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Healthcare could benefit from borrowing data analysis from gambling

By Admin | December 05, 2016

In the gambling world, it’s called Monte Carlo, a concept that helps determine outcomes when there are variables to consider.

For complex industries with millions of potential outcomes, analyzing data in a Monte Carlo system was impossible before modern computers. But now, insurance companies could very well use a form of this system to determine best costs for care. For example, they could calculate how many people will get pneumonia during a particular season, or how many women will become pregnant.

There are applications other than cost where a Monte Carlo calculation could help hospitals, such as determining and reducing wasteful practices and abuse. It could even help determine the best course of action where complex medical decisions must be made, taking into account every similar case, what was done, and the outcomes.

For more, read “Financial analysts push 'Monte Carlo' analytics to solve healthcare issues” by Healthcare Finance.

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