Healthcare analytics software from Skylight is the cost-effective way to gather, analyze, and share data in your health care organization without complex implementation. It enables you to make smarter decisions about improving the quality of patient care and help caregivers make better financial decisions.
Prismic Health is a cloud based healthcare analytics software that allows small to mid-sized hospitals and clinics to gain valuable insights about their practices, patients and insurance operations. The cloud-based system contains modules such as: Practice Management , INSURANCE CHARGES, PATIENT RELATIONSHIP MANAGER, SALES ANALYTICS, and more.
Healthcare analytics software helps deliver clinical insights about patients’ care and personalize medicines while reducing the cost of operation for healthcare providers. There are hundreds of companies providing analytics products and solutions to healthcare companies.
Healthcare is data-rich. Diverse data types include:
- patient clinical data including lab results, diagnosis
- claims and cost data
- R&D results including published papers, clinical trial results
- other data on patient behavior
Systems provided by healthcare analytics vendors allow companies to access numerous data sources within healthcare provider’s own records in different systems. Additionally, they can provide access to data from other healthcare providers and clinical studies.
With this abundance of data, it is difficult to consider healthcare analytics without artificial intelligence. Natural Language Processing (NLP) capabilities allow companies to analyze diagnostic text, published research and other textual data. Image processing capabilities allow analyzing outputs of various medical imaging techniques.
What exactly do healthcare analytics vendors do?
Healthcare is data-rich. There are many data types available in healthcare.
- Clinical data of patients, including laboratory results and diagnosis
- Cost data and claims
- R&D results include published papers and clinical trial results
- Other data about patient behavior
Healthcare analytics vendors offer systems that allow companies to access multiple data sources in the records of healthcare providers. They can also provide access to data from clinical analytics software studies and other healthcare providers.
It is hard to think about healthcare analytics with this amount of data without artificial intelligence. Natural Language Processing (NLP), allows companies to analyze published research, diagnostic text, and other textual data. Image processing allows you to analyze outputs from various medical analytics software and medical imaging techniques.
Also read: 18 Augmented Reality and Virtual Reality Companies in Healthcare
What do healthcare companies achieve with healthcare analytics?
Pharma analytics companies:
Randomized clinical trials can be expensive and not cost-effective in identifying rare conditions, heterogeneous treatment effects, or long-term outcomes. These relationships are often identified by pharmaceutical companies using healthcare analytics. Inferring causal relationships can be hard because data can easily be misinterpreted to see unrelated factors as interdependent.
Hospitals:
Reduce costs
- A simple-to-use platform for analytics can reduce the cost of analytics
- Recognizing and preventing fraud
- Automating internal and external reporting
Improving patient outcomes
- Clinical decision support/ clinical data management companies
Both are improving
- Improved data-driven decision-making. A dashboard that shows the costs of operations resulted in a >15% decrease in operating cost.
- Preventing preventable medical errors that could have claimed 400K lives and resulted in $1 Trillion annually in US costs.
- Personalized medicine: Allows for tailoring patient care using genetic data and population outcomes
Why is it so important to choose the best healthcare analytics system?
Healthcare data is Unique and hard to measure It is important too. The difference between a system that is limited in use and one that is transformative can be made by choosing the right data analysis companies. These are the issues that healthcare analytics vendors will have to address:
Data federation issues
- Data silos: Healthcare data, from EMR to other departmental software, tends to be stored in silos.
- Privacy issues: The way private data are handled is determined by complex federal and state regulations.
Quality issues with data:
- Data that is not recorded: The difficulty of importing structured data into EMR leads practitioners to forget important data.
- Variable or inconsistent definitions: As physicians gain more knowledge about patient conditions, diagnostic criteria may change over time. The process of fusion of new definitions takes some time and can occur in an irregular pattern
Analytics challenges
- Complexity: We don’t yet know how the body and mind work. Complexity in health goes beyond the complexity of transportation, manufacturing, or finance systems.
- Format issues: Data can be scanned on paper or in videos.
Healthcare companies and healthcare business intelligence vendors
IBM Watson and Flatiron Health are the most prominent vendors in healthcare data analysis. Summary profiles are provided for each vendor. This list does not include all vendors. To see the full list, please visit our data-driven prioritized list of healthcare analytics companies.
1. IBM Watson
Watson is a pioneer in the use of Artificial Intelligence to power healthcare applications. According to Wikipedia, IBM Watson Analytics is a Fortune 100 company and has the ability to provide solutions for a variety of AI applications. Analysts have been critical of IBM’s AI efforts for not delivering financial results. A scathing internal review also led to the cancellation of the partnership with MD Anderson, which was originally celebrated. IBM is listed in top healthcare software companies.
IBM appears to be on the mend. finally reversed 22 quarters of revenue decline. In oncology, Watson now makes recommendations that are in line with the recommendations made by a panel of doctors. Although 10% is quite a large number in healthcare, it’s safe to assume that AI systems will provide guidance for physicians in oncology within the next few years.
2. Flatiron Health
FlatIron has a stellar team of investors, including Google Ventures and Altos Solutions Inc. This makes them one of the leading players in this market. Flatiron, with its 500-strong workforce and access to over 2 million patient records for research, is a leader in oncology.
3. Digital Reasoning Systems
Digital Reasoning Systems’ Synthesis healthcare solution is now in a favorable position thanks to a partnership with HCA (Hospital Corporation of America). Synthesis, an advanced AI system that also uses natural language understanding capabilities in order to create a complete picture of the patient, is Synthesis.
4. Ayasdi
Ayasdi is a trusted partner to many Fortune Global 500 companies and was named ” The healthcare data technology Pioneers by World Economic Forum 2015. The company’s healthcare analytics solutions can be used to make operational decisions in areas like clinical variation, population forecast, and denies management.
5. Linguamatics
17 top 20 global pharmaceutical organizations use Linguamatics products. Linguamatics is a natural language understanding system that can be advanced.
Linguamatics is used by life science companies to help them discover drugs.
6. Health Fidelity
Health Fidelity is a major solution provider in this market, with 80 employees and 19.2M invested. Health Fidelity is the largest healthcare Natural Language Processing engine. It allows health providers to use more data and intelligence to assess risk, helping them understand and optimize their risk.
7. Apixio
Apixio is a well-funded player in this market. Apixio’s HCC Profiler assists institutions with Medicare compliance and coding. It leverages a variety of data sources, including claims data.
Conclusion
The analytics software allows hospitals to manage data from disparate sources across the enterprise including multiple Time Series Data ( Time Series Data ) systems, APIs and proprietary hospital systems. The software provides a customized reporting tool for executive decision making and an analytics solution that can be deployed into operational EHR clinical workflow.