Internet of Things is set to digitize the world, with sensory technology in devices, feeding real time data to the internet. It is projected to have economic impact of $3.9 trillion to $11.1 trillion by 2025.
Such impact requires favorable groundwork, like interoperability between IoT systems and data generated must be used to its maximum. There is large potential in developing countries; customers will capture most benefits with users in businesses and other organization with remote monitoring in healthcare etc. The digitization of machines is a revolutionary idea, and even shows promise at this infant stage. Capturing full potential will require innovation and investment.To know more: http://www.mckinsey.com/insights/business_technology/the_internet_of_things_the_value_of_digitizing_the_physical_world

Remote patient monitoring (RPM) is a technology (read wearable) that facilitate monitoring of patients outside the conventional clinical setup. This will basically help increase the intensity of care and decrease the cost of healthcare delivery. Jack Kreindler, MD is chairman, chief medical officer and co-founder of Sentrian, hopes that this technology will help in hugely cutting down avoidable hospitalization and dealing with the problem of chronic diseases which is a burden on every economy. In his special guest feature in Inside Bigdata, he elaborates on Remote Patient Intelligence (RPI). Till very recently this seemed to be a far dream but it seems to change in the near future. Cheaper wearable/bio sensors, omnipresent smart phones, more connectivity, highly evolved machine learning and big data analytics hold the keys for the realization of this dream. For more on the scope of this futuristic technology, follow the link http://insidebigdata.com/2015/06/10/the-promise-of-remote-patient-intelligence/

The healthcare sector is now exposed to data breaches as it has adopted the online mechanism, for maintain health records or say for remote patient monitoring. Data breaches are not only expensive in terms of costs incurred by the healthcare provider but also in terms of patients' lives. Data analytics helps in interpreting unstructured data, which may help to prevent not only data breaches but also (say, medical prescription) frauds.  Big data analytics allows organizations to amalgamate and analyze their data irrespective of the source, type, size or format and finally understand the patterns needed to address fraudulent activities. Again, by updating, pharmacies, doctors, and hospitals on data insights, concerning substance history information of patients, it is possible to take better prescribing decisions and identify potential prescription drug abuse. Read more at: http://venturebeat.com/2015/03/31/big-data-analytics-can-prevent-health-care-fraud-heres-how/

Sigmaway consultants have worked with clients in benefits solutions workspace providing analytics on healthcare plans. For more details visit http://www.sigmaway.us/