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Most important, firms will discover that they can extract value from the data. A study by the McKinsey Global Institute, a think-tank, found that analysing heal
by nhebb 15y ago
Most important, firms will discover that they can extract value from the data. A study by the McKinsey Global Institute, a think-tank, found that analysing health-care data could yield $300 billion-worth of savings in America alone.
I smell BS. Sounds like they're priming the pump for big consulting contracts.
- DevX101 15y agoI read the report. I think they had the big ideas right, but the quantification of the opportunity was a bit hand wavey. The biggest chunk of that $300 billion was clinical operations, which they said would lead to a $165 Billion savings. They never explained HOW they came up with this $165 billion number, they just asserted it. This category would include things like an IBM Watson helping doctors to diagnose patients, or automated programs to help avoid adverse reactions when the doctor prescribes a drug that he shouldn't have. As important as I think these technologies are, I highly doubt they'll be reducing healthcare expenditure in the U.S. by $165 billion.
- zeratul 15y agoActually, it's more than that (e.g., http://www.nejm.org/doi/full/10.1056/NEJMp1109649 http://www.nejm.org/doi/full/10.1056/NEJMp1109649) but there are two serious bottlenecks: you need medical experts and the data might be too noisy. This means that any medical data mining project will cost a lot of money and half-way in the project you will find out that your data has too much noise. Most people don't want to take that risk, despite that benefits might be enormous. TL;DR: yes it's BS but nothing that high-risk/high-ROI startups couldn't deal with.