KLAS: Analytics becoming a ‘must-have’

The need for analytics is growing as healthcare organizations move from volume to value-based care. As a result, vendors are rushing to the market with a wave of new products, including more targeted solutions, according to a report from KLAS, a Utah-based research firm.

KLAS interviewed more than 100 healthcare providers, who reported that the healthcare analytics market is growing rapidly. They cited 87 different vendors offering business intelligence (BI)/analytics tools for value-based care. No single vendor was mentioned more than 7 percent of the time, underscoring that no vendor yet dominates the field.

"Business intelligence and analytics have gone from a 'nice-to-have' to a 'must-have' in today's challenging healthcare environment," said Joe Van De Graaff, report author and research director at KLAS. "To fulfill short-term analytics needs, many providers report shifting more consideration to vendors with healthcare-specific solutions. However, a clear market leader has yet to emerge."

KLAS analyzed a variety of cross industry BI/analytics, healthcare specific and large vendors in its report. To access it, go here.