Predictive Modeling Could Create Better Sightlines to Forecast Finances

Predictive Modeling Could Create Better Sightlines to Forecast Finances. An graph going up to the right with the arm in a suit jacked holding a magnifying glass over the upper ward pointing arrowhead at the top of the graph.Predictive modeling has helped hospitals and health systems project clinical outcomes, enhance workflows and identify patient preferences, but this tool may also give leaders better intelligence to forecast finances amid this year’s economic uncertainties.

Some provider organizations use predictive modeling to prepare for shifts in the insurance market, the economy, utilization, consumer behavior and future waves of infection disease, notes a recent PwC forecast. And data from a PwC survey conducted last fall found that 74% of health care executives planned to invest more in predictive modeling this year.

To make smarter decisions in real time and develop a more resilient business model, health care leaders need to better understand supply and demand — something that predictive modeling can help achieve, Gurpreet Singh, health services sector leader at PwC, told MedCity News.

Predictive modeling applications can also benefit other areas of provider organization operations.

Customer relationship management tools, for example, can help predict demand and suggest the optimal channel for virtual or in-person care. Analytics platforms that can identify at-risk patient groups for targeted care are another type of predictive modeling technology. Data from these systems can help hospitals and health systems provide more personalized wellness care to potentially reduce hospitalizations.

Newer-generation predictive modeling platforms use more data elements than earlier systems to deliver more accurate predictions, some experts note, and also link predictions from the analytics to interventions.

AHA Center for Health Innovation logo

Related Resources

AHA Center for Health Innovation Market Scan
The AHA Center for Health Innovation’s Market Scan newsletter provides insights and analysis on the field’s latest developments in health care disruption,…
AHA Center for Health Innovation Market Scan
Digital health startups are on a roll in raising record levels of venture capital and their impact is growing on consumers, providers and the way care is…
AHA Center for Health Innovation Market Scan
MasterCard and Verizon, have launched their first significant health care initiatives. MasterCard is partnering with b.well Connected Health to offer a digital…
AHA Center for Health Innovation Market Scan
For all the challenges the pandemic has presented, it proved two important points. First, hospitals and health systems demonstrated that they could rapidly…
AHA Center for Health Innovation Market Scan
Advocate Aurora Health recently launched a subsidiary, Advocate Aurora Enterprises, focused on investing in companies that improve the overall health and well-…
AHA Center for Health Innovation Market Scan
The landscape is littered with failed ventures from well-intentioned, well-funded startups that set out to overhaul the employer-sponsored health care system.…