Algorithms and big data analytics continue to open new doors in the healthcare industry, impacting everything from initial patient diagnosis to rehabilitation to recovery. Indeed, data-driven innovation is emerging across the spectrum of healthcare, including helping better predict disease, tapping into the benefits of data monetization, and exploring consumerization and data sharing for improved care delivery.
Below we look at the latest batch of use cases and standout stories about innovation in healthcare from around the world. Not surprisingly, algorithms are playing a role, including:
COVID-19 Cough Detection
A BBC News article highlighted an algorithm developed at MIT that can detect the distinct sound of a “covid cough” to help improve diagnosis and treatment. The article cited a 98.5 percent success rate among people who received a positive COVID-19 test and 100 percent success for those patients that had no other symptoms. The researchers at MIT pointed to faster COVID-19 screening and the ability to carry out daily screening at schools and universities and for public transportation reopening. Health officials can also conduct “pool testing” to track hot spots and outbreaks by quickly testing large numbers of people. While it is not expected that currently effective COVID-19 tests will be replaced, the breakthrough points to the increasingly valuable role big data analytics can play in improving healthcare diagnosis.
The Rise of Healthcare Ecosystems
A recent McKinsey & Company article sheds light on how the ecosystem approach is making its way into healthcare. According to the article, an ecosystem is “a set of capabilities and services that integrate value chain participants (customers, suppliers, and platform and service providers) through a common commercial model and virtual data backbone (enabled by seamless data capture, management, and exchange) to create improved and efficient consumer and stakeholder experiences, and to solve significant pain points or inefficiencies.” The healthcare ecosystem of the future will be centered on the consumer—or patient—managing all modes of care, including direct care, home care, and self care, as well as daily activities and the financial aspects of a patient’s care. Data liquidity, advanced analytics, and digital platforms are just a few of the innovations required for success, according to the McKinsey & Company article.
API Management in Healthcare
Similar to ecosystems, API management platforms are bringing all the players in healthcare—and the data they are constantly generating—together to improve efficiency in the delivery of care and to reduce costs. By simplifying the aggregation of patient records across providers and more easily integrating data between the clinical and insurance domains, today’s API management platforms are streamlining the patient experience and improving healthcare outcomes. Additionally, APIs are making it easier for providers to ensure compliance by standardizing data sets.
To learn more about innovation on this topic, check out this TIBCO whitepaper on API management and the future of healthcare.