Data Tool Providers for Healthcare Players

Delivered November 24th, 2019. Contributors: Syed A.

Early FindingsData Tool Providers for Healthcare Players

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Data Tool Providers - Competitive Analysis

Phynd and Kyruus provide healthcare IT services, specifically data services, and work primarily with healthcare providers. Both companies do not pose direct competition to Veda Data Solutions. Additional details for both companies are provided below.
 Phynd Phynd provides data management solutions to healthcare systems, primarily to hospitals and providers. To that end, it does not appear to be a direct competitor to Veda Data Solutions since it does not work with insurance companies.
Phynd provides value by helping teams working at healthcare providers to adapt as per the needs of a consumer-driven market by providing them ways to curate and share their health plan, network, clinical expertise, provider, and location information.
Phynd provides up-to-date information about healthcare providers, e.g. "who they are, what they do, and what qualifications they
 have." The company has nearly 200 hospitals in its client base.
In an article written by Thomas White, co-founder and CEO of Phynd Technologies, he explains that healthcare providers are competing for customers (patients) and it is essential to "prioritize quality and ongoing maintenance of the provider data that feeds their online “Find A Doctor” search and referral tools." Phynd provides exactly that to these companies.
The company was founded in 2012 and has 49 employees.
 Kyruus Kyruus, similar to Phynd, also serves healthcare providers and does not seem to be doing business with insurance companies, which means that Kyruus is not a direct competitor to Veda Data Solutions.
Kyruus partners with healthcare systems across the US and provides value to patients by offering them an enterprise platform that improves their access to care.
The company partners with health systems to enhance patient access through a "multi-channel SaaS platform serves more than 250,000 providers at more than 550 hospitals — including 50+ of the nation’s top health systems — and helps patients find and schedule with the right providers across key points of access. Led by an executive team with extensive experience in health IT and patient care, the Kyruus team is dedicated to our customers, to each other, and to helping ensure that every patient has access to the right care."
Kyruus is the "only enterprise-wide patient access solution on the market, the Kyruus ProviderMatch® platform integrates with leading EHRs to enable a consistent and action-oriented experience across key points of access."
Kyruus was founded in 2010 and has an estimated 158 employees.
Research StrategyWe started our research by developing an understanding of Veda Data Solutions' services and determining what a company would have to offer to be a direct competitor to Veda Data Solutions. We found out that Veda Data Solutions provides services that allow better management of provider data. We also found that the company provides its services to insurance companies in the United States. We used this information to compare and contrast Phynd and Kyruus to determine if they pose direct competition to Veda Data Solutions. Additionally, we have used the respective company websites and company profiles from company information databases, e.g. Craft, Angel List, and Pitchbook, to provide more information about each company.

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Data Tool Providers - Additional Competitors

3 additional competitors to Veda Data Solutions are BetterDoctor, Apixio, and Roam Analytics. Further details about these competitors and how they were determined to be true competitors to Veda Data Solutions are given below.
1. BetterDoctor BetterDoctor validates healthcare provider data to assist in complying with regulations and improving the quality of data.
BetterDoctor's headquarters are located at 945 Bryant Street, Suite 350, San Francisco, CA 94103.
2. Apixio Apixio provides an AI platform, which converts unstructured data into actionable insights. The company helps payers and providers in performing critical activities, e.g. quality reporting and risk assessment, better and achieve optimal results.
Apixio's headquarters are located at 1850 Gateway Drive, 3rd Floor, San Mateo, CA 94404.
3. Roam Analytics Roam Analytics provides natural language processing services to mine language data, which helps healthcare companies including payers, hospital systems, and biopharma companies in quantifying language at scale.
Roam Analytics headquarters are located at 2121 South El Camino Real, 8th Floor, San Mateo, CA 94403.
Research StrategyWe started our research by developing an understanding of Veda Data Solutions' services and determining what a company would have to offer to be a direct competitor to Veda Data Solutions. We found out that Veda Data Solutions provides services that allow better management of provider data. We also found that the company provides its services to insurance companies. As a result, we focused on companies that provide data management solutions to insurance providers/payers. We also made sure that each competitor is based and operates in the United States.

