Healthcare predictive analytics software gives you clinical insights about your patients and helps you personalize your medicines. It also reduces healthcare provider costs. There are many companies that offer analytics solutions and products for healthcare providers. It is best, to begin with, a definition, then categorize, and the biggest healthcare companies.
What exactly do healthcare analytics vendors do?
Healthcare is data-rich. There are many data types available in healthcare.
- Clinical data of patients, including laboratory results and diagnosis
- Cost data and claims
- R&D results include published papers and clinical trial results
- Other data about patient behavior
Healthcare analytics vendors offer systems that allow companies to access multiple data sources in the records of healthcare providers. They can also provide access to data from clinical analytics software studies and other healthcare providers.
It is hard to think about healthcare analytics with this amount of data without artificial intelligence. Natural Language Processing (NLP), allows companies to analyze published research, diagnostic text, and other textual data. Image processing allows you to analyze outputs from various medical analytics software and medical imaging techniques, and systematic review tools summarize and analyze existing research studies on a specific topic to provide evidence-based conclusions and recommendations.
What do healthcare companies achieve with healthcare analytics?
Pharma analytics companies:
Randomized clinical trials can be expensive and not cost-effective in identifying rare conditions, heterogeneous treatment effects, or long-term outcomes. These relationships are often identified by pharmaceutical companies using healthcare analytics. Inferring causal relationships can be hard because data can easily be misinterpreted to see unrelated factors as interdependent.
- A simple-to-use platform for analytics can reduce the cost of analytics
- Recognizing and preventing fraud
- Automating internal and external reporting
Improving patient outcomes
- Clinical decision support/ clinical data management companies
Both are improving
- Improved data-driven decision-making. A dashboard that shows the costs of operations resulted in a >15% decrease in operating cost.
- Preventing preventable medical errors that could have claimed 400K lives and resulted in $1 Trillion annually in US costs.
- Personalized medicine: Allows for tailoring patient care using genetic data and population outcomes
Why is it so important to choose the best healthcare analytics system?
Healthcare data is Unique and hard to measure It is important too. The difference between a system that is limited in use and one that is transformative can be made by choosing the right data analysis companies. These are the issues that healthcare analytics vendors will have to address:
Data federation issues
- Data silos: Healthcare data, from EMR to other departmental software, tends to be stored in silos.
- Privacy issues: The way private data are handled is determined by complex federal and state regulations.
Quality issues with data:
- Data that is not recorded: The difficulty of importing structured data into EMR leads practitioners to forget important data.
- Variable or inconsistent definitions: As physicians gain more knowledge about patient conditions, diagnostic criteria may change over time. The process of fusion of new definitions takes some time and can occur in an irregular pattern
- Complexity: We don’t yet know how the body and mind work. Complexity in health goes beyond the complexity of transportation, manufacturing, or finance systems.
- Format issues: Data can be scanned on paper or in videos.
In 2 minutes You can understand the healthcare analytics vendor landscape.
You must be familiar with the market and compare vendors in order to find the best focused medical analytics vendor for you. It can take a lot of time to evaluate vendors and make the right vendor assessment.
These are the main data analytics providers in this sector:
Established technology providers
Companies such as SAS and IBM are among the oldest companies that offer healthcare analytics services. Healthcare predictive analytics companies were founded long before the dot-com bubble burst. They have developed relationships with many Fortune 500 companies. These companies leverage these relationships to provide healthcare data analytics services.
They may be older but they still have cutting-edge solutions. IBM is credited with making AI a household name thanks to Watson and has pioneered the use of Watson in healthcare.
It is easy to adapt these solutions if your company already works with them.
AI vendors with healthcare analytics offering
Ayasdi and Digital Reasoning Systems are vendors that were established in the 2000s. They focus on developing AI services to transform industries like healthcare, financial services, and retail. They are usually larger and more established than companies that specialize in healthcare.
Purely healthcare analytics-focused vendors
This group was founded in the 2000s and 2010. It includes large and small businesses. Linguamatics is one example of a large vendor that specializes in healthcare analytics. It boasts that almost all global pharma companies use its product.
