5 Reasons Why Big Data Matters for Healthcare Marketing

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5 Reasons Why Big Data Matters for Healthcare Marketing

Treatment plans, patient records, prescription information, everything revolving around the healthcare sphere has to be quick, efficient, and up-to-date.

With the growth in technology, Big Data is solving many problems, and establishing smooth processes for the healthcare sector. 

Big data is a term referred to as a large amount of data, either structured or unstructured, that inundates a business daily. 

However, the trick of big data does not rely on the amount of data, but rather on how the organization can utilize this information. With that clarification in mind, companies can use big data to receive insights, leading to better business decisions and analytical strategies.

The cornerstones of big data crackdown to the three V’s: volume, velocity, and variety.

Volume is the amount of data generated through mobile apps, websites, portals, and online applications. Velocity refers to the speed of the data generated while controlling and processing a massive amount of incoming data. Variety is the ability to translate data into specific categories, primarily separating structured and unstructured data.

Over the last 20 years, Big Data has become an up and coming trend in multiple industries, especially healthcare. The emergence of IoT, or the Internet of Things, is transforming the functionality of a myriad of businesses with AI, Cloud Computing, and Big Data.

Big data is making its mark, and it is worth taking a look into this movement.

Here are 5 reasons why big data matters for healthcare marketing

1. Drives Innovation

Innovation drives mankind towards progression and Big Data within healthcare marketing is no exception.

Within the healthcare industry, Big Data increases the rate at which new drugs are discovered and alleviates the overall quality of care provided.

Perhaps one of the greatest effects of big data concerning healthcare is the reduction in medical costs and the prevention of security problems such as fraud and data breaches. 

According to Digital Authority Partners, the Centers for Medicare and Medicaid Services saved more than $210 million in fraud within a single year of using big data.

Parkland Hospital in Dallas, Texas, for example, has reduced 30-day readmissions with big data and data analytics under their belt, thus saving  $50,000 annually, for the organization and the patients.

All in all, big data is used to accomplish undiscovered revelations within the healthcare industry that ultimately benefit all parties involved, including manufacturers, insurers, and patients.

2. Helps Detect High-Risk Patient Care

Big Data analytics can be used to pinpoint high-cost patients to save money on a larger scale. Organizations analyze age, gender, and spending history in various patient details to determine if a specific patient is high-cost or not. 

To get ready for preventive measures, Big Data can help practitioners seek the patients that spend more than the average population on healthcare. The Healthcare Cost Institute Database claims that approximately 17% of patients are responsible for almost 75% of all healthcare industry expenditures.

Big Data can be incorporated into healthcare marketing to identify high-risk areas where patients can receive improved healthcare to reduce spending to increase patient satisfaction.

While Big Data has affected this specific sector positively, there is more work being done every day to improve its industry-wide performance.

3. Improves Patient Outcomes

Big Data can open doors to data-driven tech devices that can function for medical purposes, including monitoring sleep and heart rates, scanning machines, and other data that is useful in a patient’s health.

This general data can be examined by physicians without meeting regular patients, which is advantageous for patients as they spend less on doctor appointments.

Big Data helps doctors and other medical professionals be accurate and efficient with their diagnoses, prescriptions, and treatments.

Implementing Big Data solutions within the healthcare sphere is a great marketing move in general. According to Digital Authority Partners, one of the best strategies in healthcare marketing is to welcome the digital age into hospitals and practices.

Data-driven mobile apps have had positive effects on the healthcare industry. Renowned organizations, including John Hopkins Hospital, Mayo Clinic, and Northwestern Medical Hospital, have been using interactive mobile apps leading them to increase patient satisfaction.

With improved data analyzing methods that big data delivers, medical professionals can not only accurately diagnose and treat illnesses but also treat rare diseases and conditions that are otherwise deemed as incurable.

4. Improves Operational Efficiency

Collecting and analyzing great amounts of data causes large organizations, such as hospitals and pharma companies, to improve their employee output and boost productivity within the workforce. For businesses who want more reporting power and analytical muscle than that offered by Excel, MS Power BI with a powerful windows virtual desktop from a reliable desktop as a service is a next level combination for intellectual business analytics.

As a part of an intelligent strategy for marketing, organizations can use big data to examine the patient history and staff efficiency continuously.

Healthcare companies can cut down on cost and in return provide better care for patients with the utilization of predictive analytics.

Medication errors can be defeated with big data by improving all-round financial and administrative performance and lowering readmissions as mentioned earlier.

With the implementation of healthcare verification, doctors and healthcare workers themselves might also feel that their data is protected and this will therefore increase employee retention and satisfaction in turn.

5. Data-Driven Product Development

The development of new drugs and other health-related products takes plenty of time and countless amounts of money.

Big Data can reduce a significant number of costs for product development in a healthcare organization. High product development timelines are a major obstacle that big data tackles.

According to Healthcare Weekly, it is not always clear how to use all data discovered during the research and development phase of product development. 

Therefore, using data is faster and more effective when using big data strategies, ultimately reducing the time necessary for creating the product and launching it to the market.

Product development needs unlimited time to have room for experimentation. With Big Data, precise products are becoming more prominent, removing the guesswork in research and speeding the entire process.

Big Data may be extremely overlooked by some healthcare marketers, but it is evident that there are a lot of benefits to keeping up with this technology.

Innovation and progress within the medical world can continue at a much faster pace than anticipated with the inclusion of big data. To stay in sync with industry trends, the inclusion of big data in healthcare marketing is important. 

Big Data helps healthcare marketers understand important metrics and deliver not only quality but relevant content to both medical professionals and patients.

This article comes from Julian Gnatenco @ JGBilling