Healthcare Analytics Market

Part
01
of two
Part
01

Healthcare Analytics - ClosedLoop Competitive Analysis

Two healthcare analytics competitors for ClosedLoop are Health Catalyst and Viewics. These companies offer similar services to those of ClosedLoop.

Closed Loop

Description of its Healthcare Analytics Product and Service Offered

  • The products include Platform, which offers machine learning automation and predictive models together with professional services.
  • This company provides effective models analytics for healthcare use cases so data scientists can get automatic data using Artificial Intelligence rather than get the data from traditional data science tasks.
  • It offers Platform, which combines AI tools and automation capabilities to enable healthcare data scientists to build accurate and explainable predictive models and analytics with speed and ease.
  • Funding History: Social Starts by Seed Round and Joyance Partners Seed Round with the undisclosed amount.

Health Catalyst

Description of its Healthcare Analytics Products and Service offered

  • This company is a healthcare analytics solution provider that offers data operating platforms for healthcare organizations and their service expertise to get data analytics from healthcare companies such as hospitals and clinics.
  • It also offers an analytics products' application with a foundation software application, tailored analytics accelerators, and domain-specific software applications to help their clients get data information that can be measured for healthcare improvement.

Funding History

  • Feb 8, 2019, Series F- Health Catalyst with $15M from OrbiMed.
  • Feb 8, 2019, Debt Financing-Health Catalyst with $85M from OrbiMed.
  • Jan 8, 2013, Series B-Health Catalyst with $33M from Norwest Venture Partners.

Company Revenue and Customers

  • Number of customers: The company has 209 success stories of the clientele in their official website, and some notable clients are Stanford Healthcare, UPMC, Mission Health, Partners Healthcare.

Viewics

Description of its Healthcare Analytics Products and Service Offered

  • As one of the leading analytics platform for healthcare, it offers Viewics Optimization™, the only product available as an analytic solution of healthcare companies to generate insights and make the data testing efficient to minimize gaps in healthcare.

Funding history


Research Strategy

To get the competitors of ClosedLoop, we searched through business sites, health sites, and news sites such as healthcare tech outlook to get the healthcare analytics competitors for ClosedLoop. We found a list for healthcare analytics companies. We searched companies whose headquarters are in the US, must have healthcare analytics product or platform, and have funding history, and found Health Catalyst and Viewics. The research team was unable to find the company's number of customers for three of the companies,

We started the research by going through the companies' websites such as closedLoop, health catalyst, and Viewics. This is because we could not find complete information about other people and didn't see the customers' information from these companies, except for Health Catalyst. The company had 209 successful client stories, which are the notable client success stories as stated by the website, while closedLoop and Viewics lacked the data

We further searched through review sites for software such as G2 to gather the customer's information on the review sites where customers often tell other people about the company. That's because this site often shows the number of customers that have visited the platform. We found the health catalyst page and Viewics information but we could not find ClosedLoop's information on the page. However, there was no enough review to get the customers' data.

Further, we tried to find the awards of each company then search the case studies of the Closedloop, Health Catalyst, and Viewics from the awards page. We did this because the awards page often has essential information about companies that are awarded. We found information about Health Catalyst awards page, and after reviewing one by one, we found in an award page from Utah 360 that Health Catalyst's customers were about 100 million patients. But we could not find any award for ClosedLoopand Viewics.

We tried to triangulate the data. By knowing the monthly visitors and conversion rate of the website, it was possible to get the number of monthly customers for the companies. We found that the monthly visitors in the SimilarWeb page was noted in the Crunchbase's page, for ClosedLoop, Health Catalyst and Viewics. But we could not find the conversion rate, so we weren't able to find the customers from the website each month.

The pieces of information on the number of customers is not readily available to the public.
Part
02
of two
Part
02

Healthcare Analytics - SWOT Analysis

The healthcare analytics market and population health management segment enjoy strong growth due to high demand and increasing population health data volume. However, the industry faces strict patient data privacy regulations and the threat of security breaches.

