In broad terms, healthcare analytics is a process in which data is exchanged, aggregated, and analyzed through digital technologies. The purpose of healthcare analytics can be broken down into three objectives — improving patient outcomes, streamlining cost efficiency, and increasing operational efficiency. In other words, healthcare analytics help healthcare providers offer happier, healthier lives for all.
On a sublevel, these tools help healthcare organizations identify patterns and discover new insights and trends within the growing healthcare data framework. Analytics tools help providers capture, visualize, and analyze this essential data, so they can make informed decisions at the point of care.
That’s why finding a reputable healthcare analytics company is crucial for delivering fast and actionable solutions to major healthcare problems. In this guide, we’ll review the healthcare analytics market and dive into the top-recommended healthcare analytics companies.
Here’s an overview of what we’ll cover:
- Healthcare analytics companies: Market overview
- Healthcare analytics companies: Key considerations
- Top 10 leading healthcare analytics companies
Compare each company as you go and note significant differences to narrow your selection. Keep an eye out for new and emerging companies as the healthcare analytics industry continues to expand.
Healthcare Analytics Companies: Market overview
Valued at USD 35.3 billion in 2022, the healthcare analytics market has quickly evolved and is poised to continue growing at a compound annual growth rate of 21.4% from 2023 to 2030. The ramifications of this industry's advancements can be tracked across several metrics:
- Increased operational workflow efficiencies
- Population health management
- Quality improvement
- Medical cost containment
- Positive patient outcomes
- Improved care management and collaboration
In short, these analytics advancements have directly impacted almost all aspects of healthcare, and are expected to continue causing waves.
Key factors of growth include the rapid rate of technological advancements, massive investments by the healthcare industry, and supporting government initiatives, all of which have facilitated innovation in the healthcare analytics industry.
Currently, there are a variety of companies to choose from when selecting an analytics provider. Each of these companies has various strengths, and it helps to know exactly what you’re looking for when comparing them.
Healthcare analytics companies: Key considerations
Selecting a healthcare analytics company is a complex process that requires careful consideration. Additionally, you still might be unsure whether you’d prefer to build your own analytics platform internally.
Either way, the first step of the process is the same — reflect on your organization’s goals. Knowing exactly what needs to be achieved within a specific timeframe is the best way to eliminate options. Decipher exactly why you need a provider and why now is the breaking point. Is it cost-related? Interested in recouping your time? The reason needs to justify the research, time, and budget required for change.
After solidifying your goals, here are some additional considerations to work through during your research:
- Experience and expertise: Look for a company that has extensive experience and a proven track record of successful use cases. Refer to reputable sources like KLAS Research for impartial industry opinions.
- Customizable applications and integrations: Ensure the company you select can integrate with your existing data sources cleanly and efficiently handle the volume and complexity of your data set.
- Warehousing capabilities: Where will your data be stored? How accessible is it? How well will it be cleaned and made available to analysts? Depending on your organization’s needs, you’ll need to find a provider that makes relevant information readily available.
- Reporting capabilities: What reporting cadences does your organization need? Do you require consistent dashboard reporting for high-risk patients? What about cost efficiency metrics? Determine your needs based on your predefined goals.
- Maintenance and security: Will your provider be able to scale as your organization grows? Do they have sufficient security and privacy measures to protect your sensitive healthcare data? Choose a provider that can keep up with your advancements and adhere to your privacy policies.
- Training and customer support: How steep is the integration learning curve? Does your selected provider offer the necessary training and customer support to get your team up and running quickly? Make sure your provider offers comprehensive onboarding.
Choosing between providers usually comes down to cost. Determine which vendor is worth the necessary cost and time needed to solve your organization’s problems and prevent future operational, cost-related, and clinical flare-ups.
Top 10 leading healthcare analytics companies
Reference the above list of key considerations as you research the following companies and look into their unique areas of specialization. Confer with your team to determine what a long-term solution looks like for your organization.
Founded in 2002, Boston-based Arcadia Analytics is a best in class platform determined to improve healthcare experiences through data-driven insights. The company’s cloud-based data platform helps health providers advance care and research, drive strategic growth, and achieve financial success.
Arcadia’s services include EHR integration, financial optimization for both value-based care and FFS payment models alike, STARS/HEDIS performance, and risk adjustment accuracy. Additionally, Arcadia’s accessible customer insights team offers top-of-the-line scalability, integration, and customization based on your organization’s unique needs.
