In healthcare, the providers are foundational to the success of the business. In order to better serve patients and maintain a competitive edge, healthcare providers must invest in digital analytics. There are many reasons why the investment in digital analytics is imperative and range from increased data accuracy to increased revenue generation.
A study by the management consulting firm of McKinsey, “The New Growth Game: Beating the Market with Digital and Analytics” revealed that companies using digital analytics generate on average 50% more revenue than those not using these analytics. Digital analytics also provides practical solutions for high-growth industries such as life sciences and healthcare by providing granular insights into customer behavior and purchase trends.
Increased Data Accuracy
Increased data accuracy is another reason why providers should invest in digital analytics as it will provide accurate data insights that can be utilized for decision making purposes; lead qualifying activities; market segmentation; and prospecting campaigns.
In light of the significant benefits resulting from the use of digital analytics, it is no surprise that healthcare providers are swiftly converting to make use of this technology.
Insights into Patient Behavior
The number of people in the United States who suffer from chronic diseases is skyrocketing. This increased demand on providers can equate to more pressure on them, especially financially. To make sure they meet the needs of their patients, healthcare providers can employ digital analytics to gain insights into their patients’ behaviors and needs and leverage those insights to spearhead chronic illness.
Collecting Data is Not enough
Collecting data is not enough. They need to know how to analyze it and use it for their benefit. The right digital analytics can help them understand their patients better; identify potential new services; predict trends; and improve conversion rates on their website.
The right analytics can help providers answer questions like: What is happening with our website traffic? How many people are calling in for appointments? What is happening with our ad campaigns? The answers to these questions requires a specific skill set in analytics.
More Efficient Services
Analytics helps healthcare providers in making their services more efficient and effective.
Metrics such as conversion rates; average visit duration; and call bounce rates can assist healthcare providers to identify improvements to their services. Furthermore, analytics can be used to monitor the effectiveness of advertisement campaigns and how it affects the overall revenue and business performance.
- A Look at Challenges and Opportunities of Big Data Analytics in Healthcare https://www.mckinsey.com/~/media/McKinsey/Business%20Functions/Marketing%20and%20Sales/Our%20Insights/The%20new%20growth%20game/The-new-growth-game-Web.pdf