As the healthcare industry continues to evolve, the ability to access and analyze data has become an integral part of the decision-making process. With the advent of alternative data, healthcare providers can now access large and diverse sets of data to make more informed decisions.
What is Alternative Data?
Alternative data refers to non-traditional data sources that are used to supplement traditional financial and economic data. This type of data can include anything from social media posts to satellite imagery. In the healthcare industry, alternative data can come from a variety of sources, including electronic health records, wearables, and even credit card data from third-party providers.
Why is Alternative Data Important for the Healthcare Industry?
The use of thi data in the healthcare industry has the potential to improve patient outcomes and reduce costs. By supplementing traditional data sources with alternative data, healthcare providers can gain a more comprehensive understanding of patient health and behavior. This can lead to better decision-making, more targeted interventions, and ultimately, improved health outcomes.
How is Alternative Data Used in Healthcare?
The healthcare industry is constantly searching for ways to improve patient outcomes and reduce costs. Alternative data provides a wealth of information that can be used to achieve these goals. Here are some examples of how alternative data is used in healthcare:
Predictive Analytics
Predictive analytics is the use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. Alternative data can provide an additional layer of information that can be used to improve predictive analytics. For example, credit card data from third-party providers can be used to identify patterns in consumer spending that may be indicative of changes in health status.
Clinical Trials
Clinical trials are an essential part of the drug development process. Alternative data can be used to identify potential candidates for clinical trials. For example, electronic health records can be used to identify patients with specific medical conditions who may be suitable candidates for a particular drug.
Population Health Management
Population health management is the process of improving the health outcomes of a defined group of individuals. Alternative data can be used to identify at-risk populations and develop targeted interventions. For example, wearables can be used to monitor the activity levels of patients with chronic conditions, such as diabetes or heart disease.
Potential Providers of Alternative Data
There are a number of providers that specialise in aggregating alternative data for the healthcare industry. Here are two potential providers:
1010Data
1010Data specializes in aggregating credit card data from third-party providers. Data sources include a Yodlee panel. This data can be used to identify patterns in consumer spending that may be indicative of changes in health status.
Earnest Research
Earnest Research provides credit and debit bill pay data from millions of anonymous US consumers. This data can be used to identify trends in healthcare spending and consumer behavior.
Conclusion
The use of alternative data is becoming increasingly important in the healthcare industry. As the industry continues to evolve, it is likely that we will see more and more providers offering alternative data solutions. By leveraging the power of alternative data, healthcare providers can work towards improving patient outcomes and reducing costs.
