Big data analytics and NLP: How health plans can make more money -- and keep it

Natural language processing is an emerging area that can help unlock value from the vast stores of unstructured data that account for as much as 80% of all clinical data. UPMC Health Plan does just that.

Big data analytics in healthcare has largely been about looking at claims, electronic health records (EHR) and other forms of structured data. Natural language processing (NLP) is an emerging area that can help unlock value from the vast amounts of unstructured data that are pervasive in healthcare. In the emerging era of value-based payments, risk adjustments may well determine the difference between profit and loss for the health insurance industry.

UPMC Health Plan, the health insurance arm of the University of Pittsburgh Medical Center (UPMC), has deployed NLP-based technology and big data analytics to efficiently process millions of pieces of documentation to accurately identify risk adjustment possibilities and capture incremental revenue.

How big data is changing the face of healthcare

We are living in a world dominated by data and its usage. Compilation, assessment, analysis and the systematic usage of available data to improve services forms the bedrock of many industries today. Data mining and data analysis, as it is called, hugely support the functioning of a large number of industries. Prominent among them are online sellers and retail outlets which examine and analyse every footfall and use the information to improve their performance and service delivery.

With the onset of big data analytics, things have not quite been the same in the field of medicine too. Much like in many other industries, this tool today is being used to revolutionise healthcare, improve delivery, systematise research and achieve better diagnosis.

The Multi-Billion Dollar Robotics Market Is About to Boom

Here’s another sign that the robotics industry is poised to see big gains in the future.

On Wednesday, a report by International Data Corporation said worldwide spending on robotics and related services will hit $135.4 billion in 2019. The research firm said that global robotics spending in 2015 was $71 billion, and is set to grow at a compound annual growth rate of 17%.

Lumping together everything from robot software to hardware components to robot services (like robotic hotel receptionists) in its tally of robotic spending, the report’s authors explain that the total spend on robot services, business consulting, education, and training will eventually eclipse sales of the robots themselves by 2019.

“Robotics as a technology has really reached its tipping point,” said IDC Manufacturing Insights research manager John Santagate in a statement. “Robotic capabilities continue to expand while increasing investment in robot development is driving competition and helping to bring down the costs associated with robots.”

The authors said that the two fastest growing industries for robotics are healthcare and process manufacturing, which is a branch of manufacturing that involves developing products based on recipes or formulas, like sodas or drugs.

Currently, the manufacturing sector is purchasing the most robots and related services. But the report explained that the healthcare sector is expected to see a bump in robotics purchases, with spending expected to double by 2019.

Read More: http://fortune.com/2016/02/24/robotics-market-multi-billion-boom/

The rise of robots, virtual reality coming soon

Virtual reality and robots could soon become more commonplace in U.S. homes if recent predictions for 2016 play out.

Technology improvements, new gear rollouts and lower costs are expected to spark greater interest in virtual reality technology from Facebook's Oculus, Google as well as Sony, HTC and others, according to Juniper Research.

Two consumer devices are already available: A VR headset made by Oculus for Samsung Galaxy smartphones, and Google Cardboard, which works with any smartphone. Juniper expects those devices and competing gear to get even more popular over the next five years.
"The technology is now poised to transform the entertainment industry, including games and video, in the next few years, whilst offering the potential to quickly expand into other markets such as industrial and healthcare," according to a recent Juniper report.

"We might get to a point where there's enough ubiquity of virtual reality where you can really build a company in this market today," Box CEO Aaron Levie said in an interview with CNBC. Levie's firm sells enterprise software for content management and file sharing.

There are already more than 200 companies developing virtual reality technology including hardware and software, and they're worth a combined $13 billion, according to research from VB Profiles.

Read More: http://www.cnbc.com/2015/12/11/the-rise-of-robots-virtual-reality-coming-soon.html

Self-Service Tech Market to Exceed $31B by 2020

The global self-service technology market will exceed $31 billion in five years, according to a report by Allied Market Research. The market will have an annual growth rate of 13.98% that will be largely driven by enterprises operating in sectors such as retail, banking, and healthcare.

According to the study, the self-service technology market is driven by the need to provide more convenience to customers while also saving on costs. With self-service kiosks, organizations can provide more convenient and efficient service while cutting down on manpower. The survey found that “North America accounted for the maximum adoption of self-service technologies with 44% share in the overall global revenue.”

Healthcare Facilities Using Self-Service Kiosks

Around the world, healthcare facilities are using self-service kiosks to give their patients a better experience. In Bolivia, Novant Health Brunswick Medical Center is now offering patients new self-service kiosks that let them check-in for preregistered appointments. The kiosk lets patients “update demographic information, review insurance information, scan ID and insurance cards, sign consent forms with an electronic signature, make credit card payments on previous account balances.”

Patients are encouraged to use the self-service kiosks in an effort to make healthcare simpler and more convenient. In Tennessee, Maury Regional Medical Center is letting patients use self-service kiosks to pay for their healthcare with any major credit card, checking account, or PayPal account.

Healthcare facilities are looking to self-service kiosks to provide quick, accurate, and efficient services. With self-service kiosks, patients can check-in quickly instead of waiting for a staff member to sign them in. In addition, instead of tediously entering the same information into multiple different forms, patients can use self-service kiosks to fill out forms electronically. The healthcare industry can benefit from the automation that self-service kiosks provide.

Read More: http://www.acuantcorp.com/Self-Service-Tech-Market