50 Surprising Statistics Every Healthcare Stakeholder Must Know

The US is spending more than double the amount of the average healthcare expense of 33 OECD countries around the globe. Around $3.4 trillion was spent on healthcare in 2017. Yet we cannot claim the spendings are sufficient, as there are still millions of people who are living without insurance coverage and proper health care. US healthcare industry needs to adapt to advanced technologies like AI and ML for healthcare software product development. The US healthcare industry is dynamic and changing at a rapid pace. To thrive and grow, every healthcare stakeholder should be able to set the direction of the healthcare system as per their needs. Understanding and analyzing healthcare statistics becomes imperative. OSP thrives on helping healthcare stakeholders with smart healthcare statistics and insights leveraged custom healthcare software development. Here are 50 Insane Statistics Every Healthcare Stakeholder Must Know:

1. The average spending to process 30 billion healthcare transactions stands at $250 billion each year due to poor communication technology.

2.      There is over 50% referral leakage in an average healthcare system.

3.    Over 60% of referring physicians find the referral process inefficient due to miscalculated timelines and inadequate content.

4.      Over 80% of errors in the healthcare system are administrative in nature.

5.      An average of 3 out of 10 tests conducted are redone due to the lack of critical information.

6.      30% of patient visits are uncharted.

7.      Healthcare providers fill out an average of 20,000 forms yearly.

8.      Paper document filings involve a spend of $20 per filing process.

9.      Over 80% of critical medical errors are attributed to miscommunication during care transitions which can be solved with healthcare automation.

10.   The US healthcare systems spend over $150 billion yearly on missed appointments. Automating healthcare practice management can solve this challenge.

11.  One-third of patients report that information from the original caregiver did not reach the specialist in time for their appointment.

12.  Errors in hands-off between providers amount to 20% of malpractice claims. Automating medical billing can provide error-free medical claims in minimal time with reduced claim denials.

13.  Reimbursements amount to approximately $364 million of total loss for healthcare facilities.

14.  Readmission rates, in the year gone by, for Medicare patients stood at almost 20% last year.

15.  Hospitals in the US spend almost $150 billion every year on referral leakage.

16.  Less than half of faxed referrals result in fixed appointments.

17.  A quarter of US healthcare provider spending is administrative in nature.

18.  Caregiving errors related to medication cause over 7000 deaths a year.

19.  90% of healthcare providers are using cloud-based software development in healthcare.

20.  Approximately 17,000 patient records are breached daily.

21.  Over 80% of patients consider their medical records safe from unauthorized viewing with healthcare agencies that are using up-to-date medical products.

22.  Over 50% of patients are concerned about their medical information when exchanged electronically.

23.  In 2018, 5% of patients had to redo a test or procedure due to missing information.

24.  In 2018, 5% of patients had to refill their medical history due to missing information.

25.  14% of patients, in the past year, claimed they had to wait for results beyond a reasonable time.

26.  OTC medications provide $102 billion to the US healthcare system per year.

27.  As of 2017, an average of 15% of Americans was covered under Medicare.

28.  The number of Americans opting for private healthcare plans has tripled since 2004.

29.  Almost 10% of US citizens, in 2017, had no medical insurance.

30. AI algorithms and deep learning were able to diagnose breast cancer at a higher rate than 11 pathologists.

31. AI machines can learn to identify and predict harmful bacteria in the blood with 95% accuracy.

32.  Approximately $2.6 billion are spent on every drug to go through clinical trials, and just 10% of these drugs make it to market.

33.  AI-driven technology can scan over 10-20 million compounds each day, delivering results 100 times faster than traditional pharmaceutical companies.

34.  One such AI technology leveraged for software development in healthcare can analyze almost 70 billion varied cell compounds and provide feedback.

35.  According to a 2016 study, 35,000 physician reviews revealed that over 95% of patient complaints were based on poor customer service, inaccurate paperwork, and negative administrative experiences. The healthcare industry needs integrated healthcare system solutions such as hospital management systems.

36.  John Hopkins Hospital, through AI implementation, a 60% improvement in its ability to admit patients and a 21% increase in patient discharges before noon, resulting in a faster, more positive patient experience.

37.  63% of specialized healthcare facilities, such as radiology and pathology, are receiving value through AI and ML delivery.

38.  61% of patients agree that AI/ ML technology has increased the value of caregiving.

39.  44% of healthcare facilities agree that AI/ ML is delivering increased value at the bedside or point of care.

40.  In a 2018 study, 61% of respondents indicated that AI-driven technologies are providing unprecedented value in telehealth and remote patient monitoring.

41.  77% of healthcare facilities that deploy AI-driven technologies for healthcare software product development indicated support towards clinical decision-making processes.

42.  Another 66% indicated that they used the technologies to gain insights from data sets.

43.  The same study indicates that more than half of the healthcare agencies that deployed healthcare automation through AI-driven technologies are using them for population health management programs.

44.  Another 40% are using these technologies toward precision medicine improvement.

45.  Successful and meaningful application of AI-driven healthcare products is projected to result in annual savings of $150 billion for the US healthcare industry.

46.  The custom healthcare software development market is targeted to multiply tenfold within the next four years.

47.  Machine learning solutions for medical imaging has seen a rapid increase in 2018 and 2019.

48.  Effective application of AI to medical dosage error reduction can result in a savings of $16 billion for the healthcare industry by 2026.

49.  According to a 2019 report, the global artificial intelligence (AI) in the healthcare market was around USD 1.4 billion in 2018 and is expected to reach approximately USD 17.8 billion by 2025, at a CAGR of 43.8% between 2019 and 2025.

50.  The US is likely to lead this regional market, as it is the corporate headquarters of several market players.

Conclusion:

The statistics make it perfectly clear that every healthcare company should be considered a wholesome healthcare strategy before engaging in healthcare automation for their workflow processes. US healthcare system is rapidly advancing but is it all-inclusive? When we boast about our research on oncology and value-driven healthcare services, are we able to provide healthcare to the remotest part of the US?

We need to work on our basics, automate the manual healthcare processes, invest more in interoperability through integrated healthcare system solutions, and be empathetic in our cause. AI can prove a great driving force in our cause to transform the healthcare in near future.