HealthTech Benefit from Business Analytics with Summary and Advanced Analytics

by Sarah Mason





How Does Business Analysis Support HealthTech?


HealthTech is the field of Healthcare Technology and encompasses Information Systems, Medical Devices, and more. Determining needs, goals, and making data-based decisions requires analysis from gathered facts from resources that are human or machine. Creating a plan, or mapping a project lifecycle, needs critical thinking and the approach of evaluating the past information and now allow for a make-sense approach that produces results that meet goals.


Business Analysis is defined as:


"Process to identify business needs and determining solutions to business problems. Solutions often include a software-systems development component, but may also consist of process improvements, organizational change or strategic planning and policy development."


Analytics is defined as:


"Analytics is the systematic computational processing of data or statistics. It is used for the understanding meaningful patterns in data through discovery, interpretation, and communications including applying data patterns."



Summary Analysis


Summary Analysis is a description of a set of facts often referred to as Descriptive Statistics with the mean, average, max, min, fact count in dataset, and more. This provides a survey of the data collected and can tell a lot about the range of facts collected to help guide decisions for further research or generate the information for effective decisions.


Prescriptive and How


Prescriptive Analytics are advanced process often based on Machine Learning techniques such as regression, pattern matching, and correlation to predict desired outcomes based on features in data for a probable cause and effect relationship in large or big data. Supporting decisions with advanced analytics can provide returns by generating need based requirements to guide projects to roadmap from the current state to the goal.


Conclusion


HealthTech benefits from Business Analysis, simple Summary or complex Prescriptive Analysis, to generate a lifecycle plan for projects from inception to delivery for high Return on Investment (ROI). Generating probability and using information to determine needs for planning and strategy, to defining development, testing, and continual improvement metrics, analytics is a benefit to HealthTech from a business perspective.




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Sarah Mason is a Healthcare Data Analyst and Founder Sarah Mason Consulting LLC.

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