18-11 Segment 2: Big Data and Healthcare

 

Copyright: 6okean / 123RF Stock Photo

 

Big data is changing almost every aspect of modern-day life. Healthcare is one of the most recent adopters of big data collection. Paddy Padmanabhan, a healthcare IT expert and CEO of Damo Consulting, says over the past ten years health records have been moved to digital files, but most of the time the advantages of doing so are not fully utilized. Most of the time, health providers do not share information with each other, so when you go to a new provider they have to start from scratch.

Padmanabhan, also the author of The Big Unlock: Harnessing Data and Growing Digital Health Businesses in a Value Based Healthcare Era, advocates for evidence-based healthcare, which entails providers are accountable for providing data which illustrates they are delivering acceptable care at an acceptable price. Consumers have more financial responsibility than ever for their healthcare cost. Previously, when insurers would pay providers directly and in far higher percentages, patients had almost no idea of the actual cost associated with their treatment. Providers had incentive to charge whatever they could get away with. Today, patients have more choices and providers are forced to offer more transparency. Big data is the next logical step if the goal is to improve accountability.

Eventually, so much healthcare data will be available that artificial intelligence will be needed to assist in diagnosis and recommend possible treatment options. There is such a vast range of potential applications for the data. For example, sequencing you genome can provide far more information that your medical history alone. There are, however, downsides to the collection of this data. There is potential for the data to fall into the wrong hands, primarily the possession of insurance companies who could use the data to predict complications extremely accurately. Eventually, insurers could refuse to cover certain individuals because they could predict the high cost of their treatment, so steps must be taken to protect valuable healthcare data.

Guests:

  • Paddy Padmanabhan, CEO, Damo Consulting and author, The Big Unlock: Harnessing Data and Growing Digital Health Businesses in a Value Based Healthcare Era

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