A Million Trials in 5 Minutes: How Monte Carlo Simulations Could Revolutionize Healthcare
By David Friend and Joshua Lefcowitz
When it comes to using data to personalize medicine, Google and a UK hospital group's partnership to build a personalized healthcare app – using 1.6 million health records – is really just the tip of the iceberg.
Big data analytics in healthcare presents endless possibilities.
Using multi-variate statistical analysis and appropriate modeling, healthcare organizations can go beyond binary analysis to show all the possible outcomes of clinical treatment, insurance premium pricing, business valuations and even personalized medicine in near-real time.
Read David Friend and Joshua Lefcowitz’s full article on Becker to learn more about Monte Carlo simulations’ potential in pricing insurance premiums, valuing businesses and research, and optimizing clinical care.