The rise in the demand for financial analytics is one of the major factors causing the surge in the need for big data analytics in the healthcare sector across the globe. Financial analytics offers healthcare companies greater visibility into the various factors responsible for revenue generation and thus helps them in reducing their operational costs. In addition to this, big data analytics
makes use of sophisticated software technologies, such as specialized billing process and knowledge, in order to monitor and keep track of the claims processed and revenue generated from different operations.
There are two ways by which big data analytics solutions are deployed by healthcare companies — on-demand and on-premises. Of these, the solutions deployed on-premises recorded higher use in 2017, owing to their ability to provide enhanced data security and greater control over the software and hardware.
Healthcare organizations use big data analytics for various applications, such as financial analytics, clinical data analytics, population health analytics, and operational analytics. Out of these, financial analytics recorded the highest usage of such software in 2017, mainly due to the huge demand for risk adjustment, fraud detection, and claims processing and the high provision rate of risk-based reimbursements and value-based care. Owing to the rising demand for better and cost-effective healthcare services, fastest growth in the adoption of these solutions is expected to be witnessed for clinical data analytics during the forecast period.
Geographically, the North America healthcare sector registered the highest use of big data analytics in 2017. This is primarily ascribed to the rising penetration of internet of things (IoT) and artificial intelligence (AI) in the healthcare sector, which is itself booming in the region. The big data analytics in healthcare market is expected to observe the most rapid advance in the Asia-Pacific (APAC) region in the near future, mainly due to the soaring investments in healthcare information technology (IT) infrastructure and increasing need for better healthcare solutions in several countries in the region.
The other major factor fuelling the adoption of big data analytics is the rising usage of electronic health records (EHRs) by both private and public healthcare centers, primarily on account of various government initiatives and incentives. The governments of several countries have set up regulatory organizations, including the National ehealth Authority in India, dedicated to developing rules and standards for EHR and ensuring uniformity in them. Furthermore, EHR is enabling healthcare organizations to predict unexpected patient readmissions and inpatient mortality, improve patient care, and reduce duplicate tests.
Therefore, owing to the rapid developments in technology and its increasing integration in the healthcare sector, the demand for big data analytics solutions in healthcare is expected to grow to a considerable extent in the coming years.