Predictive Analytics May Save Healthcare Budgets 15%, Survey Finds
Ninety-three percent of healthcare provider and payer executives agree predictive analytics are important to the future of their business, according to a Society of Actuaries report.
For the “Predictive Analytics in Healthcare Trend Forecast” report, the Society of Actuaries surveyed 223 healthcare provider and payer executives about trends in the industry.
Here are five survey insights.
1. Almost half (47 percent) of providers already use predictive analytics. Four percent of providers said they had no plans to use predictive analytics in the future, while 8 percent were unsure.
2. The majority (57 percent) of provider and payer executives expected predictive analytics to save their organization 15 percent or more over the next five years.
3. The No. 1 challenge to implementing predictive analytics is lack of budget (16 percent), followed by regulatory issues (13 percent), according to respondents.
4. The majority of providers said the most valuable outcome to predict using analytics is patient satisfaction (53 percent), followed by hospital readmissions (48 percent).
5. The plurality (20 percent) of respondents said the next step to implementing predictive analytics capabilities is to refine data collection methods to increase security.