The healthcare industry is experiencing fundamental transformation as it moves from a volume-based business to a value-based business. With increasing demands from consumers for enhanced healthcare quality and increased value, healthcare providers and payers are under pressure to deliver better outcomes. The cost dynamics of healthcare are changing, driven by people living longer, the pervasiveness of chronic illnesses and infectious diseases, and defensive medicine practices.
Using analytics to gain better insights can help demonstrate value and achieve better outcomes, such as new treatments and technologies. Information leading to insight can help informed and educated consumers become more accountable for their own health. Perhaps most important, it can expand access to healthcare, align pay with performance and help hold down growth in healthcare costs.