Question

Which of the predictive analytics models (Regression, Times Series, Mixed) is most appropriate in healthcare context? Provide the rationale for your choice.

Answer 1

While the historical data has always been the source for analytics when it comes to healthcare, we can say that historical data might not always represent a clear picture of the future, based on the large number of variables that can be associated with future events. We, therefore, need to make use of more than a single method of analytics. While the use of regression can be done in situations where we need to understand the correlation, such as opening up and a new facility and the how well it represented faster response and healthcare, we also need to make use of time series data, especially seasonality, to predict how different seasons in the year are more prone to higher demand than others.

It will also prove to be useful if we have some form of a qualitative analytical process as well since not all the decisions can make use of quantitative analytics. We can, therefore, say that the best outlook is achieved by healthcare using a mixed approach to analytics, with both the time series and regression analysis as well as making appropriate use of qualitative analytical techniques like a focus group to support the decisions from time to time.

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