Healthcare Analytics Market - Using Healthcare Analytics Tools to Combat COVID-19
Healthcare analytics encompasses various technologies, methods, and skills employed at synthesizing and analyzing healthcare data from across a wide spectrum of health industries, with an aim to unravel crucial patterns and gain insights for improving healthcare outcomes. Healthcare analytics has been increasingly occupying a vital role in global healthcare systems for boosting patient outcomes and improving the quality of care at affordable cost. Healthcare organizations world over are increasingly leveraging the potential of data-backed decisions to improve patient engagement and experience. Moreover, healthcare analytics offers healthcare institutions crucial insights into revenue and risk models.
The various analytical techniques under healthcare analytics comprise predictive analytics such as simulation and modelling techniques; prescriptive analytics such as decision related to clinical priorities and financial outcomes; and various descriptive techniques such as reporting tools and technologies. The ambit of healthcare analytics is vast spanning multiple diverse areas, notably customer acquisition, operational efficiency, clinical delivery, and personalized medicine.
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The pressing demand among healthcare organizations and institutions for attaining the troika of objectives consisting of healthcare cost reduction, patient outcomes improvement, and revenue growth is a key factor driving the healthcare analytics market. The staggering rise in patient data in healthcare systems globally provides a robust underpinning to the demand for healthcare analytics. The ever-rising demand for improving healthcare decisions from data-backed insights across the globe is bolstering the uptake of healthcare analytics. The rising usage of various analytical tools to close performance gaps in healthcare delivery systems is accentuating the market. The wide potential of healthcare analytics processes and strategies to help stakeholders in better evaluating public health priorities and for making sound data-driven healthcare decisions is boosting the market. The insights gained from healthcare analytics are useful in improving the relation between caregivers and care providers, including insurance providers. This stands as a lucrative proposition for the adoption of healthcare analytics tools and strategies.
The promising potential healthcare analytics has on national preventive care strategies and programs is fueling its adoption in developed countries. The rapid strides being undertaken by the digitization in healthcare system, especially in developing regions, is catalyzing the demand for healthcare analytics. The rising popularity of big data analytics in transforming healthcare in developing and developed economies is helping the healthcare analytics to expand substantially.
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A number of providers of healthcare analytics are increasingly focused on offering scalable solutions that can adapt to advancement in technology as well as human expertise and skills in healthcare organizations. Some of the key players operating in the healthcare analytics market are Verisk Health, SAS Inc., Oracle Corporation, Truven Health Analytics, McKesson Corporation, MedAssets, Inc., Mede Analytics, Inc., IBM, Health Catalyst, and Cognizant.
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