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Challenges and Opportunities of Big Data in Health Care

Ques 1: The medical technology has elevated the healthcare system of the US along with imposing few challenges onto them. The main challenges can be listed below:

  • Learning Rate: the professionals and healthcare officials may have qualified the respective practice but do not have enough knowledge about the recent technologies. This hampers the efficiency and work speed in the place.
  • Financial Curve: almost out of several billion that are invested in the healthcare system, only a few percent reaches out for medical devices and Technologies. This makes the technology improvement and innovation difficult concerning funds and investment.
  • Compliance: the Centre for Medicare and Medicaid Service (CMS) has initiated electronic records of the patients and other staff while the hospitals and labs have failed to maintain an electronic health record. This heightens the monetary burden and adds more expense (Kruse, et, al., p38, 2016).

Ques 2: Medical Technology has brought about a heap of change. The health records can be digitalised making the flow of information smooth and easy. The innovated scanning devices assist in speedy and less time-consuming recovery. Other than this, the symptoms of certain diseases can be evaluated at a faster rate. Faster testing results in better treatment. There are wearable technologies that can collect data and patient’s history with no time and total efficiency. Technology that monitors the patients is also available. This cuts them from all the recurring visits and extra costs that they pay to the doctors (Agarwal, p1-8, 2018).

Ques 3: Insurance secures the individual or the group against all the financial loses undergone during the health treatment. The risk here is an inevitable and sudden to which, one has to be prepared. If the group is big and has the involvement of larger individuals, the risk payout decreases. While it is always advisable to have the risk covered, for the future instances. Within groups, the risk is low while the insurance amount paid is shared and thus, the risk is shared. Though, the insurance amount payable increases with increasing risk. The insurance must be mandatory to cover and cushion the risk of the patients to secure them economically (Nayak, 2019).

Ques 4: Cost-sharing is those expenses that a patient has to pay through his own pocket. This term, by and large, incorporates deductibles, coinsurance, and copayments, or comparative charges, yet it does exclude expenses, balance charging sums for non-network suppliers or the expense of non-secured administrations. Cost-sharing in Medicaid and CHIP additionally incorporates charges. In medical services, cost-sharing happens when patients pay for a bit of medical services costs not secured by the health insurance. The "using cash on hand" instalment differs among medical services designs and relies upon whether the patient decides to utilize a medical services supplier who is contracted with the medical care plan's organization. Instances of cash-based installments associated with cost-sharing incorporate copays, deductibles, and coinsurance (Dehez, p654-673, 2013).

References for Medical Technology

Agarwal, V. (2018). Smart sensors for structural health monitoring-overview, challenges and advantages. Sensors & Transducers221(3), 1-8.

Dehez, P., & Tellone, D. (2013). Data games: Sharing public goods with exclusion. Journal of Public Economic Theory15(4), 654-673.

Kruse, C. S., Goswamy, R., Raval, Y. J., & Marawi, S. (2016). Challenges and opportunities of big data in health care: a systematic review. JMIR medical informatics4(4), e38.

Nayak, N., Olsen, J., Sree, N., Abrokwah, S. O., Martin, J., & Yung, J. (2019). S. Patent Application No. 16/165,370.

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