As a multinational computer hardware company and one of the biggest IT conglomerates in the world, IBM is a household name. IBM Watson Analytics is one branch of the company’s health offerings, which also include social program management and clinical development and decision support among other branches.
Employers, health plans, benefits advisors, and governments use IBM Watson’s analytics platform to make confident decisions faster. Account group reporting, advanced reporting, self-service dashboards, and do-it-yourself reporting capabilities can let you organize your data your way.
Health Catalyst is a leading provider of data analytics that offers analytical applications, data warehousing, and outcomes-improvement services. The company’s machine learning-driven solutions integrate disparate data from across the healthcare ecosystem.
To decrease report building time and increase cost savings, Health Catalyst seeks to eliminate redundant data. Their most popular services include EHR integration, health informatics, and risk and revenue cycle management.
Change Healthcare’s platform “builds consistency, continuity, and scalability across an integrated portfolio” to change healthcare for the better. Data analytics, patient engagement, and collaboration tools help providers determine the most appropriate care path at the most opportune time.
The company’s API integration, artificial intelligence solutions, and advanced data interoperability connect payors and providers and decrease workflow inefficiencies. Additionally, Change Healthcare has won multiple awards and recognition for its ethics, compliance, and customer service in recent years.
Inovalon offers “the nation’s most widely used healthcare cloud platform” to drive analytics-based decision-making. Payers, providers, pharmacies, and life sciences rely on Inovalon for meaningful quality and economic improvements.
With differentiated data, payer, provider, and pharmacy cloud platforms available, your organization can choose a solution that makes the most sense for you. And, Inovalon offers a lot of bells and whistles, from national-scale connectivity and real-time primary source data access to advanced analytics that power over 100 cloud-based solutions.
Offering personalized insight delivery, Optum’s services are known globally. As a leading health service and technology provider, Optum is an American pharmacy and healthcare company founded in 2011 under the parent company UnitedHealth Group.
Optum’s core services include financial and payment services (Optum Financial), clinical services (Optum Care), and medication management services (Optum Rx). Optum analytics works across network planning, service-line profitability, patient care management, and many other solutions to provide tailored insights
At the forefront of improving business intelligence to better medical facilities, Prognos’ industry-leading approach transforms diagnostic and transactional data into actionable insights. Prognos’ health data marketplace, clinical insights, and industry solutions start with analysis instead of data ingestion for faster results.
Prognos Marketplace allows organizations to explore and purchase pre-integrated, patient-specific data on demand to complement your existing data set. This fit-for-purpose real-world data set integration lets your team customize information to suit your research analytics needs.
Founded in 1976, SAS offers business analytics solutions across a variety of industries, from agriculture to banking to healthcare. The company’s healthcare data analytics solutions embed AI, image analytics, and machine learning for improved clinical precision.
Through its partnership with Microsoft, SAS lets your organization get the latest product advancements as soon as they’re available while allowing you to manage your data with familiar Microsoft tools. SAS solutions apply to population health, healthcare operations, and healthcare finance.
MedeAnalytics prides itself on its simple platform navigation, interoperability and flexibility, focused consultative relationships, and holistic mindset. Their offerings include real-time data integration in addition to cloud computing for healthcare organizations across the globe.
The MedeAnalytics platform has “everything you need to make an impact across the healthcare ecosystem” including intuitive visualization, predictive analytics, and benchmarking. MedeAdopt, an onboarding program by MedeAnalytics, gives your team comprehensive training materials and integrated, in-app messaging.
McKesson Corporation is a healthcare service and IT company dedicated to providing revenue cycle management, clinical decision support, and data analytics for research. This company serves hospitals, physician offices, pharmacies, and pharmaceutical audiences alike to improve patient outcomes.
McKesson’s data analytics platform uses supply chain analytics to protect investments, track assets, and minimize risk and redundancies. Their focus on patient engagement can help you tackle everything from hospital readmissions to care collaboration.
Healthcare analytics companies: Summary
Selecting the right healthcare analytics company will depend on your organization’s objectives. Consider formulating a plan ahead of time to preemptively eliminate any unsuitable options. Conduct follow-up research and look into case studies for a more nuanced perspective of each company’s offerings.