IoT-based healthcare data solutions that facilitate Healthcare Analytics
Analytics discipline for IoT data is commonly referred to as IoT analysis or Edge analytics. However, IoT devices can be a great enabler for healthcare analytics. Wearables and IoT-connected inhalers are great tools for healthcare providers to acquire the data they need to make data-driven decisions.
- Telit provides IoT device monitoring for patients and can provide actionable insights that will improve patient outcomes and reduce costs.
- Caresyntax uses IoT and analytics for decision support. The company claims its product is used in more than 7,000 operating rooms, supporting over 10 million procedures each year.
Top 10 healthcare companies and healthcare business intelligence vendors
IBM Watson and Flatiron Health are the most prominent vendors in healthcare data analysis. Summary profiles are provided for each vendor. This list does not include all vendors. To see the full list, please visit our data-driven prioritized list of healthcare analytics companies.
1. IBM Watson
Watson is a pioneer in the use of Artificial Intelligence to power healthcare applications. According to Wikipedia, IBM Watson Analytics is a Fortune 100 company and has the ability to provide solutions for a variety of AI applications. Analysts have been critical of IBM’s AI efforts for not delivering financial results. A scathing internal review also led to the cancellation of the partnership with MD Anderson, which was originally celebrated. IBM is listed as the top healthcare software company.
IBM appears to be on the mend. finally reversed 22 quarters of revenue decline. In oncology, Watson now makes recommendations that are in line with the recommendations made by a panel of doctors. Although 10% is quite a large number in healthcare, it’s safe to assume that AI systems will provide guidance for physicians in oncology within the next few years.
2. Flatiron Health
FlatIron has a stellar team of investors, including Google Ventures and Altos Solutions Inc. This makes them one of the leading players in this market. Flatiron, with its 500-strong workforce and access to over 2 million patient records for research, is a leader in oncology.
3. Digital Reasoning Systems
Digital Reasoning Systems’ Synthesis healthcare solution is now in a favorable position thanks to a partnership with HCA (Hospital Corporation of America). Synthesis, an advanced AI system that also uses natural language understanding capabilities in order to create a complete picture of the patient, is Synthesis.
Ayasdi is a trusted partner to many Fortune Global 500 companies and was named ” The healthcare data technology Pioneers by World Economic Forum 2015. The company’s healthcare analytics solutions can be used to make operational decisions in areas like clinical variation, population forecast, and denies management.
17 top 20 global pharmaceutical organizations use Linguamatics products. Linguamatics is a natural language understanding system that can be advanced.
Linguamatics is used by life science companies to help them discover drugs.
6. Health Fidelity
Health Fidelity is a major solution provider in this market, with 80 employees and 19.2M invested. Health Fidelity is the largest healthcare Natural Language Processing engine. It allows health providers to use more data and intelligence to assess risk, helping them understand and optimize their risk.
Apixio is a well-funded player in this market. Apixio’s HCC Profiler assists institutions with Medicare compliance and coding. It leverages a variety of data sources, including claims data.
Lumiata was founded in 2013 and is well-capitalized to expand its product line and marketing strategy.
9. Roam Analytics
Roam Analytics raised 21.8M in just four years, allowing it to invest significantly in its product development.
VITech is a custom healthcare development company that works at the forefront of software & data engineering for healthcare & science. Since 2007 VITech has been delivering software for startups and enterprises in data-intensive industries. It is the software development outsourcing and data engineering-focused company with a mission to create technologies with a meaningful impact on the quality of human life.
How can companies build custom healthcare analytics solutions?
Healthcare analytics presents unique challenges for big data analytics vendors. Not all healthcare analytics uses cases can be effectively addressed with off-the-shelf solutions. Creating custom AI solutions to suit your company’s requirements is possible. To help them solve their problems, big data healthcare companies can participate in data science contests. For more information on custom AI solutions, please read our whitepaper or contact us to find a partner for custom AI solutions.