pexels rfstudio 3059748

How Healthcare Brands Leverage Advanced Analytics

News Tech

The healthcare industry is a fast moving space of innovation mixed with the primary function of care for ailing patients. Those who’ve spent a great deal of time working with their insurance provider or doctor to overcome an injury or ailment know the power of an advanced network of healthcare solutions that leverage the very best that technology and science have to offer.

Still, many don’t know the immense value of advanced analytics in the healthcare space. Advanced analytics as a discipline leverages cutting edge business intelligence practices (such as machine learning, statistical modeling, and process automation techniques) to create powerful predictive modeling elements that help decision makers shape the future of their large or small businesses. Business intelligence and advanced analytics allow hospital administrators, insurance providers, and even the medical staff that treat your ailments to predict future trends in medical practice and within the treatment arc of your specific needs during each visit and related follow ups.

Indeed, advanced analytics as a discipline makes its way into a variety of different realms of medical care, and service providers who commission these in depth analytics-driven insight creations are growing in number and sophistication as well. From the life insurance industry to projecting treatment paths for millions of ill patients, advanced analytics is a long term winner.

Life Insurance Policies

img

A life insurance policy is built upon the framework of predictive analytics. This is because an insurance policy is essentially a hedge against the prospective costs of medical treatment, bills, and even death itself. Life insurance policies pay a death benefit to named beneficiaries upon the conclusion of a viator’s life. These funds can be instrumental in helping family members when it comes to covering final medical costs, remaining mortgage payments, or credit card bills that haven’t been completely paid down.

The premiums on a life insurance policy are calculated with advanced analytics techniques in order to attempt to turn a profit for the life insurers. As you pay premiums every month, this cash is invested in growth assets that build over time to provide the lump sum that will be disbursed as a death benefit. The object of this arrangement is for you to receive the funds you need to give your loved ones the cash for burial and creditor payoffs if necessary.

That said, many viators find that they no longer need life insurance coverage after these debts evaporate and a terminal illness or accident makes daily tasks more difficult to accomplish.

Viatical Settlement Options

img

A viatical settlement is a great option for aging individuals who no longer require their coverage and are considering letting the premiums lapse (and the death benefit unclaimed as a result). Viatical settlement companies are numerous in the United States and throughout the world, and the process is often the best choice for those seeking to shed their monthly payment responsibility.

The insights provided by the analytics process help viatical settlement brokers match excellent lump sum payout rates with the people who will benefit from them most. In essence, this process is simply the selling of a death benefit to a third party buyer in return for an immediate cash payout. This money is yours, and you can do whatever you want with it. Typically, payouts range from half to around two-thirds of the face value of the life insurance policy but the cash that you receive in the trade gives you the freedom to splurge on a comprehensive holiday package, redo the kitchen, or give your children a little extra cash to cover childcare costs or summer camp. It must be said that, in order to qualify for a viatical settlement, the policyholder must have received a diagnosis of a terminal illness, such as cancer. Policyholders can’t be viators unless they have a life expectancy of two years or less.

Many people who take on viatical settlements opt to pump some of the funds back into their investments, such as the stock market, their real estate properties, or in gold or other precious metal bullion. This transfers your cash payout into a growing asset that can pay dividends in the short term to cover living expenses and make up a portion of your ultimately enlarged estate after you pass on and leave your worldly possessions to loved ones.

Healthcare and Health Insurance

img

In addition to the writing of life insurance policies, health insurance relies on predictive analytics and robust algorithms as well. Health insurance offers a different type of safety net for people who need to see their doctor. We all get sick on a routine basis, but many people choose not to visit their physician for many of their illnesses as a result of higher deductibles and other costs associated with the visit.

Healthcare is changing in the United States though and with it the increased reliance on advanced analytics to create a sustainable and affordable system of healthcare access and insurance coverage for all Americans regardless of the cash value of their homes, cars, or savings accounts.

The healthcare industry is one that relies on cutting edge technology and analytics to create models for success. The future is truly here already in these machine learning and other insight-driven processes.