Question

Summarize a scenario where data mining might provide business value in one of the following industries:

• Healthcare (Insurance, patient care, etc.)
• Banking
• Insurance (auto, home, business, etc.)

Answer 1

ANSWER:-

Data mining might provide business value for following industry:-

• Here, we consider Healthcare (Insurance, patient care, etc.,)
• Previously, it was a rule for every nurse in the hospital to maintain paper-based records of every patient with accuracy.
• Here, accuracy is a very important aspect when it comes to dealing with patient’s health and care and also saving this entire data in the system.
• This is where data mining has proved to be very effective.
• Data mining has been used to uncover patterns from the huge amounts of data that has been stored, which in turn used to build predictive models.
• Improved quality of patient care and reduced health care costs are some of the goals that data mining has helped in succeeding.
• Patients receive affordable and better healthcare services from the hospital.
• Data mining helps in identifying chronic diseases and observes high risk patients keenly.
• Data mining has helped reduce the number of claims, hospital admissions and leads to further streamlining.
• People who take health insurance are now able to detect insurance abuse and fraud.
• Unusual claim patterns are better spotted with this tool and fraud medical insurance claims can be spotted too.
• Through all these, data mining has helped the hospitals throughout in taking better care of their patients and in providing correct diagnosis.
• Hence, all these aspects give a good business value too, from the healthcare sector in data mining.