Use of predictive analytics is helping to reduce costs at payers, providers: survey

The use of predictive analytics at healthcare payer and provider organizations is growing at a steady pace, with almost two-thirds of executives (60%) saying they are using the technology within their organizations, according to a new survey from the Society of Actuaries.

The use of predictive analytics grew 13% from 2018, the survey of 200 provider and payer executives found. An additional 29% of executives who say their organizations don’t currently use predictive analytics plan to do so in the next one to five years.

Most executives are using predictive analytics to reduce costs and improve patient satisfaction and the survey found that these organizations are seeing results that align with the outcomes they’re targeting. Forty-two percent of executives cited reduced cost and 39% cited improved patient satisfaction as actual results from implementing predictive analytics.