According to new data from Research Fox Consulting and reported by Health IT Outcomes, the value of healthcare analytics is set to skyrocket over the next four years. Currently, the market is worth almost $5 billion but by 2018 that number should more than double to reach $10 billion worldwide. Predictive analytics in the United States and Asia is tapped as one major growth factor, along with the impact of US federal mandates such as widespread use of Electronic Health Records (EHR) and increased oversight of HIPAA and other patient privacy legislation.
But even with a positive outlook and host of potential avenues for analytics use across hospitals, local care agencies and insurance providers, many companies struggle to effectively utilize this technology — like a phantom limb, they’re sure it’s functional but can’t seem to grasp anything solid. So what’s the prognosis? Read more