In: Accounting
Infograph Assignment
- Choose an article related to the "applications of DM" (e.g. Medical, Education, Research, Military, Industry, etc).
- Summarize the article in an Infograph. Focus on numbers, statistics, success stories, advantages, benefits, etc.
- Use more graphs, figures, numbers, icons, images, and less text.
- Be as creative as possible. Produce a colorful pdf Infograph.
Electronic health records (EHR) are common among healthcare facilities in 2019. With increased access to a large amount of patient data, healthcare providers are now focused on optimizing the efficiency and quality of their organizations use of data mining.
Since the 1990s, businesses have used data mining for things like credit scoring and fraud detection. Today, healthcare organizations are seeking similar benefits from data mining and predictive analytics.
In healthcare, data mining has proven effective in areas such as predictive medicine, customer relationship management, detection of fraud and abuse, management of healthcare and measuring the effectiveness of certain treatments.
The purpose of data mining, whether it’s being used in healthcare or business, is to identify useful and understandable patterns by analyzing large sets of data. These data patterns help predict industry or information trends, and then determine what to do about them.
In the healthcare industry specifically, data mining can be used to decrease costs by increasing efficiencies, improve patient quality of life, and perhaps most importantly, save the lives of more patients.
Proven Applications of Data Mining
Data mining has been used in many industries to improve customer experience and satisfaction, and increase product safety and usability. In healthcare, data mining has proven effective in areas such as predictive medicine, customer relationship management, detection of fraud and abuse, management of healthcare and measuring the effectiveness of certain treatments.
Here is a short breakdown of two of these applications:
Data Mining and its Effect on Privacy
Data mining is proving beneficial for healthcare, but it has also come with a few privacy concerns. Massive amounts of patient data being shared during the data mining process increases patient concerns that their personal information could fall into the wrong hands. However, experts argue that this is a risk worth taking.
“There will be criminals. There will be people who are bad actors. At some point, something is going to get out,” Thomas Graf, chief medical officer at Geisinger Health System told The Washington Post in a 2014 article. “It’s not an irrational fear. At the same time, people die driving every year and we still choose to drive cars, or most of us do. It’s a risk every person has to decide where they fall on the line.”
Others have suggested letting patients choose whether their information can be used for data mining purposes and then providing a tax break benefit to encourage patients to get involved.
“The goal in healthcare is not to protect privacy, the goal is to save lives,” David Castro, Director of the Center for Data Innovation told The Washington Post.
The Future of Data Mining
The shift from written to electronic health records has played a huge part in the push to use patient data to improve areas of the healthcare industry. The adoption of electronic health records have allowed healthcare professionals to distribute the knowledge across all sectors of healthcare, which in turn, helps reduce medical errors and improve patient care and satisfaction.
Data mining is also projected to help cut costs. If the U.S. healthcare industry continues to use big data to drive efficiency and quality, the value could be significant. According to research from McKinsey and Company, system wide data analytics efforts could cut overall healthcare costs by 12-17%.
According to spending data reported by the Centers for Medicare and Medicaid Services, the United States national healthcare expenditure reached $3.5 trillion in 2017. Applying a 12-17% savings to that number, the estimated cost reduction from system wide data analytics efforts could reach between $420 billion and $595 billion.
The future of healthcare may well depend on using data mining to decrease healthcare costs, identify treatment plans and best practices, measure effectiveness, detect fraudulent insurance and medical claims, and ultimately, improve the standard of patient care.
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