The field of data is one that is still growing at a rapid rate within the healthcare industry, particularly as an increasing number of healthcare providers continue to migrate their practices and data management to online platforms or portals. When it comes to the health industry, the utilization of data allows for the identification of areas of risk or improvement within existing routes by medical professionals and administrators. They may now strive to improve the quality of patient care in areas where it is deficient and also work to improve the quality of the patient’s experience as a whole by using this information. This can assist enhance patient care, strategic planning, and resource utilization, all of which can lead to more effective use of available resources.
What is patient data?
To begin, let’s have a conversation about the nature of patient data and exactly what it entails. Information about a patient that is gathered from the patient during treatment or seen and documented by the medical practitioner administering the therapy is referred to as patient data. After being collected and archived, this information is used to generate a diagnosis, which may subsequently guide long-term treatment and the monitoring of trends related to the patient’s overall health.
In addition, the collection of data pertaining to health is essential to the development of new medical knowledge. The collection of data may be used for a variety of purposes, including but not limited to assisting in the diagnosis of uncommon diseases, researching the effects of vaccinations, and “drawing linkages between diseases and lifestyle choices,” among many other things.
What happens once the data is collected?
After the data has been collected, it has to be reviewed so that those working in the healthcare industry and those in administrative positions may determine how to apply it most effectively in order to make the appropriate choices and adjustments. Understanding the information that has been acquired is more critical than it has ever been in light of the growth of global health concerns such as COVID. The field of healthcare data analytics has been significantly influenced by COVID-19. According to HealthITAnalytics, “big data technologies have played an increasingly major part in the decision-making process around health care.” Big data analytics and prediction models are being turned to for assistance in allocating resources, predicting surges, improving patient care and outcomes, and implementing preventative measures. It is not just clinicians who are doing this; policymakers and researchers are also doing this.
How Big is the health care industry?
According to Verified Market Research, the market for healthcare would reach $665.37 billion by 2028. According to the Centers for Medicare and Medicaid Services, the national expenditure on healthcare in the United States hit $4.1 trillion in 2020, or $12,530 per person, and is projected to reach $6.2 trillion by 2028.
The cost of healthcare in the United States is far higher than in the majority of other nations. According to the Commonwealth Fund, in 2018 the United States spent approximately 17% of gross domestic product (GDP) on healthcare. The second-ranked country was Switzerland, which spent 12.2% of its GDP. New Zealand and Australia spend just half as much as the United States, or 9.3 percent, on defense.
Deloitte projects that by 2040, U.S. health care expenditures would increase from an estimated $4 trillion in 2020 to $8.3 trillion. The adoption of innovative health-focused technologies by healthcare providers is a major factor in these high prices. We expect that US healthcare providers and facilities will spend $11.36 billion on cloud-based technology in 2020, a 33.0% increase over the $8.55 billion they spent in 2019.
What is JennyCo?
JennyCo is committed to redressing market inequities in healthcare data by promoting individual ownership of healthcare information through direct remuneration.
JennyCo also allows users to determine who has access to their data and which paid research they wish to engage in. JennyCo resides at the nexus of Healthcare, IoT Data, AI, and Blockchain.
Additionally, JennyCo analyzes the information you enter in order to present you with individualized recommendations within the app. It will be fascinating to observe the development of this initiative over the next many years. With just 250,000,000 tokens in circulation, the tokenomics of JennyCo’s cryptocurrency $JCO are remarkable. This project offers a substantial use case for a sustainable ecosystem. Please watch the following video for more details on this intriguing cryptocurrency medical endeavor.
