The ‘Big Data’ Revolution in Healthcare: Accelerating Value and Innovation
An era of open information in healthcare is now under way. We have already experienced a decade of progress in digitizing medical records, as pharmaceutical companies and other organizations aggregate years of research and development data in electronic databases. The federal government and other public stakeholders have also accelerated the move toward transparency by making decades of stored data usable, searchable, and actionable. Together, these increases in data liquidity have brought the industry to the tipping point. Healthcare stakeholders now have access to promising new threads of knowledge. Pharmaceutical-industry experts, payers, and providers are now beginning to analyze big data to obtain insights. The Big-Data Revolution is in its early days, and most of the potential for value creation is still unclaimed. But it has set the industry on a path of rapid change and new discoveries; stakeholders that are committed to innovation will likely be the first to reap the rewards. xtLytics is building and offering applications and analytical tools that help healthcare insurance providers, physicians, and other healthcare stakeholders identify value and opportunities.