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If the healthcare industry hopes to tackle many of the pressing issues it faces today – from cost of providing care, to lost revenue, to providing higher quality care, institutions need to start adopting more prescriptive analytics into their practices.
Prescriptive analytics differs from predictive analytics in that it doesn’t stop at showing a likely outcome, but continues to demonstrate suggested actions to make healthcare providers more successful, profitable or responsive to patient needs.
The benefits of such a capability range from the identifying areas of improvement in treatment and protocols to reducing the rate of re-admitted patients, and lowering the cost of healthcare in general- from patient bills to the cost of operations in hospital billing departments.
It’s important to note that the use of prescriptive analytics in healthcare shouldn’t replace human intervention and decision making in patient care. Rather, prescriptive analytics can provide a means for doctors and administrators to use critical data and information to support clinical, financial and operational decisions and put them on the path to successful outcomes.
As a result, prescriptive analytics can provide short-term and long-term answers to administrative and health concerns alike – ultimately holding the potential to save more lives while reducing costs and mitigating risks from a financial and care delivery perspective.