groups of people. In the first phase of the analysis, $6.2 million dollars (USD) was found to be possible fraudulent payments and $191 million dollars (USD) worth of transactions to be suspicious.
By preventing illegitimate claims, more money can be spent on helping real patients in need of care.
The aforementioned example provides an idea of what predictive analytics on big data can do for businesses in general. it's not just the health care industry that is accumulating enormous amounts of data. many other industries are to like retail, telecommunications, government, financial services, and utilities.
Predictive data analytics can help businesses better understand their customers in a more âintimate' way then before. it can help predict purchasing behaviours more accurately and hence inform strategies to make the whole value supply more effective and profitable.
Those who get started on big data early will no doubt have an advantage over their competitors.
The advantage is likely to be the greatest in the mid-tier businesses as they have been able to collect data but not really make use of it. But now that analytical software is within their reach, they playing field will no doubt change.
Senior executives in IT will need to start getting their heads around big data and find the solution that best fits with their businesses existing systems.
If you are a senior executive looking to find out more about big data and how to formulate data strategies that work for your business then an event like Big Data World might be worth checking out.