The Advantages Healthcare Providers Have In Healthcare Analytics

There are several reasons for these advantages. One, healthcare providers and insurance companies already have the data they need to get the insights they want and second they have the expertise in-house with their doctors, medical directors, and medical specialists to drive the right products that answer the right questions. These two advantages allow healthcare providers to develop analytical tools and products that other companies can’t.

Now, access and control of healthcare data is just one of the advantages that healthcare providers have when it comes to developing healthcare analytical tools. The other, just as important, advantage is the subject matter expertise. Just because you have access to oil doesn’t mean you can create value. Creating value from oil comes from knowing what problems using oil can solve. It can provide energy for cars, create plastics, clothes, etc. This comes from first understanding what the properties oil has and then knowing what products require those properties. In the same way, knowing the properties of healthcare data is part one, understanding what problems the data can solve is the second part. Our team has experience playing a role in developing healthcare analytical products and we know that it takes not just data experts, but medical experts as well to develop highly impactful data insights. Healthcare providers and insurance companies have brilliant medical experts who have problems and questions they face every day that they wished they had better answers to. If they knew what data they had and could work with a data team or subsidiary they would be able to help guide development of the correct analytical tools. Some examples of analytical tools and models that were impacted positively by healthcare specialists were fraud detection for insurance providers, quality metrics and policy effectiveness for healthcare providers (to list a few). All it takes is a few small initiatives for healthcare providers to start developing basic analytical tools that can provide high ROI.

One of the issues is that many healthcare providers believe they require complex software tools to answer simple problems. Many of the analytical tools that could help these healthcare companies are nowhere near as complex as many things. They don’t require complex algorithms that only a Ph.D. could understand. Typically, they just require solid research and understandings of the problems. Creating strong analytical products starts with good data and great expertise which healthcare providers have.

Healthcare providers have strong advantages when it comes to the 31 billion dollar healthcare analytics field. It is up to them to take the data and expertise and create great tools that can be used by everyone involved.

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