MIS770 : Foundation Skills in Business Analysis - Medical Malpractice Claim Data - Business Assignment Help
Question Task Id: 0
- University :
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Assignment Task :
The purpose of this assignment is to investigate a dataset utilising the knowledge learned in Modules One and Two. This will enable conclusions to be drawn that ultimately assist in decision making.
The assignment requires you to analyse a given dataset, interpret the results, and then draw conclusions such that you are able to reply to specific questions being asked of you in the form of a business report. (These questions are asked in the following memorandum).
The aims of the assignment are to:
• provide you with some examples of the application of data analysis
• test your understanding of the material presented in the relevant topics
• test your ability to analyse data and interpret your results
• test your ability to effectively communicate your results to others
According to a study published in the US News and World Report the cost of medical malpractice in the United States is $55.6 billion a year, which is 2.4 percent of annual health-care spending. Another 2011 study published in the New England Journal of Medicine revealed that annually, during the period 1991 to 2005, 7.4% of all physicians licensed in the US had a malpractice claim. These staggering numbers not only contribute to the high cost of health care, but the size of successful malpractice claims also contribute to high premiums for medical malpractice insurance.
A report from McKinsey (May 2013) Unleashing the Value of Advanced Analytics in Insurance states: “The proliferation of third-party data sources is reducing insurers’ dependence on internal data. Digital “data exhaust” from social media and multimedia, smartphones, computers, and other consumer and industrial devices — used within privacy guidelines and assuring anonymity — has become a rich source for behavioural insights for insurance companies, as it has for virtually all businesses. Recently, the release of previously unavailable or inaccessible public sector data has greatly expanded potential sources of third-party data. The US and UK governments and the European Union have recently launched “open data” Web sites to make available massive amounts of government statistics, including health, education, worker safety, and energy data, among others. With much better access to third-party data from a wide variety of sources, insurers can pose new questions and better understand many different types of risks.”
Q1. An Overall View of both “Amount” and “severity rating of damage”
Can you provide me with overall summaries of a) the amount of the claim payment in dollars? b) the severity rating of damage to the patient.
a) Is there a difference in ‘MILD’, ‘MEDIUM’ or ‘SEVERE’ claims when comparing males and females?
b) Is there a relationship between the age of the claimant and the amount of the claim payment?
c) The insurance company would like to get an understanding of the relationship between the speciality of the physician involved and claim amount.
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