Healthcare analytics is the extensive use of data, statistical and quantitative analysis, and emerging analytical models such as comparative, cognitive, and predictive modeling that help reveal and understand historical data patterns, predict future events and prescribe the best course of action.
The amount of data in healthcare is increasing at an astonishing rate. To improve the quality of healthcare while minimizing the costs, it‘s necessary that large volume of data generated should be analyzed effectively to answer new challenges. It requires a technology that helps to perform a real time analysis on the enormous data set.
Healthcare analytics tools help reveal and understand historical data patterns, predict future events, and provide actionable insights to make fact-based decisions and improve clinical, financial and operational performance of healthcare organizations. Analytics is rapidly gaining traction as it helps healthcare systems reduce healthcare costs, improve quality of care and abide by the regulatory requirements.
Thus, effective use of analytics in the healthcare industry can improve current care but more importantly can facilitate preventive care.
Here are the leading 10 companies operating in healthcare analytics market –
Founded in 1896 and headquartered at Chicago, Illinois, U.S.; Allscripts Healthcare Solutions, Inc., delivers information technology solutions and services to help healthcare organizations achieve optimal clinical, financial and operational results. The company operates through three business segments – Clinical and Financial Solutions, Population Health, and Netsmart. The company offer solutions to advance the quality and efficiency of healthcare by providing electronic health records (EHR), financial management, population health management and precision medicine/consumer solutions. The Population Health segment of the company offers Allscripts CareInMotion which is community-connected population health management platform that delivers care coordination, patient engagement, connectivity, data aggregation and analytics.
The connectivity and data aggregation section of population health management solutions include dbMotion solution, dbMotion EHR agent, dbMotion Collaborate, and Allscripts Clinical Analytics Gateway.
With its subsidiaries and strong network of distribution, the company has its presence in countries/regions such as U.S., Canada, U.K., Australia, the Middle East, and Asia.
Founded in 1979 and headquartered at North Kansas City, Missouri, U.S.; Cerner Corporation is a leading supplier of healthcare information technology solutions. Cerner solutions are offered on the unified Cerner Millennium architecture and on the HealtheIntent cloud-based platform. Cerner strengthened its services portfolio with acquisition of Siemens Health Services (now referred to as “Cerner Health Services”) in February 2015.
The company operates through four business segments – Services, System sales, Support and maintenance, and Reimbursed travel. The company offers Cerner Millennium platform across multiple clients, which allow offering low-cost, high-value solutions and services to smaller community hospitals and critical access hospitals.
With a strong network of its subsidiaries and distributors, the company has its geographic presence in Africa, Asia, Central America, Europe, Middle East, North America, Oceania and South America.
Founded in 2005 and headquartered at New Jersey, U.S., CitiusTech Inc. provides healthcare technology services and solutions to medical technology companies, providers, payers and life sciences organizations. The Company enables healthcare organizations to drive clinical value chain excellence, across integration & interoperability, data management, performance management, predictive analytics & data science and digital engagement.
The Company offers four platforms namely BI-clinical, H-scale, Medictiv, and Score+. The Company has its global presence across North America, U.K., India, Middle East and Singapore.
Founded in 1979 and headquartered at Wisconsin, U.S., Epic Systems Corporation (Epic) is a health IT company best known for its EHR system. The company provides EpicCare, predictive analytics and embedded decision support tools for clinical practices to deliver safe and high-quality care. The company serves community hospitals, academic facilities, children’s organizations, safety net providers, and multi-hospital systems. Apart from software, the company also offers implementation, training, optimization, architecture, and content services.
The company mainly has its geographical presence in the U.S., The Netherlands, Australia, Denmark, Middle East, and Finland.
Founded in 2008 and headquartered at Utah, U.S.; Health Catalyst provides data warehousing platform, analytics applications and outcomes-improvement professional services. The company helps health systems improve clinical, financial, and operational outcomes needed to improve population health and accountable care.
The company‘s analytical platform includes health catalyst data operating system, and health catalyst analytics platform. The company has its geographical operations in North America, Europe, Asia-Pacific, Latin America and Middle East & Africa.
A report into the projected growth of the current healthcare analytics market by Meticulous Research® has produced some incredible forecasts for the industry. By 2023, it’s expected to have grown at a CAGR of 25.5%, reaching over $33 billion.
Founded in 1911 and headquartered at New York, U.S; International Business Machine (IBM) Corporation empower leaders, advocates and influencers in solving the world‘s biggest health challenges. The company operates through five business segments – Cognitive Solutions, Global Business Services, Technology Services & Cloud Platforms, Systems and Global Financing. Cognitive Solutions comprises a broad portfolio of capabilities that help IBM‘s clients to identify actionable new insights and inform decision-making for competitive advantage. This business segment delivers a full spectrum of capabilities, from descriptive, predictive and prescriptive analytics to cognitive systems. The company provides end-to-end solutions for providers, health plans, employers and pharmaceutical and bio-tech organizations.
The Company has a strong geographical presence across Americas, Europe, Middle East & Africa, and Asia-Pacific.
Inovalon was founded in 1998 and is incorporated in Delaware. The principal executive offices are in Bowie, Maryland, U.S. Inovalon is a leading technology company that combines advanced cloud-based data analytics and data-driven intervention platforms to achieve meaningful impact in clinical and quality outcomes, utilization, and financial performance across the healthcare landscape.
The Company has its presence across U.S.
Founded in 1833 and headquartered at California, U.S.; McKesson is the leading provider of healthcare supply chain management solutions, retail pharmacy, community oncology and specialty care, and healthcare information technology across the globe. The company operates its business through two segments, McKesson Distribution Solutions and McKesson Technology Solutions. Mckesson Technology Solutions segment provides clinical, financial, and supply chain management solutions to healthcare organizations. In March 2017, McKesson and Change Healthcare Holdings, Inc. (CHC), a leading provider of software and analytics, network solutions and technology-enabled services, merged to create a new healthcare information technology company named Change Healthcare.
The company combines substantially all of CHC‘s business and the majority of McKesson Technology Solutions (MTS). The company has a global presence across U.S and foreign countries.
Founded in 1994 and headquartered at Texas, U.S.; MedeAnalytics, Inc. is engaged in orchestrating the data sources into, cloud-based analytics platform. The Company helps in delivering the insights of organization needed to make even smarter decisions, remove barriers in workflow, unlock the data potential, and improve the clinical, financial, and operational outcomes.
The Company provides solutions for providers and payers in different segment namely, revenue cycle management, value-based performance, enterprise analytics, enterprise performance management. The Company has its geographic presence mainly in the U.S and the U.K.
Founded in 2013 and headquartered at Colorado, U.S.; NextHealth Technologies is engaged in reducing cost and driving positive healthcare outcomes for health plans and their members. The company‘s platform runs through a loop that includes NextData, which aggregates and analyzes data from multiple sources.
The products offered in the platform are NextData, NextInsight, NextLift, NextNudge, and NextHealth Dashboard. The company has its presence in North America.
Popular mentions- UnitedHealthcare Group, Oracle Corporation, SAP SE, SAS Institute Inc., SCIOInspire, Corp., Tableau Software, Inc., TIBCO Software Inc., Verscend Technologies, VitreosHealth, and Wipro Limited
Authoritative Research on the Healthcare Analytics Market
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