Big data analytics enhances healthcare costing
06 Feb 2017
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Albatross Financial Solutions have been using our big data analytics expertise to enhance their patient cost benchmarking service.

 

​​Credit: Dreamstime

 

​A recent big data analytics project with the STFC Hartree Centre has assisted Albatross Financial Solutions in optimising the patient cost benchmarking service it provides to NHS Trusts, helping them to validate and predict costs more accurately and establish best practices.

Most of us will contract an illness or incur an injury at some point in our lives and require a medical procedure to resolve it. Diagnosis, consultancy, treatment, aftercare – all of these activities have an associated cost. For most patients, the National Health Service (NHS) foots the bill, but how do they standardise and predict costs in order to allocate their resources efficiently and accurately?

Albatross Financial Solutions provides a Patient Cost Benchmarking (PCB) service that compares and validates detailed cost and activity information from different organisations. This enables NHS Trusts to identify areas for improvement and adjust processes to maximise on resources.

The company wanted to develop a more advanced service providing more detailed insights, but this meant analysing, exploring and interpreting much larger quantities of complex healthcare data at a time, including approximately 40 million records.

The Hartree Centre worked with Albatross to create a new analytics model on a consolidated platform that will enhance decision-making and enable NHS Trusts to benchmark costing criteria more accurately.

Mike Hamilton, Albatross Financial Solutions, said: “Whilst Albatross can deliver detailed individual analysis for our customers, analysing the entire national dataset is far more complex and time consuming. We gave the Hartree Centre two clear objectives during the project’s proof of concept phase and I am pleased to say that they delivered detailed insights in to the entire dataset quickly and effectively. We’ve no doubt that our results will go on to benefit the NHS in future.”

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