Predictive analytics is employed in many industries to evaluate risk for a loan applicant, project length of life for a life insurance customer, or forecast potential sales in a specific region. Predictive analytics in healthcare is less effectively used, often limited to predicting outcomes or likelihood of readmission for populations versus personalized care for individuals.
Before the widespread adoption of electronic health records (EHR), the healthcare industry did not have the breadth and depth of data available for meaningful analytics. Although the advent of big data has changed the amount of information available to healthcare organizations, there are challenges to using clinical data, financial data and health history information included in EHR data. However, these challenges can be overcome.