As the benefits of advanced business analytics solutions grow, insurers and medical centers alike are embracing them to assess risk. For insurers, predictive analytics help to establish stronger claims management and underwriting processes to reduce fraud and loss risks, but for hospitals they can be put to use to help save patients lives.
According to Baseline Magazine, new deployments of predictive analytics solutions are allowing the Carilion Clinic healthcare network in Virginia to assess patients for heart failure risk and other medical issues, improving overall care and the ability of hospital staff to save lives. This potential was established when the clinic deployed its EHR system.
Once it had put its EHR solution in place to keep up with federal mandates, the Carilion Clinic discovered it had significantly more data on patients to use in daily operations. By deploying a stronger business intelligence platform, it was able to but that information to good use and begin assessing patients for risks that it couldn’t previously. Nearly 3,500 out of the 8,500 patients the hospitals, within the network, saw during that time- were identified as at-risk. They would not have been without predictive analytics – potentially saving thousands of lives.
While these benefits outline the potential of predictive analytics, the advantage offered for healthcare professional liability insurance providers continues to grow as well.