Analytics convert data into insight, helping hospitals realize the greatest value from electronic health records
MOUNTAIN VIEW, Calif., Aug. 16, 2012 /PRNewswire/ -- The new era of health data analytics differs from the traditional business intelligence solutions utilized by hospitals to perform retrospective analysis. Advanced health data analytics encompass a more holistic approach whereby clinical data emerging from the growing adoption of electronic health records (EHRs) is combined with financial and administrative information so that a more well-rounded view of the quality and efficiency of patient care is presented for enhanced strategic decision-making. These new data analytics solutions include progressive real-time and predictive techniques, often provided by web-based systems that aggregate disparate data across diverse care settings.
New analysis from Frost & Sullivan's (http://www.healthcareIT.frost.com) U.S. Hospital Health Data Analytics Market research finds that the adoption of advanced health data analytics in U.S. hospitals will increase significantly over the next five years. In fact, Frost & Sullivan predicts that the usage of advanced health data analytics solutions in hospitals will grow significantly from 2011 to 2016, increasing from the baseline 10.0 percent adoption to 50.0 percent adoption in 2016. This represents a 37.9 percent compound annual growth rate and an increase of 400 percent over the baseline. Growth is expected to be driven by a combination of changes brought on by the increased use of EHRs.
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Today, many hospitals are still focused on laying the groundwork for their EHR systems and thus lack the appropriate tools and capabilities needed to turn clinical data into insight. Accordingly, the market for advanced health data analytics in U.S. hospitals is relatively nascent, with only a 10 percent adoption rate as of 2011. However, as the EHR market matures, hospitals will increasingly turn their attention to building out their capabilities in advanced analytics. They recognize that traditional approaches to providing patient care, measuring quality, and containing costs are inefficient to keep pace with the many emerging challenges.
"Hospitals will increasingly invest in advanced data analytics solutions to monitor end-to-end care delivery across a variety of settings," said Frost & Sullivan Connected Health Principal Analyst Nancy Fabozzi. "Due to growing competitive pressures, hospitals need to provide comprehensive reporting on performance and quality measures to a variety of stakeholders. Advanced analytics capabilities are absolutely critical for survival–there is no way to avoid it."
The U.S. Hospital Health Data Analytics Market research examines key trends and issues affecting the market for health data analytics in hospitals, including a review of market challenges, drivers and restraints through 2016. The comprehensive research also analyzes the impact of recent legislative mandates on the implementation and usage of IT, including brief profiles of technology vendors serving the market as well as growth forecasts for adoption. It addresses the needs of a range of market participants, including large and small IT vendors across the healthcare ecosystem in addition to payers, providers, consultants, policy makers and others in need of a better understanding of this new and important trend.
This research service is part of the Connected Health Growth Partnership Service program, which also includes research in the following markets: health information exchange, health data analytics, emerging wireless technologies, acute care information systems, enterprise clinical information systems, and billing and revenue cycle management systems. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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U.S. Hospital Health Data Analytics Market
Corporate Communications – North America
E: [email protected]
SOURCE Frost & Sullivan