It’s no longer a buzzword, "big data" is transforming business intelligence into actionable information to help plans anticipate member behavior, identify customer populations and more. Unfortunately, the sheer volume of such comprehensive data can be so immense that most of the planned standard IT storage and retrieval systems might not be able to handle it.
This month’s discussion – healthcare
Business and technology analytics are beginning to take hold in healthcare, and payers must consider how they will approach the trend. CIOs must structure administrative workflow and technology systems around big data, and then use the results to create value. The key concept is to leverage historic members, patients’ information on a forward-looking, predictive basis.
We're at a point with technology where big data can be instantly discovered and navigated without having to move it into a database. This means healthcare organizations can now look at any and all data, and decide what to analyze to improve research and patient care, and better manage operational costs. Big data changes how a health plan can do business. The difference compared with even few years ago, is that such ambitious analytics can now be performed cost effectively. And the technology can scale to a population. Big data is aggregate, comparative effectiveness, outcomes analytics. Analytics system planning should have factored-in an improved-outcomes measurement.