DATA ANALYTICS IN HEALTHCARE INDUSTRY part 1

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A quote by Anton Chekhov (1897), “All of life and human relations have become so incomprehensibly complex that, when you think about it, it becomes terrifying and your heart stands still.”

Health is the most integral part of life. In the healthcare industry a vast amount of data is generated from different segments of healthcare organizations such as payers and providers. However, like other sectors ranging from retail to banking, who have already leveraged the potentials of big data, the healthcare industry has not yet fully explored the importance of big data in deriving valuable insights from such vast amount of data at hand. For example, Grocery stores determine the loyalty of their customers by identifying the sales patterns, giving discounts and special offers, having a mix of products which not only improve their profits but also, increases their customer satisfaction. Claims providers and payers, the pharmaceutical industry has now only utilized big data to tackle issues such as changes in the quality of healthcare services, reducing fraud and abuse of claims, improved care. Due to the intricacy and a large amount of data, it poses a huge challenge in analyzing these medical data and its applications in a practical healthcare environment. According to the National Health Expenditure Accounts (NHEA), the healthcare expenditure in the U.S increased by 4.3 percent in the year 2016 wh