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Data Tool Providers - CL 1

IQVIA and BetterDoctor are healthcare analytics companies that work with payers/health plans as well as other healthcare companies in the United States. The details for both the companies have been provided below.
 IQVIA IQVIA provides value by combining expertise, technologies, and resources in research and the real world to advance human health.
The company operates in the life sciences market in the United States and provides contract research, advanced analytics, and technology solutions through three different segments including Research and Development Solutions, Technology and Analytics Solutions, and Contract Sales and Medical Solutions.
IQVIA supplies unparalleled data to payers and provides "detailed, accurate information and insights that aid in determining treatment value". The data includes patterns and trends, analytics for provider performance monitoring, treatment patterns, risk mitigation and safety.
IQVIA provides consistency in their data. Comprehensiveness is also an advantage that IQVIA has to offer when it comes to data solutions. This makes companies to eventually partner with IQVIA when their needs expand and this is what gives IQVIA the edge in the market.
The company believes "no
 competitor provides the combination of geographical reach and breadth of its services, [they] generally compete in the countries in which
 [they] operate with other information, analytics, technology, services and consulting companies, as well as with the in-house capabilities
 of [their] clients. Also, [they] compete with certain government agencies, private payers and other healthcare stakeholders that provide their
 data directly to others."
The company was founded in 2016, generated revenues of $10.412 billion in 2018, and employs more than 58,000 employees worldwide. The company has a diversified base of more than 8,000 clients in 100+ countries.
The company targets clients in research and development and commercial services.
BetterDoctor BetterDoctor provides value by delivering "accurate provider directory data to ensure health plans, health systems, provider groups, and doctors are regulation-compliant and can provide patients with care they’re looking for."
BetterDoctor solves the problem of provider directory data for health plans, providers, large health groups, health systems, and partners. BetterDoctor, along with the company that acquired it — Quest Analytics, "provides the first comprehensive platform that enables health plans to optimize their member experience while complying with federal and state regulations for network adequacy and accuracy."
The company helps health plans in validating and improving provider data by assisting them in compliance, audit, cost-cutting, and data access via API.
The competitive advantage that BetterDoctor accompanies is through the verification service that it offers for the verification of providers.
The company generates an estimated annual revenue of $4 million. The company along with its acquirer, Quest Analytics, serves a client base of 300 health plans. The company was founded in 2011 and has an estimated 50 employees.
BetterDoctor targets its services to health plans, large healthcare groups, and doctors.
Research StrategyWe started our research by thoroughly analyzing the websites of both companies, i.e. IQVIA and BetterDoctor. Most of the information was available through their websites. Some information was gathered using other sources such as company information databases, e.g. Craft, Angel List, and Pitchbook.

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Data Tool Providers - CL 2

Apixio and Roam Analytics are healthcare analytics companies that work with payers as well as other healthcare companies in the United States. The details for both the companies have been provided below.
ApixioApixio provides value by leveraging AI technology to assist in transforming disparate data into actionable insights through its platform.
Apixio is a healthcare technology company that offers data management solutions. The company augments decision-making through its analysis platform that extracts targeted insights from unstructured clinical data. The company provides services to healthcare providers, patients, payers, and partner companies.
The company assists payers, as well as providers, in improving critical activities such as quality reporting and risk adjustment. Through risk adjustment, the company helps avert financial and audit risk by maximizing coding efforts and remaining compliant at the same time.
Leo Janze, VP of engineering at Apixio, defines Apixio's competitive advantage by stating that the company has all the 4 elements that are essential to a tech startup as well as a 5th additional element. The four elements include Data (quality data in large enough quantity), Relevance (the merger of data science and customer value), Science (the ability to extract insights from data by leveraging research and algorithms), and Pipeline (the ability to "build, train, and deploy machine learning models quickly into production at scale").
The 5th element that Apixio embodies, apart from the essential elements, is Purpose. Apixio leverages AI to transform data into insights, which help improve lives and ultimately the healthcare industry.
Apixio was founded in 2009. It generates an estimated annual revenue of $35 million and has an estimated 122 employees.
Apixio's target market includes health plans and provider groups. The company has a client base of 36 health plans and provider groups.
Roam AnalyticsRoam Analytics provides value through the conversion of text/language data from various sources into organized and structured data.
Roam Analytics leverages natural language processing technology to convert language data into organized and structured data. The company's technology platform "is designed and built to enable rapid specification, development, and deployment of world-class natural language processing systems that help healthcare companies quantify language data."
Payers, as well as other healthcare companies, "use Roam's technology infrastructure, tooling, and resources to make use of their language data."
The platform offered by Roam Analytics leverages data from a variety of sources, including language data, to turn that data into actionable insights.
Roam Analytics was founded in 2013 and has an estimated 42 employees. The company generates an estimated annual revenue of $3.2 million.
Roam Analytics targets modern healthcare companies as its clients, e.g. payers, hospital systems, and biopharma.
Research StrategyWe started our research by thoroughly analyzing the websites of both companies, i.e. Apixio and Roam Analytics. Most of the information was available through their websites. Some information was gathered using other sources. Since both companies are private, they are not required to publish their financial information and/or reports. We have used sources other than the companies themselves to find out some pieces of information.
While the rest of the information was available, the number of customers for Roam Analytics could not be determined due to the lack of data. To find that information, we first tried to find the company's annual report but couldn't find one since the company is private. As an alternative, we searched through the company's press releases with the thought that the company may have published the number of clients in the media where they might have discussed their growth, which was the case with Apixio. This strategy did not prove to be useful either. We then turned towards company information aggregators, e.g. Craft, Angel List, and Pitchbook, however, the desired information was not found. The rest of the information for both companies has been documented.