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US-based providers lose, on an aggregate, $260 billion–$270 billion annually due to poor financial risk management and lack of infrastructure support to support data-driven business decisions. For every dollar claimed, both private and public payers, on average, offer a reimbursement of 86 cents to providers, resulting in a negative margin of 14% per dollar per patient. Additionally, large integrated hospitals incur operating expenses of $200 million–$700 million annually to embrace value-based payment programs that require an interoperable IT ecosystem: one that is comprised of an integrated EMR, a payer-agnostic revenue cycle management platform and a cross-functional supply chain management solution.Healthcare Data Analytics solutions collect data from these underlying data sources and normalize evidence at a patient, provider and payer level. It enables healthcare end-users to identify gaps in care early and to intervene with evidence that quantifies how to save cost, increase revenue and improve outcomes.As a result, the US healthcare data analytics market is growing rapidly as all types of healthcare organizations are relying on IT-enabled data management, business intelligence and quality reporting capabilities to assist in transforming their clinical performance, operational agility and financial competitiveness.Early adopters have shown intent to move beyond the traditional use cases of analytics to pioneer advanced applications such as imaging analytics, genomics analytics, social vulnerability index classification, automated claims preadjudication and real-time supply chain management reporting.Consequently, more than 150 companies are currently offering both modular and plug-in based analytics solutions in the US healthcare market place.Of the 150 companies, 70 have demonstrated adequate levels of technological sophistication to meet the current and future industry needs40 out of 70 companies have been selected due to their industry leading ability to offer advanced clinical, financial or operational analytics capabilities for a wide range of customers, including payers, providers, life sciences and government agencies. These 40 companies are broadly classified into three categories:•All companies scoring very high on both growth and innovation are well-known industry leaders that have a history of being at the forefront of innovation and appear on the top-right section of the Radar.•Companies scoring high on innovation but delivering lower growth appear on the bottom-right section of the Radar. This list of companies include leaders as well as new entrants.•The third group of companies include those implementing some level of innovation, which results in slower growth as compared to that demonstrated by the other two groups.Finally 15 out of 40 companies have been profiled to demonstrate their visionary capabilities in the US healthcare analytics market.Leaders: 7 companies are positioned at the top right corner of the RADAR matrix as they cumulatively manage or process data of 90% of US patient population, yield positive margins with revenue worth $4 billion–$5 billion from data analytics solutions and invest up-to $1 billion every year to build progressive capabilities around data analytics Top Performers: 6 companies are positioned at the middle-right corner of the RADAR matrix to represent companies that have grown at a slower pace compared to leaders but have demonstrated a strong appetite to incorporate more advanced technologies such as AI (NLP +machine learning) and blockchain to personalize clinical diagnosis , automate financial risk management and consider patients’ social determinant of health data Companies to Watch: 2 companies are featured below the top performers as they continue to innovate new strategies to optimize performance of one specific healthcare vertical
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