Healthcare Provider Analytics Market

Healthcare providers need to analyze a large amount of healthcare data generated to make critical decisions that impact individual patients as well as the entire healthcare system. In an effort to improve quality of care and reduce costs, healthcare providers are increasingly turning to IT-enabled business strategies and analytics. Providers mainly use analytics tools and services for the following functions:

• To meet future business requirements and identify process and cost inefficiencies by determining the true cost of delivering care to patients
• Decreasing the risk of hospital-acquired conditions and readmissions by analyzing vital indicator trends in patients
• Increasing profitability by managing resource and utilization costs and identifying the best services to invest in or to outsource
• Measuring quality and outcome improvements of care processes and treatments
• Reporting on quality care delivered by providers and by service lines across the healthcare system

Off late, several providers have started using analytics that make extensive use of data, statistical and quantitative analysis, and predictive models to be more proactive, to make better fact-based decisions, and to take effective actions.

Federal mandates (such as the Health Information Technology for Economic and Clinical Health Act (HITECH) (2009) and the Patient Protection and Affordable Care Act (PPACA) (2010)) are encouraging the use of analytics for quality care and cost containment. This factor, coupled with the growing implementation of EHRs/EMRs; modernizing HCIT infrastructure in hospitals; availability of large amount of clinical data; and the rising need to comply with regulatory standards, improve population health, reduce readmission rates, reduce medical errors, and improve physician’s performance are compelling healthcare providers to adopt healthcare analytics solutions. With the  healthcare industry moving from the fee-for-service model to an outcome-driven model, medical groups and physicians practices are also moving towards the adoption of healthcare analytics solutions for practice improvement, benchmarking, implementing real-time clinical alerts based on evidence-based guidelines, identifying a potential area for improvement, performing periodic reviews, making electronic data submissions to regulatory bodies, tracking prescribing performance and trends, monitoring short-term and long-term patient outcomes, tracking complex clinical scenarios, and assessing and improving financial performance.

The market trend is moving toward an enterprise-wide view of analytics, which results in integrated insights and thereby increased business efficiency and effectiveness. Although most provider organizations collect and store most of the requisite data, this data is rarely standardized, often fragmented, or generated in legacy IT systems with incompatible formats. Providing analytics solutions that can integrate disparate data sets is a market challenge. Also, interoperability issues, high cost of analytics solutions, communication barriers in hospitals, and continued use of existing basic analytics tools (especially in emerging economies)  are some of the major factors expected to restrain the market growth.

The global healthcare provider analytics market is segmented based on component, type, application, end-user, and region. On the basis of component, the market is divided into software and services. Based on type, the market is classified into descriptive analytics, predictive analytics, and prescriptive analytics. Based on application, the market is classified into clinical analytics, financial analytics and operational and administrative analytics. Based on end users, the healthcare provider analytics market is segmented into hospitals & Integrated Delivery Networks (IDNs), physician/medical practices, ambulatory settings, and Accountable Care Organizations (ACO) and Managed Care Organizations (MCO). Based on geography, the market is segmented into the North America, Europe, Asia, and the Rest of the world (RoW).

This report is a comprehensive study of current trends in the market, industry growth drivers, and restraints. These markets are given analysis at geography level to provide exhaustive value market analysis for the years 2013, 2014, 2015, and forecast to 2020. Each market is comprehensively analyzed at a granular level by geography (North America (U.S, and Canada), Europe, Asia, and Rest of the World) to provide in-depth information on the global scenario.

The healthcare provider analytics market is a highly fragmented market with some major players such as Allscripts Health Solutions, Inc. (U.S.), IBM Corporation (U.S.), Verisk Analytics (U.S.), Truven Health Analytics (U.S.), McKesson Corporation (U.S.), Optum, Inc. (U.S.), Cerner Corporation (U.S.), Oracle Corporation (U.S.), and Health Catalyst (U.S.), Inovalon (U.S.), among others.