The United States spends more per person on healthcare than any other developed country in the world (OECD). Unfortunately, though, its health outcomes are among the worst. A key factor in the healthcare reform debate of 2009 was reducing annual expenditures while improving patient outcomes.
One way to accomplish this: big data. With effective analysis, hospitals have reduced the wasteful spending caused by duplicate patient records, identified patients most at risk of needing further expensive procedures, and cut down on patient readmissions. If initiatives like these continue to bear fruit, McKinsey estimates big data could help save the US healthcare system more than $300 billion per year.
Credit unions may not be saving lives, but they do play an active role in financial wellness. Big data (or small data) done right can help deliver personalized, tangible help.