Analysis of large data sets in healthcare analytics can unveil an unheard of opportunities. For vendors and developers this brings galore of opportunities as clients would like to reap the benefits without committing heavily on infrastructure expenditure, so states a Reportstack report.
It is believed that globally healthcare and life science market will grow at a compound annual growth rate (CAGR) of 8.60% between 2014 and 2019
What with a projection of 8.60% CAGR growth between 2014 and 2019, third party analytics vendors are all equipped and geared up to take on the big data juggernaut.
Big guys are already in the wing with their analytics-as-a-service platforms. One of them has evolved strategy around monetizing its supercomputer with cognitive abilities which offers cloud services for clinical decision support and data visualization. The supercomputer also promises to integrate different healthcare organizations? EHRs (with permissions) for conclusive insights.
Challenged with government mandates, costs imperatives, coordination bottlenecks, and requirements for more patient and healthcare insights, healthcare organizations have started to seek more value (in terms of analytics) from their existing vendors. A recent Black Book Rankings estimated that revenue cycle outsourcing, due to ICD 10 preparation, will reach $9.9 billion by 2016. To meet the 2015 deadline, 71% of hospitals have deployed an outsourced partner for clinical documentation improvement.