Trends & Challenges in the Healthcare Business with Big Data
Investment in digital and mobile health and in related technologies is robust and growing. The strongest growth has occurred among direct-to-consumer technologies that require little or no involvement by physicians (for example, wearable fitness trackers and scheduling applications) and among intermediated technologies (more complex ones, such as remote diagnostic equipment, that require a doctor’s prescription). Read more here –> McKinsey Health Article Nov 2016
Health systems in developed countries face a twofold challenge: ensuring financial sustainability and improving quality. Digitization can help health systems achieve both these objectives and unlock substantial value through lower spending and superior healthcare delivery.
Healthcare is claiming an ever-increasing share of national wealth. In recent years, healthcare expenditure in Organization for European Cooperation and Development (OECD) countries has been rising at a rate one to two percentage points faster than GDP. If this trend were to continue, healthcare would represent more than 25 percent of France’s GDP—and more than 35 percent of the US’s—by 2050. Clearly, action is needed to bring costs under control. Read more here –> McKinsey: Health Systems Through Digital Transformation
Growth opportunities in the health care industry by Frost & Sullivan
A short summary by Antonios Papadimitriou, with information received from the report Growth Opportunities For Healthcare Big Data – An Analysis of Global Case Studies
Trends
- Consumers create health data
- Consumers demand ownership, management and self action on health data
- Providers demand transparency
- Providers consume data to improve clinical decision making
- Governments depend on data to improve quality and efficiency of healthcare systems at a national level
- Need for improving operational efficiency requires critical business analysis
- Increasing consumer interest in prevention and wellness driving the volume of proactively generated consumer data
Challenges
- Inability to productively share health information across devices. Organisations, health systems, and industry stakeholders limits the power of Big Data Analytics
- Clinicians continue to worry about how data will be owned, stored, and exchanged, even though vendors provide industry compliant solutions
- A future big data problem could be regulatory requirements that would force getting individual consent for every new use of personal health data. Every person would have to sign off every secondary use of theirs personal health data in order to protect individual privacy and data ownership.
- Lack of IT skills among end users
- Data security and privacy issues limit information sharing from consumers
More about IBM Healthcare solutions http://www.ibm.com/industries/healthcare/
More about IBM Analytics solutions http://www.ibm.com/analytics/us/en/technology/advanced-analytics/
Also, don’t forget to check this out covering IT security and Mobile Strategy
9 Must Read IT Links For Competitive Advantage & Improved Business Performance https://ibm.biz/Bds2fX
Additional IT articles, trends and innovations are available on www.dotitsec.com which includes success stories of how IBM has helped institutions to cut costs, get happier customers and improve shareholder value.
You may also chat live with me and get free advice and guidance related to IT: https://www.ibm.com/connect/ibm/uk-en/resources/antonios_papadimitriou/
By Antonios Papadimitriou, apapadi1@ie.ibm.com
Digital Millenia. 