{"id":28412,"date":"2022-02-08T06:00:00","date_gmt":"2022-02-08T14:00:00","guid":{"rendered":"https:\/\/insidebigdata.com\/?p=28412"},"modified":"2022-02-09T09:29:53","modified_gmt":"2022-02-09T17:29:53","slug":"insidebigdata-guide-to-how-data-analytics-is-transforming-healthcare","status":"publish","type":"post","link":"https:\/\/insidebigdata.com\/2022\/02\/08\/insidebigdata-guide-to-how-data-analytics-is-transforming-healthcare\/","title":{"rendered":"insideBIGDATA Guide to How Data Analytics is Transforming Healthcare"},"content":{"rendered":"\n

Sponsored Post<\/em><\/p>\n\n\n\n

Data-driven healthcare<\/strong><\/p>\n\n\n\n

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When the average person imagines cutting-edge medical research, they picture doctors and scientists in white coats surrounded by chemicals, beakers, and specialized equipment. But the truth is that some of today\u2019s greatest medical innovations come from a very different setting\u2014people sitting at computers running analytics software.<\/p>\n\n\n\n

This is no secret to people involved in the healthcare industry, of course. Administrators, physicians, researchers, and students are all aware that data analytics is in the process of transforming healthcare around the world. In fact, a Stanford Medicine report on \u201cThe Rise of the Data-Driven Physician<\/a>\u201d revealed that \u201cnearly three-quarters of all medical students and nearly half of all physicians are planning to pursue additional education in data-oriented such as advanced statistics and data science.\u201d<\/p>\n\n\n\n

In addition, organizations are investing vast sums in analytics technology. Market researchers say that the global healthcare analytics market<\/a> will likely be worth $39.7 billion in 2022 and is increasing at a 19% compound annual growth rate (CAGR).<\/p>\n\n\n\n

Similarly, a Huron Consulting Group report titled \u201cEmbracing Healthcare\u2019s Digital Transformation<\/a>\u201d found that nearly half of healthcare leaders surveyed (47%) are looking to data management and analytical decision making to help their organizations grow.<\/p>\n\n\n\n

However, that same report added, \u201cDigital, technology, and analytics strategies exist for nearly all organizations, yet only 30% have begun to execute on those plans.\u201d<\/p>\n\n\n\n

If your organization is one of the many that is still in the early stages of implementing its big data analytics strategy, you likely still have many unanswered questions. This technology guide, “insideBIGDATA Guide to How Data Analytics is Transforming Healthcare<\/a>,” sponsored by Dell Technologies<\/a>, provides an overview of some of the trends influencing big data in healthcare, the potential benefits, likely challenges, and recommended next steps.<\/p>\n\n\n\n

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Trends affecting big data in healthcare<\/strong><\/p>\n\n\n\n

Why has data analytics become so important to medical professionals? In part, the trend toward data-driven healthcare is part of a larger trend that spans multiple industries. Technological advances have made it much more affordable to store big data while also enabling faster data processing and advanced techniques like machine learning. However, several trends specific to the healthcare industry are also contributing to greater use of big data analytics in the medical field. Here are four of the most important:<\/p>\n\n\n\n

ELECTRONIC HEALTH RECORDS<\/em><\/p>\n\n\n\n

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Around the world, regulatory bodies have been encouraging healthcare organizations to adopt electronic health records (EHRs). In the United States, legislation like the HITECH Act and the 21st Century Cures Act has helped drive EHR adoption and encourage greater interoperability.<\/p>\n\n\n\n

According to Stanford Medicine, 87% of U.S. physicians make use of EHRs in their practice, and HealthIT.gov reports that more than 96% of U.S. hospitals use EHRs.<\/p>\n\n\n\n

Many organizations have found that complying with the laws regarding EHRs also have financial benefits for the organizations. These financial benefits are prompting them to expand their use of electronic records. In fact, Huron Consulting Group found that 62% of healthcare leaders expect to make investments in EHR and enterprise resource planning (ERP) systems over the next 18 months.<\/p>\n\n\n\n

All those electronic records mean that organizations have a lot more data available that they can use for data analytics projects.<\/p>\n\n\n\n

WEARABLE HEALTH MONITORS<\/em><\/p>\n\n\n\n

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Another trend that is adding to the growing volumes of available medical data is the number of consumers who are buying and using wearable health monitors. Fitbit, Apple, Samsung, and a host of other manufacturers offer smartwatches, wristbands, smart rings, and other devices that can monitor your:<\/p>\n\n\n\n