The global healthcare analytics (medical analytics) market is growing significantly due to development of cloud based healthcare analytics in the industry. Healthcare analytic is used to improve the performance of healthcare organization by enhancing quality care, meeting regulatory compliance and for prevention of chronic diseases. Increasing focus on value based medicine is expected to support the growth of healthcare analytic market in the coming years.
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In addition, massive unexplored market in analytics industry of developing economies are creating ample opportunities for the healthcare analytics market to grow at a considerable rate in the coming years. The advanced research and development facilities and new product developments by the companies are supporting to address the demand for healthcare in the healthcare analytics industry.
On the basis of application of healthcare analytics, the market can be categorized as clinical analytics, operational and administrative analytics, and financial analytics. The clinical analytics is expected to grow at the fastest rate in the coming years. The clinical analytics are further categorized as population health management, precision health, clinical decision support (CDS), cost and quality improvement, reporting and compliance, and comparative analytics. Similarly, financial analysis includes revenue cycle management (RCM), risk adjustment and assessment, claims handling, and payment integrity and fraud analytics. Whereas, the operational and administrative analytics include workforce analysis, strategic analysis and supply chain analysis.
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Some of the companies operating in the healthcare analytics market are Allscripts Health Solutions, IBM Corporation, Oracle Corporation, Verisk Analytics, Inc., Truven Health Analytics, Inc., Cerner Corporation, Optum, Inc., SAS Institute, Inc., Mckesson Corporation, Health Catalyst, Inovalon, Inc., Truven Health Analytics, Inc., and Medeanalytics.
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