The age of data science has something for every industry. The latest figures from different Reports indicate a major tectonic shift of how traditional healthcare industry performs and how it is about to grow within a few decades.
Leveraging data for providing better analysis of health records has become a crucial part of the health care industry. According to the data from some reliable sources, the healthcare quality management industry hit the $1.62 billion milestones back in 2016. The industry is expected to grow at a compound annual growth rate of 16 percent and is about to reach a valuation of $4.59 billion by the year 2023. This is a great feat in itself and has attracted investors from the far fledged lands.
Understanding the challenges of the industry
The volume of data generated by the health care industry represents a significant opportunity in itself. Leveraging the power of machine learning, the companies are now in a race to build affordable solutions for the healthcare industry. But there are many challenges to it. Lack of skilled labor, along with hefty prices for quality data reporting tools and the security of data, has been discouraging. However, the industry is poised to grow as more and more companies are trying to solve the inefficiencies and bring affordable solutions in the market.
Key Players in the Industry
The lucrative healthcare quality management industry has drawn the attention of major players like the artificial intelligence branch of IBM. Their product has been named Watson and is an excellent addition for healthcare service providers. Other principal companies include names like Altegra Health, Citiustech Inc, Cerner Corporation, McKesson Corporation, along with some of the major other players in the business. To add to it, the major modes of delivery is web and cloud solutions along with on-premise solutions.
Major Applications of Healthcare quality management solutions
The solutions provided by the major companies are vast in scope. They can be narrowed down into six major categories. These categories include risk management, data processing and analytics, data management, report generation, and submission and unstructured data abstraction. These are some of the critical areas in which the major companies operate. As the market evolves in size, the companies are expected to add new functionality to it.
Who are the end-users?
Primarily, the end-users are companies or service providers in the health care industry. Some of the prominent users include hospitals, payers, and ambulatory care centers, ACOS, or Accountable Care Organizations. These organizations deal with patients in vast numbers and hence need modern-day solutions for their current time-consuming solutions from the healthcare quality management industry.
Major Geographic Regions
The major areas that account for the growth of the industry include The United States, Canada, and the United Kingdom, along with major Asia Pacific regions. The healthcare quality management industry has become a leading industry and is spreading rapidly to all other major continents.
With the boom of machine learning solutions, more and more companies are leveraging the computational power of the computers. The need for health care quality management solutions is at an all-time high as the government all across the world are pushing significant reforms to provide health care services at affordable prices.
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