The value of predictive analytics in healthcare
A majority (57%) of healthcare payers and providers believe predictive analytics will save their organizations 15% or more over the next five years, according to a 2017 Predictive Analytics in Healthcare Trend Forecast by the Society of Actuaries. Despite the potential for savings, there are several roadblocks in the way.
Of the 223 healthcare executives surveyed, 45% of respondents were payers and 55% were providers. Respondents revealed that the three biggest hurdles for predictive analytics implementation in the next five years are lack of budget (16%), regulatory issues (13%), and incomplete data (12%).
In the report, 93% of respondents say that predictive analytics is important for the future of their business, and 57% of respondents using predictive analytics believe it to be the tool that saves their organization.
While payers (63%) are currently using predictive analytics more than providers (47%), there could be a shift toward comparable usage in the future. A majority of providers (89%) and payers (87%) responded that they currently use predictive analytics or plan to begin to in the next five years. However, the trend forecast reveals that these two groups will be using the analytics for different services. While providers most value predictive analytics for patient satisfaction (53%) and hospital readmissions (48%), payers find the most valuable use related to cost (51%) and profitability (47%).
For more information about predictive analytics, and how it may benefit your revenue integrity department, read the latest case study from Felicia Ziomek, MBA, BSN, CHFP, nurse auditor and CDM coordinator at Stanford Healthcare – ValleyCare in Dublin, California.