Big Data and Health Economics: Opportunities, Challenges and Risks

Abstract

Big Data offers opportunities in many fields. Healthcare is not an exception. In this paper we summarize the possibilities of Big Data and Big Data technologies to offer useful information to policy makers. In a world with tight public budgets and ageing populations we feel necessary to save costs in any production process. The use of outcomes from Big Data could be in the future a way to improve decisions at a lower cost than today. In addition to list the advantages of properly using data and technologies from Big Data, we also show some challenges and risks that analysts could face. We also present an hypothetical example of the use of administrative records with health information both for diagnoses and patients.

Data and Artificial Intelligence Strategy: A Conceptual Enterprise Big Data Cloud Architecture to Enable Market-Oriented Organisations

“…However, with the increasing amount of data volume, with a variety of formats (unstructured, semistructured and structured) that are produced (and therefore they have to be processed) at high velocity, organizations are now obligated to materialize a new Big Data paradigm [9] capable to adapt to these new challenges. Although, there are several proposals for the use of Big Data adapted to certain sectors [10] [11], the new components of this MO architecture, that solves these Big Data challenges, have not been fully formalized until now.…”

A fuzzy ELECTRE structure methodology to assess big data maturity in healthcare SMEs

“…g 1 25 : The different business units are willing to adopt big data as a new standard within the organization. g 2 1 : Big data management and big data governance. g 2 11 : The organization has hired full-time employees, in ICT or business areas, to assume specific roles and functions in big data.…”

“…g 2 11 : The organization has hired full-time employees, in ICT or business areas, to assume specific roles and functions in big data. g 2 12 : The organization has full-time employees dedicated to the analysis of big data, either ICT or business areas. g 2 13 : A steering committee (or equivalent) is in place to direct the big data approach.…”

“…g 2 12 : The organization has full-time employees dedicated to the analysis of big data, either ICT or business areas. g 2 13 : A steering committee (or equivalent) is in place to direct the big data approach. g 2 14 : Well-defined processes to digitize data are implemented throughout the organization.…”

“…Accordingly, technology for data analysis and the understanding of information is evolving. With these developments, the concept of big data has emerged [1,2]. This concept is already helping industries to become more efficient and effective [3], including organizations in the health care sector.…”