Predicting the future. It’s the stuff of fantasy and metaphysics—seeing clearly what will happen and making bold decisions based on that future vision.
But prediction is also part of our day-to-day lives. We rely on weather reports to predict temperature, precipitation and other environmental conditions. We count on credit card companies to predict how we make purchases, so that they detect fraudulent activity when a purchase goes outside the norm. And we trust search engine recommendations, e-commerce suggestions, and spam filtering that anticipate our intentions and make our online experience faster and less frustrating.
Weather forecasts, fraud protection, product/website recommendations and spam filtering all have one thing in common: they rely on predictive technologies that analyze data and model potential results, and they do so with a high degree of accuracy. Imagine the possibilities of applying the same technology to health care.
Actually, predictive analytics have been part of the health care industry for decades, as health plans and—to a lesser extent—providers used adjudicated claims data to assess the future risk of large populations and smaller groups.
But the rapid expansion of health care data found in electronic health records has expanded the use of predictive analytics, and made it more accurate. It’s a proven principle that the more data you have in a predictive model, the more likely the model is to provide accurate predictions. And it’s widely agreed that higher quality data also yields better results.
In an era when population health management is becoming a required capability among provider organizations, more accurate predictive analytics is helping physician groups and health systems better manage populations and individual patients. Combining claims data and clinical EHR data with ever-improving analytics, and adding data structuring technologies such as natural language processing, has made predictive analytics one of health care’s most significant technologies.
Optum has released a new, interactive white paper about the advances in predictive analytics and their effect on organizations in value-based care. This white paper includes links to bonus content—case studies, podcasts, videos, infographics and more—that will provide you with deep dives into issues related to predictive analytics and give you a broader understanding of how the power of prediction could help your organization. Download the white paper now.