SANTA CLARA, Calif., May 11, 2017 /PRNewswire/ -- Healthcare analytics is widely considered as a key enabler of value-based
"The cumulative maturity of the U.S. analytics market will be streamlined by timely intervention from CMS which strongly advocates the need to measure and benchmark patient outcomes through information technology (IT)," said Digital Health Industry Analyst Koustav Chatterjee. "This year, the healthcare market is likely to accelerate the adoption of best-in-class analytics solutions, mainly for quality reporting which is an integral component of value-based care and population health management (PHM)."
US Healthcare Data Analytics Market, Forecast to 2020, new analysis from Frost & Sullivan's Digital Health Growth Partnership Service program, defines best practices in terms of design, deployment and governance of clinical, financial, and operational data analytics solutions by payers and providers in the U.S.
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U.S. healthcare data analytics market is expected to grow at a compound annual growth rate of 15.0 percent through 2020. The key driver for growth will be the steady expansion of analytics beyond population risk assessment and quality reporting to other major opportunity areas, such as precision medicine, clinical surveillance, administrative automation, revenue cycle management, supply chain optimization and clinical asset utilization.
"A significant challenge in the market is the low interoperability between incumbent and emerging IT solutions, which restricts the effective sourcing, harmonizing and normalizing of disparate patient data at an enterprise level," observed Chatterjee. "Large health systems, embracing value-based care across different departments, are compelled to utilize multiple analytics partners for comprehensive patient data analysis and visualization. This challenge requires the entry of next-generation health data analytics solutions that connect those siloed departments and remain highly scalable," he added.
While the need for both platform-based offerings (built in with PHM, EHR-electronic health records, RCM-revenue cycle management and CDSS-clinical decision support systems) and modular analytics solutions will intensify, vendor selection will remain tedious since the U.S. healthcare analytics market is highly fragmented. "Participants must clearly communicate the cumulative benefits of analytics deployment on enterprise cost, quality and outcomes across all levels and to all potential users in order to penetrate or thrive in the market," he explained.
Major market participants include Health Catalyst, IBM Watson Health, Cerner, athenahealth, Arcadia, Medicity, Tableau, ZeOmega, and SCIO Health Analytics which are leveraging predictive analytics to support visionary innovations in precision care.
"Care providers will be most receptive to use healthcare data analytics to identify, assess and benchmark cost trends by payer, patient and physician mix, whereas payers are likely to opt for these solutions to identify quality-adjusted and evidence-based target prices for every episode of care," noted Chatterjee. "On the vendor side, specialty-specific solutions will gain prominence among providers striving to benchmark chronic conditions at a population level. Both traditional and non-traditional players will continue to identify, assess, and collaborate with ecosystem partners to cater to the evolving market needs."
Notes to the Editor
For more information or to schedule an interview with our analysts please contact Mariana Fernandez, Corporate Communications at [email protected].
About Frost & SullivanFrost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
US Healthcare Data Analytics Market, Forecast to 2020K108-48
Contact:Mariana FernandezCorporate Communications North AmericaP: +54 11 4778 3540F: +54 11 4777 0071E: [email protected]
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