In broad terms, healthcare analytics is a process in which organizations use digital technologies to exchange, aggregate, and analyze data. Analytics software helps providers capture and visualize 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 help you find the right fit by covering:
Healthcare analytics companies help providers offer happier, healthier lives for all by improving patient outcomes, streamlining cost efficiency, and increasing operational efficiency.
Valued at USD 43.1 billion in 2023, the healthcare analytics market has quickly evolved and is poised to continue growing at a compound annual growth rate of 21.4% by 2030. The ramifications of this industry's advancements can be tracked across several metrics:
In short, these analytics advancements directly impact almost all aspects of healthcare and are likely 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 company has various strengths, and it helps to know exactly what you’re looking for when comparing them.
Selecting a healthcare analytics company is a complex process that requires careful consideration.
The first step of the process is to reflect on your organization’s goals. Knowing exactly what you need to achieve within a specific timeframe is the best way to eliminate options. Decipher exactly why you need an analytics provider and why now is the breaking point. Is it cost-related? Interested in recouping your time? The reason should justify the research, time, and budget required for change.
After solidifying your goals, here are some additional considerations to work through during your research:
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.
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.
Recognized five times by KLAS Research, Arcadia Analytics is a best-in-class platform determined to improve healthcare experiences through data-driven insights. The company’s easy-to-navigate, cloud-based data platform connects 2,600 claims and EHRs and processes upwards of 170 million clinical patient records. This holistic view of health helps providers advance care and research, drive strategic growth, and achieve financial success.
Arcadia’s solid foundation of data volume is curated from:
This robust dataset drives financial sustainability for healthcare organizations within a value-based care framework, as well as data-backed patient summaries that provide medical history and predicted gaps in care. Not to mention, this company’s dedicated customer insights team helps providers unlock their potential through services like:
Additionally, Arcadia offers top-of-the-line scalability, integration, and customization based on your organization’s unique needs.
Specializing in data science and AI, CitiusTech strives to transform the healthcare system through innovative technology. This provider’s approach, powered by a deep understanding of healthcare data and KPIs, unifies data for intuitive analysis of health information.
CitiusTech’s next-gen technology and expertise drive accurate and life-saving insights for various departments across the care continuum. From revenue cycle management to value-based care analytics to quality and compliance reporting, this healthcare analytics company supports decision-making in all departments.
Datavant’s primary goal, like most healthcare analytics companies, is to help organizations achieve their data strategies. This real-world data ecosystem powers accurate insights by linking proprietary data (Pharma trials data, social determinant data, etc.) with third-party data (lab data, claims data, etc.).
With connected, secure information, providers can balance data utility with patient privacy, ultimately delivering precise care.
Turning real-world clinical data into real-world evidence (RWE) is Atropos Health’s specialty. This healthcare analytics company produces methodologically credible RWE reports to help organizations:
With GENEVA OS™ (the Generative Evidence Acceleration Operating System), organizations can run queries on their own data. Alternatively, they can access the Atropos Evidence™ Network of approximately 200 million de-identified global patients’ records.
Whether your practice follows a fee-for-service (FFS) model or a value-based-care (VBC) arrangement, HealthHelper exists to close your care gaps. Their tech-enabled service enables providers to improve patient experiences by cleaning their patient panel, running panel analytics, and engaging patients through multi-channel care campaigns.
Additionally, HealthHelper works to reduce staff workload with convenient care gap closure services so you can focus on patient care.
Among the healthcare analytics companies delivering predictive insights, N1 Health stands out as a top contender. Through its cloud-based, AI-driven platform, N1 Health generates meaningful predictions that drive precision in outreach and interventions.
Combining customer data with detailed consumer data, predictive models, and cloud-native technologies, this company helps providers identify the right individuals to engage with and the right interventions to deliver.
Healthcare organizations looking to understand their populations’ health-related social needs should work with Socially Determined, a healthcare analytics company that provides SDoH insights. Socially Determined’s platform, SocialScape®, visualizes a community’s risk across seven SDOH domains, highlighting how and where social risk has the largest impact.
