Developments in the Healthcare Analytics Market

Wednesday, March 7, 2018 General News
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NEW YORK, March 7, 2018 /PRNewswire/ --

According to research by

Markets and Markets, the healthcare analytics market is expected to reach USD 29.84 Billion by 2022 from USD 7.22 Billion in 2016, at a CAGR of 27.3% during the forecast period. Among the many
factors contributing to the growth of this market are growing government initiatives to upturn EHR (electronic health record) adoption, growing pressure to curb healthcare costs, availability of big data in healthcare, increasing venture capital investments, rising focus on improving patient outcomes, and technological advancements. The report also indicates that with the increasing need for business analytics services and the introduction of technologically advanced healthcare analytics software, the services segment is expected to grow at the highest CAGR during the forecast period. Companies in this sector include HealthSpace Data System Ltd. (OTC: HDSLF), NantHealth, Inc. (NASDAQ: NH), Castlight Health, Inc. (NYSE: CSLT), OneLife Technologies Corp. (OTC: OLMM), OptimizeRx Corp. (OTC: OPRX).

Healthcare analytics is targeting a multitude of issues and challenges in the current global healthcare industry. In a recent report by Transparency Market Research, they state that "healthcare analytics can be an effective tool for stratifying population to cater to public health priorities on an epidemiological basis. It can be of immense value in national preventive care, empowering patients with rights, health policy recommendation, public health financing, efficient government spending in health infrastructure, and facilitate enforcement of healthcare laws for patient protection in developing countries.

In a recent press release, HealthSpace Data System Ltd. (CSE:HS) (OTC: HDSLF) announced that it, "has launched a new web portal on behalf of the Oregon Health Authority ("OHA") that will allow the public to easily find inspection reports for facilities such as restaurants, swimming pools, and hotels. The portal is part of an updated statewide licensing and inspection system hosted by HealthSpace. This updated system will also collect inspection data in a way that will help OHA and county health departments better identify violation trends.

"For the first time people can get inspection results for every licensed facility in the state," said David Martin, Foodborne Illness Prevention Program coordinator at the OHA Public Health Division. "It will also give us improved data that we will use to address risk factors that can lead to illness or injury."

"The rollout exceeded expectations," Martin said. "HealthSpace was released on time and for less than was budgeted. It will be a great tool for our industry and regulatory partners to improve compliance and better protect the public from food, pool and lodging-related illness and injury."

HealthSpace hosts over 40 public facing websites across North America giving the public access to inspection results. HealthSpace President, Joseph Willmott stated, "Our public disclosure sites have been featured on numerous newscasts including NBC's Dateline." Willmott added, "In addition to the OHA testimonial, the non-profit Dining Safety Alliance has endorsed the HealthSpace disclosure sites as being unsurpassed."

"With our advanced verification, inspection and auditing tools we can enhance the public/private engagement to reduce risk and improve safety," Willmott said.

Oregon has about 25,000 licensed food, pool and lodging facilities. They include restaurants, mobile units, commissaries, warehouses, vending operations, swimming pools, spas, travelers' accommodations, recreational parks and organizational camps. All facilities are licensed and inspected locally by county health departments. Inspections are unannounced and focus on items most likely to cause illness or injury to patrons, but also include items such as general cleanliness and maintenance. In a food service facility, the focus is on approved food sources, cooking temperatures, holding temperatures of food, personal hygiene of food handlers and contaminated or dirty equipment. For a public pool or spa, the emphasis is on proper disinfection, clarity, entrapment concerns, proper filtration, and the pool enclosure. Tourist facilities are evaluated for safety and general sanitation concerns.

OHA's online inspection portal can be accessed here. HealthSpace replaces a system known as Phoenix that had been in use by 34 Oregon counties since 1994. This will be the first time that this information is available to the public for 34 of Oregon's 36 counties. Two other counties, Washington and Multnomah, use their own licensing and inspection reporting sites, although Multnomah County will be using HealthSpace starting in March 2018."

Market Sector Related Companies 

NantHealth, Inc. (NASDAQ: NH) is a next-generation, evidence-based, personalized healthcare company enabling improved patient outcomes and more effective treatment decisions for critical illnesses. NantHealth's unique systems-based approach to personalized healthcare integrates novel diagnostics with large-scale, biometric and phenotypic data to track patient outcomes and deliver precision medicine. In addition, NantHealth's adaptive learning system, CLINICS, continuously improves decision-making and further optimizes our clinical pathways and decision algorithms over time. In 2017, the company announced a ranking of 304 on Deloitte's Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. NantHealth's founder and chief executive officer, Patrick Soon-Shiong, MD, credits GPS Cancer™ adoption, the company's ability to offer the latest software technology that supports advancements in precision medicine and the company's 276 percent revenue growth for the significant accomplishment.

Castlight Health, Inc. (NYSE: CSLT) is a leading health benefits platform provider. The company's health navigation platform connects with hundreds of health vendors, benefits resources, and plan designs, giving rise to the world's first comprehensive app for all health needs. Castlight revolutionized the healthcare sector with the introduction of data-driven price transparency tools in 2008 and the first consumer-grade wellbeing platform in 2012. Today, Castlight serves as the health navigation platform for millions of people and is a trusted partner to many of the largest employers in the world. Recently, the company announced results for its fourth quarter and full year ended December 31, 2017. Non-GAAP net loss per basic and diluted share was $0.04, compared to a net loss per basic and diluted share of $0.01. GAAP total revenue was $37.0 million, representing an increase of 24%

OneLife Technologies Corp. (OTC: OLMM), is a mobile medical software/data collection company with a suite of proprietary, patented, medical grade wearable tracking technologies designed to provide patients, physicians, nursing homes, and hospitals with 24/7 real-time centralized, personal, comprehensive health data. On February 27, 2018, the company announced it has entered into an agreement with E2 Performance Inc. granting the company the exclusive rights to utilize E2's patent-pending technologies in the medical and aging markets in any territory, in any market, and for any use. E2 develops and provides technology products for professional and amateur athletes. E2's patent-pending technologies have been proven to increase sports performance and help to improve overall well-being, balance, strength, flexibility, and endurance. E2 technology has also been shown to assist people who suffer from sleep deprivation. OneLife anticipates incorporating E2 technologies into future models of OneLife wearable medical tracking devices and provide an upgrade option for current OneLife devices.

OptimizeRx Corp. (OTCQB: OPRX) is the nation's leading provider of digital health messaging via electronic health records (EHRs), providing a direct channel for pharma companies to communicate with healthcare providers. On December 6, 2017, the company announced a new initiative with Modernizing Medicine to help patients save money and be better educated about their prescriptions. Modernizing Medicine provides a specialty-specific, data-driven and cloud-based EHR system to dermatologists, ophthalmologists, orthopedic surgeons, plastic surgeons, urologists, otolaryngologists and pain management specialists nationwide. Over 10,000 providers use Modernizing Medicine's mobile EHR system, EMA™, including more than 40 percent of U.S. dermatologists.

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