A recent article in InsideBigData examines how the “Netflix Effect”—brands’ ability to identify what consumers want, when they want it—impacts the healthcare industry. When companies do it right, people are willing to share more data to obtain more accurate recommendations. So, what should those in the healthcare industry do to work towards achieving the Netflix Effect?
1. Obtain a deeper understanding of healthcare data
The first step in the journey to providing superior healthcare targeted to specific patient needs and interests is developing a better, more thorough understanding of how data is managed. Equally critical is ensuring that data is trusted, clean, and devoid of duplicates.
2. Increase use of predictive analytics
Predictive analytics is critical for making the Netflix Effect a reality in any industry. From a healthcare standpoint, predictive analytics can aggregate data of similar symptoms, treatments, and products across broader population data sets to help identify the best course of action for patients based on their individual needs. In addition, increased reliance on predictive analytics in healthcare will create a more resilient supply chain. With greater data-driven insights comes better recommendations and results, leading to more accurate decision-making, reduced waste, lowered operating costs, and an improved standard of care.
3. Align the right data sets and identify variables
In order to improve patient care and build a more clinically integrated supply chain, companies must align the right data sets and identify variables within them to make real-time recommendations. For example, variables such as population health, diagnoses, and treatments can help a hospital anticipate its operating room’s short and long-term needs. To prepare for an increase or decrease in activity, the institution can apply predictive analytics for medical supply purchasing decisions.
As more data and variables become available over time, the predictions will become increasingly accurate. For example, a data set could include every patient who had an appendectomy over the past two years and the outcomes of those surgeries. Applying predictive analytics to that data set informs future patient care decisions and delivers insights that can be used for medical device design and manufacturing.
4. Collaborate with other providers and supply chain stakeholders
The final step in making the Netflix Effect a reality is engendering greater alignment among providers, payers, suppliers, and patients. Numerous collaboration and cloud-based platforms exist to make this possible while also ensuring accurate and consistent data. The healthcare organizations that avail these technologies and enhance their data with predictive analytics will be first in delivering a truly personalized healthcare experience.
Click here to read more posts from the APEX of Innovation on healthcare’s data-driven journey.