re: Big Data Use In Healthcare Needs Governance, Education
Healthcare is maturing. Most of what is referred to currently as "analytics" consists of spotting outliers in healthcare claims - the highest cost provider; the most expensive hospital etc. or catching events - did the diabetes patient have an encounter with an opthalmologist in the least 12 months. Insurance companies have used the data for their specific need - statistically predict resource consumption of every enrollee so as to calculate risk and premium amounts. They face no serious penalty if the calculations are off the mark since they raise premiums the following year to cover losses from the prior year. But these are just algortihms used to predict disease trends and costs. With big data we will see economists, mathematicians and others bringing their modeling expertise - and that'll be the start of a new era in healthcare when time evolution will be mathematically described and calculated. We need that. Viewed as an economy, US healthcare is the 5th or 6th largest economy in the world. Imagine running a country of any size using algorithms and spotting outliers!