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Analytics based Digital Homecare
Analytics based Digital Homecare

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Digital Homecare

When care providers attend to patient’s healthcare requirements at their home settings rather than in a nursing facility or hospital then this is typically known as home healthcare. Home healthcare is thus comparatively more comfortable, less expensive and a long-term solution for many of the healthcare requirements of patients. Although this takes place at individualized locations, still organizations follow standardized processes for data collection to make effective and valuable data analysis so as to bestow value-based care in a better-informed manner to the patients. Home healthcare is thus often interchangeably used with Digital Homecare since this offering is now leveraging telemedicine, assistive technology, rehabilitation and mhealth etc. all under its ambit. The shifting demographic in the industry is resulting in the rise of such patient centric value-based care while better digital reimbursement models are making some of the biggest healthcare organizations globally to turn their focus inward.

As per market research projections, in terms of revenue, the global market of home healthcare was worth about $226 billion in the year 2022 which is poised to grow to $340 billion by 2027 thereby showing a CAGR of 8.5% in this timeframe. Growth of this market is also driven by increasing chronic ailments and substantial requirements in the Asian countries[1].

Modern home care technology coupled with applied analytics are helping organizations to make data driven and informed decisions to accomplish intended goals. The various points of care can leverage analytical tools to be more proactive and predictive in the delivery of care at an individual level. As the focus on analytics in home care increase there is more efficiency and improved results as the demand for home care increases. At the overall healthcare industry level, the market size of predictive analytics is stated to reach $7.8 billion by the year 2025 as most, if not all, healthcare organizations keep this as a key enabler of personalized solutions. As per National Academy of Medicine around $750 billion is spent by US every year on inefficient procedures and inadequate healthcare services[2], analytics based digital homecare can improve this to a huge extent.

Healthcare organizations have access to abundant data owing to various inputs like medical pictures, EHRs/EMRs, medical equipment generated data, insurance claims, administrative data and so on. Thus, this amount of data can be daunting if organizations cannot organize and leverage the same and if the databases do not have the capability to communicate with each other. Home health is gaining importance as the efficiency of service delivery increases with organizations getting a 360-degree viewpoint of the patients that includes socioeconomic determinants, medical history and various other factors thereby bridging the gap between efficient diagnostics and treatment. Fragmented patient journeys and siloed databases are becoming a thing of the past. Just till a few years back there used to be technology systems that were non interoperable and had various information asymmetry between providers which led to medical errors, friction filled experiences of patients and delay in care delivery[3].

How to leverage analytics in digital homecare?

There can be creation of algorithms that help mine clinical data and information pertaining to patient health for understanding patterns thereby predicting outcomes of patients and their ailment development potential. Nursing analytics is another big advantage which can be utilized for the creation of decision support tool for clinical operations of caregivers in home care settings. Predictive analytics can also be leveraged for high-risk patient identification requiring immediate care taking insights from clinical notes. Machine Learning can be used to recommend cures through patient outcome regression with treatments and symptoms analysis.

The major benefits of leveraging analytics for home-based care can be listed in the following 4 points:

  1. Patient centricity: One size fits all model has been taken for home care from a long time but with predictive analytics, algorithms and monitoring device providers are now able to attend to patients on a more individualized basis. Personalized dashboards and alerts are now giving providers and patients alike with critical health information to enable preventive action. Providers can proactively monitor changes. Patient engagement and education is also an important benefit all leading to patient centric solutions.
  2. Reduction in readmissions: Analytics and remote patient monitoring helps care workers to take decisions through various threshold alerts and risk scoring metrics. This helps to prevent readmissions & emergency visits.
  3. Focused outcome: Using predictive analytics, organizations are better able to offer optimized care delivery to better suit patient needs. This helps to keep care workers updated on the health metrics of individuals and patient vitals. Data driven decision are thus more outcome oriented.
  4. Decrease in costs and improvement in bottom line: digital home care organizations can use data driven analytical insights to get advantages in the referral marketplace depending on the ability for collaboration with various other healthcare units and systems that can jointly achieve outcome-based objectives. This converts into more clients thereby more profits while bringing in reduction in costs through prevention of unnecessary and inefficient care procedures.  

In one interesting instance, a major Texas based hospital used insights from above 30 data points in patient records to effectively identify patients who had chances of readmission while they were still admitted in the hospital. The better coordination through analytics helped reduce hospital readmission by 5 percent[4]. Although analytics in home care is being used in various areas but it has still not reached predicted levels and has abundant disruptive potential. Many big organizations in the United States have recently acquired Analytics based Digital Homecare companies to augment and streamline the shift between treatment and diagnostics. This is also facilitating organizations’ ability to connect with patients post their hospital discharge thereby using analytics to coordinate follow up care and social services.

Thus, the obvious trend signifies how Retail organizations are investing in home-based care to better leverage data and analytics, improving access to people with chronic illness as well as elderly population and expand value-based care delivery that can bring down healthcare spend of patients. Evidently, big retail companies want to increase their share of $320 Billion home-based care market[4].

 

[2] https://www.imarcgroup.com/healthcare-predictive-analytics-market

[3] https://www.compliahealth.com/predictive-analytics-in-home-health-where-are-we-now/

[4] https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5018668/

[4] https://www.grandviewresearch.com/industry-analysis/home-healthcare-industry


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Senior Market Research Analyst

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