Digitization and Big Data in Healthcare for Better Outcomes

1. 2018 Digitization and Big Data Digitization and Big Data in Healthcare for Better in Healthcare for Better Outcomes Outcomes Professional medical data entry, big data analytics and digitization can transform and bring about much better outcomes in the healthcare industry. Managed Outsource Solutions www.managedoutsource.com (800) 670 2809 8596 E. 101st Street, Suite H Tulsa, OK 74133

2. Just like any other industry, the healthcare industry has adopted digitization and with professional medical data entry, accessing and retrieving clinical information have become easier for physicians and other healthcare professionals. Patients often face the problem of delay at various stages of treatment, delay in getting medical reports and so on. But these problems can now be addressed by converting all paper-based data into electronic format in a timely manner, and the electronic data can be used for predictive, prescriptive, and descriptive analytics. The process of digital transformation is set to have a huge impact on our health and fitness. The use of IT and technology in the healthcare industry has transformed the relationship between patients and healthcare providers. Healthcare organizations can leverage market intelligence such as customer analytics and big data analytics to identify the exact needs of the patients. Successful adoption of digitization in the healthcare industry depends on gaining actionable insights and thereby addingnew services to retain patients and drive value. Predictive Analysis and Big Data Is a Boon for Physicians With the introduction of the EHR system, physicians are burdened with medical documentation. They also face challenges in healthcare that stem from data, information and exchange issues, ranging from data silos to fraudulent claims. According to an article in Business Insider, as high as $125 billion are lost by physician offices annually due to claim denials and difficulty in navigating the billing and collection maze. Many physicians are forced to sell their practices to larger hospitals to minimize the burden of billing hassles with insurance companies. The ideal way to address this problem is by improving efficiency and accuracy in billing and effectively using big data. Fraudulent activities have caused a loss of $ 68 billion annually for healthcare payers. Majority of the healthcare claim denials is due to fraud or suspected fraud by way of unnecessary procedures being performed or www.managedoutsource.com (800) 670 2809

3. no billing for services. In 2016, provider fraud cases reached its peak with 46 percent. Apart from provider fraud, unintentional fraud and denied claims have also affected private physician practices badly. According to the American Medical Association, since 2010 more than $43 billion could have been rescued if insurers had paid claims correctly. Denials of medical claims are the costliest to physician practices and add to the burden of working in private practices. Adoption of big data and predictive analysis will have a systematic effect by minimizing healthcare fraud and lowering physicians’ claim denials that in turn would lead to reduced costs, better patient care and more profitable medical practices. It can also make the billing process easier and more accurate. A major concern is that healthcare providers are not well equipped to gather all the data they need when treating a patient. Big data analytics can help providers determine which procedures are medically necessary, which procedures the patient has already undergone, and also streamline the billing process with utmost accuracy. The main goal of digitization and big data analytics is to minimize errors, eliminate duplication of records, tests and procedures and thereby ensure reduced claim rejections and unintentional fraud. Programs like Medicare Share Savings Program (MSSP) that focus on value of care,encourage physicians to engage in patient interactions and enhance patient wellbeing can make use of artificial intelligence and data analytics to predict the results and treatment plans. Data analytics helps in revenue cycle management, identifying margins for ancillary services and above all it enables physicians to make better decisions and analyze which value-based contracts will yield better returns. Therefore, experts predict that the global healthcare analytics market could rise from $10. 8 billion to $33.8 billion from 2018 to 2023. The healthcare industry is moving towards digitization and advanced analytics. Technology enablers like big data, cloud computing and www.managedoutsource.com (800) 670 2809

4. predictive analysis help healthcare organizations create specialized and end-to-end solutionsfor all the challenges. Healthcare technology support services including data entry services must cater to the requirements of complex healthcare processes and workflows. With analytics, AI, and the Internet of Things, the healthcare sector will advance in the best interests of patients, providers and other stakeholders. www.managedoutsource.com (800) 670 2809