When thinking of Risk Analytics, one usually goes straight to the world of Finance, but the outbreak of Covid-19 has highlighted the vital role big data plays in predictive and preventative Healthcare.Last month, the Covid-19 Population Risk Assessment team was awarded the Florence Nightingale Award for Excellence in Healthcare Data Analytics 2021 for QCovid, a predictive Risk Analytics-based model which combines characteristics such as age, ethnicity, gender and deprivation to estimate an individual’s risk of being infected by Covid-19, being hospitalised or dying from the virus. While the Coronavirus pandemic has highlighted the critical role that data and analytics play in protecting and improving the health of everybody in our society, Risk Analytics are used in a far wider-reaching way in Healthcare. How are predictive analytics applied in this industry and what does the use of Risk Analytics within Healthcare look like post-pandemic? Risk Analytics in Healthcare Even before the pandemic, data and artificial intelligence were becoming common instruments to create models to make future predictions and reduce risk in the delivery of care, based on real-time and historical data. Indeed, data-based risk assessments allow Healthcare professionals to support better patient care, make stronger informed decisions in terms of management, supply chains and resource allocation (including equipment maintenance) as well as lower the total cost of risk – financially, operationally and reputationally. In the face of uncertainty during the pandemic, for example, contact tracing based on patient data, infection testing, and location proved an effective way to mitigate the Covid-19 spread and its impact on the Healthcare sector.Bed shortages in certain wards were prevented with capacity tracking, medicine and pharmaceuticals requirements were predicted and redirected to avoid medicine shortages, and staff were more effectively deployed to allow optimal patient-to-staff ratios, Deloitte said. Envisioning Healthcare post-pandemic Investment in effective Healthcare Risk Analytics programmes is crucial and Healthcare executives have recognised the benefits. According to a 2019 survey, 60 per cent of those polled said their organisation had adopted predictive analytics. 42 per cent of those said they had seen improved patient satisfaction, and 39 per cent said they had saved costs. And this trend is set to continue. Against the context of shortages and funding strains, Healthcare facilities are poised to invest in Risk Analytics technology to reduce stress on their existing networks, systems and finances and improve work agility as we recover from the pandemic and prepare for potential similar situations in the future. According to a 2020 survey, 90 per cent of healthcare experts said they saw high potential for artificial intelligence and big data to support clinical trials, whilst 63 per cent of those surveyed said they expected analytics to enable innovation in operations and finance in the next decade.If you’re looking to build out your Risk team, or searching for your next role, we can help. Take a look at our latest Risk Analytics jobs or get in touch with one of our expert consultants to find out more.
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