Incomplete data is a top concern for hospitals, payers eyeing predictive analytics

Nearly half of healthcare providers (49 percent) and payers (45 percent) are already using predictive analytics at their organizations, according to a recent report from the actuarial professional organization Society of Actuaries.

For the report, the Society of Actuaries polled 218 provider and payer executives between April 23 and May 10 to forecast predictive analytics trends in the healthcare industry. The professional society found most providers (87 percent) and payers (83 percent) indicated they already use predictive analytics or plan to do so within the next five years. However, many respondents cited barriers to deploying these capabilities.

Here are nine of the most frequently cited challenges to implementing predictive analytics, according to responses from the surveyed providers and payers:

1. Incomplete data: 14 percent

1. Lack of budget: 14 percent

1. Regulatory issues, such as HIPAA: 14 percent

4. Lack of confidence in their accuracy: 11 percent

4. Lack of sufficient technology: 11 percent

4. Lack of skilled employees: 11 percent

7. Difficulties with patient matching: 6 percent

7. Too much data: 6 percent

9. Lack of executive support: 4 percent

Four percent of respondents also selected "my organization won't face any barriers to implementing predictive analytics," while an additional three percent indicated "not sure." One percent of respondents selected "other."

To download the Society of Actuaries' report, click here.

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