The Internet of Things (IoT) space has expanded rapidly in the last decade. The technology consists of smart devices that link up with one another through mobile applications, providing companies with innovative solutions that were previously unavailable.
In 2018, the national per capita healthcare expenditure in the U.S. is projected to be about $11,193. This number has been steadily growing over the years. What’s most alarming about this figure is that it’s double what other ‘rich’ countries are spending per person. Surprisingly, this high expenditure does not come with better health outcomes and hospital revenues have plateaued.
Big data, bioinformatics, predictive analytics or genomic medicine are all buzzwords that get tossed around often. It is true that more data is generated every day than we can possibly assimilate, but predictive analysis is what helps us to use this data appropriately. It, in fact, is no stranger to health care and has been used in many breakthroughs through the years, one among them being the Human Genome Project. This example changed sequencing from a manual to an automated process and saved time, money and increased accuracy – and that’s predictive analytics benefits in a nutshell.
Predictive analytics (PA) is transforming virtually every industry, from sports and banking to healthcare. This technology is essential in advancing the healthcare industry, as it offers a full-fledged idea of what a patient’s medical history looks like and compares it to data from patients with similar histories.
Machine learning has the potential to transform the healthcare industry, which routinely deals with large volumes of data, probabilities and real-time data streams from wearable sensors, along with other monitors and equipment. This technology can help us process and make sense of the data, which may then be used to improve patient care in significant ways. From improved treatment efficacy to greater insight into a patient’s condition and even reduced healthcare costs, machine learning will almost certainly prove to be a game changer for the health and wellness industry.
We’re on a technology bell curve and we’re moving fast. It’s as if humanity has placed a magnifying glass on innovation that’s transforming us into the Jetsons at an alarming rate. Warby Parker, one of America’s favorite start-ups, has certainly been carrying their share of the weight. Just this month, they released a mobile eye exam that can produce a usable prescription (if you’re lucky). Read More