Predictive Modeling in Healthcare – Multiple Benefits
Quality medical care is something that everyone expects. But doctors are always expected to base their decisions on good research. However, that is not always possible since some information necessary for a particular situation could be forgotten or overlooked, which may be beyond the scope of any doctor’s work. This is one of the major reasons why doctors and insurance companies use healthcare predictive modeling.
Predict Wide Range of Outcomes
Predictive analytics allow healthcare stakeholders to benefit from technology and statistical methods. Healthcare predictive modeling uses patient data from previous treatment outcomes and the latest medical research to predict patient outcomes.
In addition, predictive analytics has the ability to reveal much more from data than one individual ever could.
Not only C-Eight MediSensors, healthcare software solutions providers like Jvion offer solutions that help predict a range of outcomes like readmission rates, waste and fraud, readmissions, possible patient outcomes, and much more. These solutions are also designed to predict infections, helping with diagnoses thus predicting future wellness.
Better Clinical Judgments and Early Intervention
It is important to understand that healthcare predictive modeling is different from traditional statistics and evidence based medicine. Predictions are not meant for groups but are targeted to individual cases. One of the major benefits of healthcare software solutions is that they increase the accuracy of diagnoses.
They assist physicians in making better clinical decisions and driving early interventions. Primary care physicians can identify at-risk patients and help them make lifestyle changes to avoid risks, which in turn has the potential to save medical costs.
Reduce Costs
Undoubtedly, healthcare software solutions have changed the way we perceive healthcare. Rather than being focused on only treating the sick, these solutions help us to learn how to avoid illnesses before symptoms manifest.
Another area that healthcare predictive modeling proves most beneficial is its potential to provide predictions for employers and hospitals on insurance product costs.
Predictive algorithms can be used to determine future medical costs based on a company’s data. In addition, companies and hospitals can work with insurance providers to synchronize databases and build better health plans and models.
Improve Quality of Life
For researchers, predictive analytics is an ideal way to develop prediction models based on smaller patient populations to allow for more accurate predictions over time. Pharmaceutical companies can utilize this technology to develop medications for smaller groups.
Most importantly, as healthcare becomes more patient-centric, predictive analytics can help improve the quality of life as patients receive treatments that work best for them.
Patients also end up becoming informed consumers and proactively work with their physicians to achieve better outcomes since they are aware of possible health risks sooner due to the accuracy of predictive analytics.