Strengths

Weakness

Opportunity

Threats


Research Strategy

To address the request, we leveraged several market reports targeted specifically towards healthcare analytics and the population health management segment as indicated in the initial feedback. We also used research and qualitative insights from relevant sources such as research firm PricewaterhouseCoopers (PwC), Beckers' Hospital Review and Health Tech Digital which featured an industry player's perspective. We found that population health management was tied together with predictive healthcare analytics in general and shared the same opportunities and threats. There were unique strengths and weaknesses to the PHM segment, however, such as high demand due to constant need to monitor diseases and poor patient data quality respectively. In summary, we have provided a SWOT analysis of the healthcare analytics and population health management segment using targeted market reports and trade industry sources. We have outlined our findings above.
Sources
Sources

From Part 02
Quotes
  • "Technological brilliance, robust healthcare infrastructure and digitalization in the region are factors triggering the growth of the market of the Americas. "
  • "The region is expected to take the lead owing to several features like government initiatives, favorable policies, and others, apart from the mentioned ones earlier"
  • "Government initiatives and increasing investment in research and developments are providing the market an edge to stand ahead of others and only next to the Americas."
  • "The analytics segment includes predictive analytics, point of care decision support, and others. The patient engagement segment comprises multimodal communication, remote monitoring, treatment plan, monitoring & compliance, and others."
  • "Constant need to monitor diseases and understand their evolution pattern to provide healthcare is one of the chief influencers for the global population health management market. Apart from that, the need to bridge the gap of result and expenditure is playing a crucial role in taking the market forward."
  • "This digitization process is also going to bring down time and effort spent. However, the population health management market could get held back by technical errors, strict regulations, chances of breach, and differential data sources."
Quotes
  • "Thirty-nine percent of provider executives told PwC they were investing in artificial intelligence, machine learning and predictive analytics."
  • "Health businesses are using AI to automate decision-making, create financial and tax reporting efficiencies, automate parts of their supply chains, or streamline regulatory compliance functions. "
Quotes
  • "The high growth in the clinical information systems market can be primarily attributed to the growing prevalence of chronic diseases and rising geriatric population resulting in increased clinical information to be stored. "
  • "The growth of this market is majorly driven by factors such as increasing adoption of big data, wearable devices, and IoT in healthcare; advantages of cloud usage (such as improved storage, flexibility, and scalability of data); implementation of healthcare reforms such as the Patient Protection and Affordable Care Act; and the dynamic nature of health benefit plan designs."
  • "The volume of this digital data is growing exponentially every year, majorly due to the changes in the payer environment, such as incentives for the meaningful use of EHRs and a shift towards value-based payments. Moreover, technological changes are also resulting in the generation of a larger volume of healthcare data. "
  • "A major concern with the cloud is that data hosted by the vendor is not as secure as the data stored on on-premise servers."
  • "For instance, data privacy requirements are legislated through HIPAA (Health Insurance Portability and Accountability Act) privacy rules in the US. Similarly, the European Union has several directives pertaining to data protection. In many countries, the Protected Health Information (PHI) of patients cannot be moved out of the country of origin."
  • "Moreover, patients themselves are concerned about the security of their personal data, which adds to the necessity of maintaining required security standards for data protection. Public clouds face similar security issues as traditional IT systems and are thus not preferred. "
Quotes
  • "However, the population health management segment is projected to grow at the highest CAGR of 22.1% from 2018 to 2025."
Quotes
  • "Breaches in the U.S. healthcare field cost $6.2 billion each year. "
  • " When a healthcare organization experiences a breach, forensics costs added up to $610,000. After a breach, organizations often have to bring in compliance personnel and auditors to detail what information was breached."
  • "Costs affiliated with lawsuits average $880,000."
  • "For each data breach, healthcare organizations average $3.7 million in lost revenue. "
  • "Healthcare organizations average $500,000 in lost brand value after a breach. "
Quotes
  • "There are a few challenges with providers utilising PHM. Firstly, there is a huge reliance on data; where this data is stored and how it is shared to enable a large enough data set to have meaningful levels of insight. "
  • "Next, the quality of the data is of paramount importance. Often EHR data is incomplete through poorly entered patient information or poorly structured data capture where the use of free text fields allowed for the important data to be buried in with other information."
  • "Another challenge with PHM is the patient themselves. ...There may also be an issue if patients are not willing for their personal data to be shared in a PHM system."