Reasoning Company Acquired Shareable In Healthcare Analytics Market to expand their services
Posted: Jan 10, 2019
The healthcare analytics market size is expected to grow around $35 billion by 2022 growing at double digit compound annual growth rate (CAGR). The growth in the healthcare analytics market is mainly due to increasing availability of big data in healthcare industry, pressure to reduce costs and integration of advanced technologies in the healthcare industry.
The global healthcare analytics market is segmented into clinical data analytics, administrative & operational, financial analytics and others. Healthcare financial data analytics is the largest revenue contributor to the healthcare analytics market based on type of applications. These financial analytics are further subdivided into risk analytics, revenue cycle analytics and claims analytics.
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The growing demand for big data analytics, technological advancements and drastically changing costs dynamics is expected to increase the potential for global healthcare analytics market in the forecast period.
Nashville-based cognitive Digital Reasoning Company acquired Shareable, a fellow Music City tech company known for its clinical documentation platform. By combining Shareable technology, which automated clinical data collection at the point of care, with Digital Reasoning’s analytics, the acquisition of the company gave clinicians a more comprehensive view of patients by aggregating patient data across healthcare information systems.
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The global healthcare analytics market is further segmented on the basis of type of technology, application and geography.
By Type Of Technology- The global healthcare analytics market is segmented into descriptive, predictive and prescriptive analytics market.
Descriptive analytics is defined as the systematic quantitative gathering and transformation of data that includes hospitalization summaries, frequency of various disease cases and length of patient stay in the hospital.
Predictive analytics tools assist in understanding the past unstructured data to predict the future actions in customer perspective. These analytics includes performance management, workforce planning management, financial management, patient record management, risk and compliance management, payment management, billing management and operations management.
Prescriptive analytics is the form of business analytics that includes examination of past and current data of patients to recommend the course of action to be taken for positive outcomes, a decision modelling system for the industry.
Among these segments, the descriptive analytics segment accounts for the largest share in the global healthcare analytics market.
By Type Of Applications- The global healthcare analytics market is segmented into clinical data analytics, administrative & operational, financial analytics and others.
Healthcare financial data analytics is the largest revenue contributor to the healthcare analytics market based on type of applications. These financial analytics are further subdivided into risk analytics, revenue cycle analytics and claims analytics.
Most healthcare organizations, professionals and hospitals use administrative and operational analytics to improve the treatment outcomes, identify the patients for the clinical trials, optimize utilization of resources, and reduce costs.
These analytics are further segmented into resource analytics, supply chain management analytics and strategic analytics.
Clinical data analytics are intensively used to reduce medical errors incidence, to improve the quality of healthcare, and also to make healthcare procedures more efficient to treat.
By Geography - The global healthcare analytics market is segmented into the Americas, Europe, Asia Pacific and Rest of the World. Among these regions, the North American healthcare analytics market held the largest healthcare analytics market share.
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