ThoughtSpot for Healthcare
& Life Sciences Analytics

Healthcare analytics is used in the healthcare industry to understand past trends, optimize operations, and make predictions about the future. It can be utilized at both the micro level with individual patient outcomes, as well as at the macro level with broader industry-wide trends.

Since the healthcare industry is broad and involves many different types of organizations, there are numerous applications of healthcare analytics. For example, pharmaceutical companies can run bioinformatic models to find novel new drugs, primary care providers can cross-reference patient electronic health records (EHRs) with hospital databases to perform more accurate diagnoses, and insurance providers can use various third- and first-party datasets to perform their actuarial analysis more efficiently.

Whatever the use or application, properly leveraged analytics data helps organizations make faster and more accurate decisions that ultimately improve the outcomes for patients.

As we learned from the COVID-19 pandemic, it’s essential that the healthcare industry is able to quickly respond to new threats — be it a new virus variant or a supply chain bottleneck. Yet, traditional methods of healthcare are no longer sufficient to meet these fast-moving threats.

Healthcare analytics allows all different types of organizations to leverage the vast amounts of data produced from drug trials, hospitals, electronic health records, supply chains, and much more to better understand both macro and micro trends to get ahead of issues and ideally even predict their path.

For example, throughout the pandemic, the healthcare industry has been constantly dealing with new variants of the virus, while simultaneously addressing supply shortages that limited its ability to fully respond. The good news is that due to new sequencing, data collection, and statistical modeling techniques, we’re actually able to track the spread and mutations of the viruses with pretty high levels of accuracy. This allows doctors and policy makers to prepare for new spikes in cases, while providing pharmaceutical companies valuable data to begin preparing new vaccines and treatments.

Healthcare analytics offers a range of benefits that can help enhance patient care, improve operational efficiency, and reduce costs. Here are four key advantages of healthcare analytics:

1. Improved Quality of Care: Healthcare professionals can use healthcare analytics to improve quality of care by identifying patterns in patient data that can lead to improved treatments and better outcomes for patients. WIth the move to EMRs and EHRs, healthcare analytics can tap into the wealth of data to provide critical insights for healthcare providers about individual patients, the efficacy and effectiveness of different treatment plans, and track patient adherence. In doing so, analytics tools provide insights into treatment trends and patient behavior, enabling providers to make more informed decisions about care.

2. Cost Savings: Healthcare providers and insurers can leverage healthcare analytics to identify inefficiencies and reduce costs by providing insights into the most cost-effective ways to deliver care. Analytics tools can also help pinpoint areas of waste and mismanagement, as well as opportunities to streamline, enabling providers to make more informed decisions about how to allocate resources.

3. Improved Efficiency: In healthcare, time can literally save lives. With healthcare analytics, organizations can optimize operations and improve efficiency by providing a comprehensive view of patient data. With the right analytics tools, healthcare professionals can ask their own data questions to track performance over time, identify trends in patient care, and make informed decisions about how to allocate resources. This helps providers to better manage their resources and ensure that the most effective methods of care delivery are being utilized.

By leveraging the power of healthcare analytics, providers can gain actionable insights into patient data that can lead to improved outcomes, cost savings, and higher efficiency. These advantages make healthcare analytics an invaluable tool for healthcare organizations seeking to enhance the quality of care they provide and improve patient outcomes.

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You are billed a flat $95 monthly fee for Team Edition. There is no annual subscription option for Team Edition. Other ThoughtSpot product editions are licensed via annual contracts.

You are billed a flat $95 monthly fee for Team Edition. There is no annual subscription option for Team Edition. Other ThoughtSpot product editions are licensed via annual contracts.

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