Back in 2011, Brad Pitt and Jonah Hill hit the big screen to bring Michael Lewis’ 2003 underdog story of the Oakland A’s to life. Moneyball debuted the application of big data analysis to the sentimental game of baseball. Where once was a game built on a romantic view of skill and big hitters was transforming into a calculated statistical examination.
Moneyball opened people’s eyes to the possibilities and valuable insights that were waiting to be unlocked by predictive analytics, sparking an obsession with data that has expanded to many industries.
Big data and analytics has been rapidly expanding in the healthcare market. Provider organizations can utilize data analytics for a variety of solutions, improving the delivery of patient care and streamlining efficiencies.
But while advanced analytics are seeping their way into many areas of healthcare, one that remains untapped is in accurate forecasts of staffing needs. Using historical census data, predictive analytics can help improve staffing problems by accurately aligning staff to meet patient demand weeks in advance of a shift.
Using time series analysis, predictive models are created and validated and continually refined based on what actually happened to adjust to projections going forward. Within 60 days in advance of a shift, the prediction can get within one staff member of what is actually needed 96 percent of the time.
But data isn’t perfect, and algorithms are not magic. It requires a clear-eyed view to filter out emotional responses to the data to avoid errors….
Source: The Staffing Stream