Big data analytics for value-based care: Challenges and opportunities

Abstract

Big data denotes large volume datasets that grows exponentially over time and cannot be processed or stored using traditional data management tools. There is a huge amount of new data that is stored daily in all areas of our life. This data needs to be collected and analyzed effectively to streamline the decision-making process. Big data analytics (BDA) are techniques that provide a way to analyze this huge quantity of data with the purpose of drawing conclusions about them by driving the business outcomes and real time decisions. With a wide range of data available in the healthcare sector including financial and clinical data, research and development, management and operational data and critical care units, big data in healthcare can generate meaningful insights to improve overall operational efficiency in the industry. There are various benefits for big data analytics in the health-care industry which encompasses advanced patient care; improved operational efficiency; evaluation of practitioner performance; reduced patient cost and researching cure for diseases. The main objective of this study is to outline the main challenges and opportunities of applying big data in health care and how it can help in transforming the healthcare industry towards the value-based care.