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Big Data, the Evolutionary Trend in HealthCare Industry

Traditionally, the healthcare industry has clearly trailed behind other industries when it comes to big data; however, the scenario is changing on an optimistic note. While the U.S. is debatably in the middle of a health care crisis, there’s plenty of hope that catching up to big data that will prove to be a useful learning curve to ease up the dire straits and thereby innovate.

Big Data, the Evolutionary Trend in HealthCare IndustryRecently, Adam Dole, a White House Innovation Fellow and the brains behind Mayo Clinic, explained about the Blue Button Initiative and its parent My Data Initiative. The Blue Button Initiative facilitates patients to view online as well as download their personal health records. It aims to make health data across the U.S. available to both patients and consumers in a way that welcomes proactive interactions with clinicians, better quality of life, improved treatment outcomes and lesser costs in healthcare delivery. Its parent My Data Initiative will soon expand and combine other data such as academic records, energy consumption etc.

The transformation will prove to be profitable across a multitude of domains, making way for actionable insights necessary for innovative business models.

Big Data in Health Care Industry

Below are a few trends that will considerably transform healthcare into a data-driven industry:

  • Claims and clinical cost data that describes how the services were provided and how they were reimbursed.
  • Pharmaceutical research and development data that will give insights into new drug’s therapeutic mechanism of action, behavior in the body, their side-effects and levels of toxicity.
  • Patient data – activities and preferences, financial details, buying preferences and a lot more fundamental characteristics that collect and sell consumer data.

The real value here lies in combining medical science with personal data to transform treatment options, treatment outcomes, risks involves, costs and its impact on daily life. Using digitized patient data, treatments can be tailored according to patient history; public health can be enhanced using evolving health trends. The possibility of using data sets to evolve healthcare industry also means evolution of services from other domains. For example, financial service providers can tailor services for healthcare patients across banking, insurance and mortgages domains using big data. Medical devices, diagnostic tools, wearables and analytics can be used to empower people and business with the help of real-time health data.

Integration of massive data sets in the healthcare industry surely sounds promising, opening a gateway to infinite business possibilities. However, it all comes down to zero until you have the right sources to gather healthcare data and transform those possibilities into real success. With the help of tips, insights and healthcare industry email list from FrescoData experts, you can leverage on the ideas that you know will convert and turn your business into a healthcare success.

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