How a multi-speciality hospital chain unlocked the secret to Capital Allocation
The healthcare industry is a treasure trove of data that remains untapped. Hospitals around the globe can leverage this data to optimize resource allocation and drive better business results. To do this, many hospitals seek specialized tools and techniques that turn raw data into valuable insights.
One such multi-speciality hospital in Bangalore wanted to use data analytics to determine key investment and management decisions. This is where Matrix & Vectors stepped in. By using Big Data analytics and a host of other forecasting tools, we were able to help the hospital successfully achieve their objectives.
The job at hand
The primary objectives of the hospital were as follows:
- To devise an investment plan based on the growth forecast of diseases
- To predict the probable number of Operation Theater (OT), Inpatient (IP), and Emergency Room (ER) cases With this in mind, we analyzed historical data (3 years) on patient demographics and surgery, IP, ER, and OT cases.
retail in store analytics
Data analytics to the rescue
We used a variety of forecasting techniques such as Simple/Exponential Moving Average, Holt’s Linear Trend, The Holt-Winters Forecasting Method, and Autoregressive Integrated Moving Average Model (ARIMA) to determine the way forward.
With these forecasting methods, we assessed 52 IP medical specializations in total, of which 15 of them constituted 75% of all patients. We discovered that the top 5 specializations of the hospital chain were:
- Medical Oncology
The study also indicated that the Surgical Oncology and Medical Oncology departments were growing at a rapid pace, justifying the need for greater investment.
Forecast errors achieved:
|HOLT – WINTER||5.91||–||10.7||7.93||–||–||6.12||–||–||8.05||8.51||36.4||–||14.2||8.82|
CR – Cardio; GT – Gastroen; GN – Gynae; GS – Gen.Surgery; IM – Internal Medicine; MO – Medical Onco.; NP – Nephro; OR – Ortho; PD – Paediatrics; PS – Plastic Surgery; PM – Pulmo; SG – Surgical Gastroen; SO – Surgical Onco; UR – Urology
Data is the answer
From predicting epidemics to curing diseases, and streamlining supply chain to accelerating sales – Big Data & Analytics is changing the face of how organizations work, the world over.
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