60% of payers, providers plan to allocate spending to predictive analytics

Payers and providers plan to put their money toward predictive analytics, with a majority of them — 61 percent — expecting the investment to pay off, according to the 2019 Predictive Analytics in Health Care Trend Forecast survey conducted by the Society of Actuaries.

Of those surveyed, 60 percent of payers and providers said they plan to dedicate 15 percent or more of their spending to predictive analytics this year. Many of these respondents predict that investments in predictive analytics will save their organization 15 percent or more over the next five years.

Executives are also getting in on predictive analytics. Sixty percent said they are using predictive analytics within their organization, which represents a 13-point year over year increase from 47 percent in 2018.

When it comes to predictive analytics, 23 percent of payer and provider executives believe the future lies within data visualization, while 16 percent are focused on machine learning. However, to achieve success, organizations must overcome the problem of "too much data," which 16 percent of providers said was the biggest barrier to implementing predictive analytics.

To access to full report, click here.

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