Healthcare executives anticipate investing 15% or more of their budget into predictive analytics in 2018. The reason behind pledging a considerable amount is the savings potential they see in predictive analytics. According to a report from the Society of Actuaries, 58% of executives believe that they will save 15% or more over the period of next five years, which is a 5-point increase over 2017.
The potential to save cost depends on how the predictive analytics are used, according to Lillian Dittrick, Fellow of the Society of Actuaries. She mentioned that you may be on the provider side or the payer side but, a lot of cost reduction can be done by understanding your patient population.
If a provider observes that a patient has a pattern of repeated visits that can be avoided, then the provider needs to have a plan, like ensuring the patient gets a primary care provider who addresses the patient’s needs in a timely manner.
85% of executives said they are either using them presently or plan to use them in the next five years. 87% say they are important for their business.
The most vital thing to consider in this aspect of healthcare is patient-provider communication.