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July 26, 2019 – Are predictive analytics all they’re hyped up to be? For healthcare executives, they’re a critical solution to the skills shortage our industry is facing. Patient care could suffer unless hospitals adopt automated workforce management tools for scheduling and staffing.
Predictive analytics and data science have made a big splash in healthcare. Advanced technology and algorithms have caught the attention of healthcare executives and present an opportunity to reduce costs while improving patient care. But is it all that it’s hyped up to be? Healthcare executives think so.
The use of predictive analytics within healthcare provider organizations is growing at a steady pace, and nearly two-thirds of executives say they are using the technology within their organizations, according to a recent survey from the Society of Actuaries.
Predictive analytics grew 13% from 2018, the survey of 200 provider and payer executives found. An additional 29% of executives who say their organizations don’t currently use predictive analytics plan to do so in the next one to five years. Reducing costs and improving patient satisfaction are two reasons most executives are using predictive analytics in their facilities. A whopping 92% of healthcare executives agree that predictive analytics tools are important to the future of their business, up 10% from the previous year.
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