Big Data: Health Care’s Brave New World

Article preview from Medtech Insight - May 2013

Health care is in the midst of a major transformation as data becomes the focal point of vital decisions that will affect patient care and everything used to deliver that care. Just as other industries have found ways to utilize data analytics to turn “Big Data” into a cost savings and efficiency tool, so too is health care moving to embrace the potential of Big Data to both improve patient care and impact the bottom line. For device manufacturers, this shift could bring a fundamental change in the way medical products are assessed, adopted, and reimbursed.

Big Data: Health Care’s Brave New World

Article preview from Medtech Insight - May 2013

Data has suddenly become the hot topic in health care, as the adoption of health care information technology (HIT) is poised to give hospitals an unprecedented amount of digital patient information. The Health Information Technology for Economic Clinical Health (HITECH) Act of 2009, which, in part, mandated the adoption of electronic health records (EHRs), has been the impetus behind this new era of what is being called “Big Data.” Although a number of hospitals initially had to be forced to embrace the technology, these facilities now realize they are starting to collect a wealth of patient information that could prove very valuable. As this shift gains momentum, observers are beginning to speculate about how the Big Data trend might change a number of established protocols that determine how patients are treated and how new products are approved and adopted.

The initial objective of this effort to pull health care delivery into the realm of 21st-century technology was to improve patient care and reduce costs. Therefore, every move made to utilize the data is being done with that in mind, and the Centers for Medicare and Medicaid Services (CMS) has established well-publicized rewards and penalties to insure providers remained focused on that goal. Not surprisingly, that focus, and particularly the emphasis on cost control, has also shifted to private payors, who are just beginning to realize how Big Data, and all that it implies, could potentially enhance their control over both the clinical and financial aspects of US health care delivery.

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Medtech Insight newsletter provides insights into the technology and market developments (devices, instrumentation, biomaterials, gene therapy, tissue engineering, etc) impacting a wide range of surgical and non-surgical clinical practices.