How do you unleash the power of your data? You protect it.
Data has the power to transform healthcare organizations. Those that work out how to unleash healthcare analytics before their competitors do gain a serious advantage in their market. According to HIMSS, organizations are already using predictive analytics to improve everything from internal operations to patient care. This means they’re deploying AI to analyze thousands of data points and gain an accurate picture of what’s going to happen next, even with the complexity of the regulatory landscape.
As you can probably imagine, this approach has a number of exciting applications.
Healthcare organizations are predicting illnesses, guiding cancer treatment, identifying inefficiencies, allocating resources more effectively, spotting fraud, increasing patient satisfaction, and more. All this means that the global healthcare analytics market is booming. According to Grand View Research, it was valued at 23.6 billion USD in 2020 and is expected to grow at a compound annual growth rate of 23.8% from 2021 to 2028.
But realizing the full power of Predictive Analytics is easier said than done—especially in the healthcare market. This is partly because while data protection is vital in every business, healthcare organizations have much more to lose from a data breach.
Hundreds of national and provincial regulations like HIPAA, PIPEDA, and GDPR govern the use of healthcare data. Any organization that fails to stay compliant is liable to be fined. This cost is additional to any reputational or commercial damage the organization suffers from a breach—making the consequences of any mismanagement more expensive in the healthcare market than they are in most others.
According to Maryville University, the average cost of a healthcare data breach is $363 per record exposed. And when you consider that 3,705 healthcare data breaches of 500 or more records were reported to the HHS’ Office for Civil Rights between 2009-2020, it becomes clear that this isn’t a negligible risk.
So, how can healthcare organizations ensure that their security is sufficient to prevent sensitive data from being made public? It all comes down to their choice of solutions. With the right platform, organizations across the industry can share privacy-enhanced datasets seamlessly. In turn, they can enhance the accuracy of their data-driven insights to innovate and transform healthcare services.
Protegrity can help you achieve just that. With our end-to-end data privacy solutions, you can protect PII and comply with local regulations, while using your data to its full potential. Predictive analytics suddenly become an option to improve every aspect of your services—and gain an advantage over your competitors. Download our healthcare infographic here or contact us to find out more.