Additionally, this company delivers individual-level social risk scores for each member across five HRSN domains, empowering health plans to design tailored interventions.
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.
Like most healthcare analytics companies, Flatiron uses big data to transform your health data into insights. Unlike other companies, however, this provider specializes in one health need: the infrastructure of cancer care.
Flatiron’s mission “to improve and extend lives by learning from the experience of every person with cancer” drives efficient study data. Offering one of the industry’s first EHR-to-EDC connectors, this company empowers providers and analysts to generate evidence-based insights that improve the patient experience and streamline operations.
Touting a dynamic network of easy-to-use tools, Veradigm is a healthcare solutions provider that aims to help organizations reduce administrative burdens, improve practice financial performance, and enhance patient satisfaction. Veradigm’s medical chart retrieval, EHR capabilities, and other tools deliver actionable insights to drive better outcomes.
Additionally, payers can leverage Veradigm’s platform to enable quality outcomes at a low cost. With high-speed data exchange and risk adjustment analytics, this provider offers advanced tools that positively impact point-of-care decision-making.
Combining molecular, clinical, and real-world data through a HIPAA-compliant blockchain network, Embleema provides unique insights for researchers and patients alike. This company’s personalized health app takes a patient-facing approach to analytics, allowing users to track symptoms, participate in surveys, and share reports with their care providers.
For analysts, Embleema transforms the study experience by streamlining data collection, consent forms, and participant invitations. Then, this provider’s easy-to-use interface highlights participants’ progress in a study and consolidates study tasks for more straightforward workflows.
Cotiviti supports high-quality care by providing advanced data analytics to hundreds of healthcare payers. Using billions of clinical and financial data points, this healthcare analytics company enables payers to improve efficiency while reducing costs.
Cotiviti’s payment integrity solutions shorten time-to-results to less than five days, allowing payers to unlock more incremental savings value with less burden on providers and administrative teams. Additionally, this provider’s risk adjustment services help ensure accurate compensation by optimizing risk-associated revenue and maintaining appropriate compliance.
While other healthcare analytics companies focus on visualizing health data for providers, analysts, and other health professionals, K Health aims to facilitate data collection for providers and health services for patients. Consumers download this health app on their mobile devices, describe their symptoms and other biomarkers, and receive an AI-powered diagnosis and suggested treatments.
Meanwhile, the app anonymously stores patient data for AI-driven analysis. In other words, this solution serves as both a telehealth solution and an EHR all in one.
CareCloud’s analytics and business intelligence tools work together to simplify workflows, boost productivity, and drive better outcomes. Its easy-to-use interface enables users to visualize their data through customizable dashboards, while web and mobile support allows providers to analyze their data from anywhere.
Beyond analytics, this provider’s offerings span from revenue cycle management to digital health solutions for a comprehensive approach to data-driven decision-making.
The future of healthcare is digital, and BrightInsight is here to deliver it. Combining digital health services with powerful analytics tools, this company empowers providers to unlock a wealth of data that informs each clinical and business decision.
60+ customized charts and metrics provide a holistic view of the patient journey, including analysis of patient demographics, engagement, acquisition, and retention. Plus, the system helps health professionals identify pain points and determine what’s working well through clinical and business insights.
Mro is a provider-centric company that aims to accelerate clinical data exchange through tools designed to curate and enrich clinical information. Their configurable, interoperable tools ensure that providers can connect to hundreds of disparate data sources to generate valuable insights.
Sourcing real-world data from the nation’s largest ecosystem of healthcare and consumer data, HealthVerity powers health research with more than 75 HIPAA-compliant datasets. With open and closed claims data, lab results from both Labcorp and Quest, and a myriad of other health data, this company empowers analysts to access objective insights and close gaps in patient care.
Selecting the right healthcare analytics company will depend on your organization’s objectives. Use your goals to formulate a plan ahead of time and preemptively eliminate any unsuitable options. Conduct follow-up research and look into case studies for a more nuanced perspective of each company’s offerings.