Services that enhance and simplify the lives of consumers are seamless and personalized. By using advanced analytical tools to make data-driven decisions, businesses improve efficiency and boost profits, but the health care industry lags.
With hyper-personalized medicine, people can receive treatments tailored to their unique needs based on more than just a diagnosis. Combining genomics, proteomics, metabolomics, and big-data-driven predictive analytics has reached a new level of precision medicine. It’s not just the numbers that support this trend, either: the global market for personalized medicine is expected to reach $3.18 trillion by 2025, partly because of the Orphan Drug Act.
Why Is Personalized Data So Important For The Health Care Industry?
Utilizing data to improve consumers’ experiences and care is crucial as the buying journey of healthcare consumers is reimagined – healthcare providers that prioritize personalization could experience a fivefold increase in retention rates. How can data be used effectively? Let’s take a look at two ways to utilize personalized data to better the health care systems.
Customizing Ads to Meet patient-specific needs
With a deeper understanding of each consumer, ad targeting and location-based outreach can be improved. At the beginning of the customer’s health care journey, you’ll be able to attract their attention. Telehealth services and physical healthcare facilities benefit from highly personalized adverts.
This will allow professionals to give their patients the best possible care and ensure that they get the proper treatment thanks to their personalized data.
Creates Long Terms Patient Satisfaction
In the same way that technology allows consumers to become more engaged and informed about their health care, health care organizations can use data to personalize healthcare experiences for every patient, thereby improving long-term customer satisfaction. The development of personalized treatment options based on an individual’s specific medical issues and personal preferences instead of offering a single treatment to all patients encourages the development of lifelong customer relationships.
What Risk Does The Health Care Industry Have Without Personalized Data?
The health care industry has many obstacles that prevent it from progressing. Our ability to analyze and understand data has been greatly hindered by the silos that exist across institutions. Onc, The Office of the National Coordinator for Health Information Technology, and CMS have been working to enact data-sharing policies that will allow patients to have greater control over their health data. But the effort has created significant controversy regarding the balance between privacy risks and accessibility. While patient health data in the hands of bad actors could cause substantial harm, these risks should be weighed against the great benefits that would result from better understanding the data.
With regards to this issue, Stephanie Reel, CIO of Johns Hopkins Health System and a member of ONC’s Health IT Policy Committee’s Information Exchange Workgroup, said, “The next big discovery will come from the … use of technology and information. I don’t want us to [be] too careful and too controlling because I think there is some risk that we will not make that next big discovery or cure that dreadful form of cancer.”
By focusing on data personalization, tailored advertising, individualized care, and a better patient experience, healthcare organizations are positioned to stay competitive in the future. With personalized data, the health care industry as a whole will be able to provide better treatment all around for patients and provide us with a better sense of treatment options.