Gloomy facts about healthcare costs in the US became even scarier for the US residents when the pandemic knocked on their doors. It’s almost unbelievable to think that $2.16 billion was spent on hospital care and medical professionals.
If we take into consideration that the money doesn’t come from the rising demand for healthcare services and larger employability, but derives from high costs of services, it’s no wonder that the coronavirus brought America’s healthcare to its knees.
Furthermore, heart disease and diabetes are the most common diseases in the States. These two diseases account for 85% of all costs in American healthcare as they are time-consuming, difficult, and expensive to treat on a day to day basis.
IDC Health Insights estimates that the combined annual growth rate in the analytics market during the 10 years from 2010 through 2020 will be in the 8 percent to 11 percent range; this places analytics among the top areas of spending growth for hospitals and health systems during this decade. This attractive growth rate has led to numerous new products joining an already-crowded supplier landscape.
The U.S. healthcare provider analytics market has experienced rapid growth and change since the introduction of accountable care with the patient protection and affordable care act (PPACA) of 2010. Analytics are clearly a critical tool that will allow health systems to understand and respond to the business model change and disruption of accountable care, and many types of analytics models and tools will likely be useful to providers. This IDC MarketScape report focuses on analytics platforms that allow providers to examine clinical and financial data together, and to use this data to provide actionable advice for optimizing delivery of care.
Key findings from the report include:
Clinical and financial analytics take many forms. This report examines platforms that allow providers to approach analytics in multiple ways, with agile tools that may include clinical and financial analytics, text and data mining, population health analytics, cost and cost accounting analytics, performance and quality management analytics and dashboards, as well as data exploration tools that can be applied to as-yet-undiscovered questions. This report examines the flexibility of analytics platforms as well as the strength and weaknesses of individual analytics applications available on the platform.
No analytics solution will meet all needs out-of-the-box. Successful analytics programs will develop and nurture platforms that assemble and manage data, offer tools to ensure data quality, and offer applications that allow providers to explore and assemble data on-demand into analytics models that meet business needs, whether they are long-established business needs or spur-of-the-moment questions.
The only valuable analytics are actionable analytics. Analytics are only valuable if they make the right information available, at the right time, at the point of decision making. Solid data and data management approaches are the foundation of analytics platforms, but the rigor of data integrity processes must be balanced.
