Chilmark Report Studies the 2017 Healthcare Analytics Market Trends and Vendors
Chilmark’s 2017 Healthcare Analytics Market Trends Report is a state-of-the-union address about the healthcare analytics market, and an overview of 17 leading healthcare analytics vendors and how they are best meeting the needs of healthcare organizations (HCOs) as they evolve from fee-for-service to value-based reimbursement. This evolution is driving the growing need for vendors to deliver innovative product strategies and satisfy increasingly complex market demands.
The Market Forces at Work
The report strikes a familiar chord about the challenges HCOs face—and their accompanying technology requirements—in managing population health and care coordination. It also details a comprehensive list of analytics market dynamics, among them, new technology like machine learning, and new analytics requirements for revenue cycle, adherence, safety, and G/L cost.
Another issue that continues to impact analytics market dynamics is the Medicare Access and CHIP Reauthorization Act (MACRA). Physicians will need to understand their performance across the enterprise, and choose which measures they’ll report on, thus strengthening their need for data analysis and reporting tools.
Analytics Vendor Challenges
Vendors will ultimately have to introduce better tools for creating analytics-ready data stores to capture and evaluate data not only from claims and EHRs, but also patient-generated data, social determinants of health data, genomic data, clinician notes, device data, and data from other unique sources. This will stress the terminology complications and variability that bedevil healthcare data, which in turn will emphasize the need for a comprehensive set of open and standard APIs.
The vendors reviewed fall into four type categories: EHR, HIE, payer, and independent. The report plots product capabilities for all vendors against their product vision, and market execution versus market vision. It rates vendor products over 12 categories and their market capabilities in four categories. Each vendor is also individually graded on each of these criteria.
Health Catalyst receives high marks for its product capabilities, including its data warehouse, Healthcare Data Operating System, comprehensive array of applications, population health management tools, algorithm set for stratifying cohorts, application of machine learning, and its roadmap of products, including Precise Registries, the CAFÉ™ benchmarking tool, Measure Builder Library, and Leading Wisely. The report also noted that the company “has put forth a way to think about data that is more expansive than a data warehouse, an HIE, and a clinical data repository combined.” Health Catalyst is the only technology company in healthcare to undertake risk-based contracts with its customers, tying its profits to the delivery of measurable clinical and financial improvements.
Details are available in the complimentary 108-page report, which is made available in its entirety from here