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Analytics in Healthcare Key to Navigating Tough Times

The COVID-19 pandemic has proved without a doubt the value of leveraging data and cutting-edge technologies in the health and medical fields. While applying data to improve healthcare was already a priority for many institutions, practitioners, and other entities pre-pandemic, COVID seems to have exacerbated the demand for just about everything that can make medical care better, smarter and more personalized, and more accessible.

According to Allied Market Research, the global healthcare IT market will exceed $880 billion by 2030, which is up from around $250 billion in 2020. The firm says market growth is thanks in part to factors like the surge in demand for telehealth and mHealth solutions, particularly in the wake of COVID-19. Grand View Research suggests additional factors fueling growth in the global healthcare tech market include an increasing demand for preventative care solutions, more funding for mobile health startups (and better infrastructure to support these solutions), and the growing desire to adopt and implement AI (artificial intelligence), IoT (Internet of Things), and big data in healthcare processes.

There is a lot of data to manage and interpret in the healthcare space. For that reason, business intelligence solutions that offer data analytics for health organizations have become key to maximizing operational efficiency. Companies like Sisense help service providers in the healthcare industry track metrics that matter most to them, like number of admissions, diagnoses, and more. Clarify Health similarly helps providers access the business intelligence they need through its AI-powered enterprise analytics platform. Grand View Research suggests the global market for healthcare analytics will reach $129.7 billion by 2028, thanks to converging trends such as the need to enhance patient outcomes and boost revenue while reducing business expenses.

For non-profit health organizations, revenue may not necessarily be the primary objective, but patient outcomes and optimal resource management are typically priorities, and analytics can help these organizations achieve these goals and more. In Tennessee, a new statewide healthcare tech initiative from BIT (Blacks in Technology)-Nashville will offer free analytics training for non-profit healthcare organizations. The initiative, sponsored by HCA Healthcare and Dell Technologies, will offer employees of non-profit healthcare organizations training in Excel, analytics, and data visualization/storytelling.

BIT-Nashville says the initiative consists of 12 weeks of virtual training curriculum—a mix of self-paced and guided learning courses—which it created in conjunction with local partners like Nashville Software School, among others. The goal is to set non-profit healthcare providers up for success in understanding and leveraging data analytics and making better data-driven decisions. This, in turn, will help improve patient care in the greater Nashville area.

Making analytics training accessible to healthcare workers is a great example of how foundations like BIT can make a difference in bringing the benefits of technology to communities that need it. In times of great change, like the ongoing COVID-19 pandemic and the Great Resignation, which has already impacted and will continue to impact the healthcare space, the use of technology to help businesses and organizations operate as knowledgably and efficiently as possible are worth their weight in gold.

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