SALT LAKE CITY, Aug. 17, 2017 /PRNewswire/ -- Health Catalyst, a leader in healthcare analytics, decision support and outcomes improvement, leads the healthcare analytics market in product capabilities, according to the Chilmark 2017 Healthcare Analytics Market Trends Report, released this week.
Health Catalyst's ranking in the comprehensive review of 17 top analytics vendors reflects the company's forward-looking analytics strategy, its "long-term view of the role of analytics" in healthcare, its "multiple use cases and applications," and its "flexible architecture for analytics development," according to the report from Chilmark Research. Chilmark called out in particular Health Catalyst's deep application portfolio, which it said is "too extensive to describe in this profile" and which "goes far beyond the cost, utilization, and quality metrics described in this report." Health Catalyst's product roadmap is "equally comprehensive," the report said.
In addition to Health Catalyst's top marks in product capabilities, Chilmark assigned Health Catalyst and two other companies its highest overall grade, reflecting market-leading performance in four categories: product capabilities, product innovation, current market execution, and alignment of the company's vision with future market needs.
Other companies profiled in the report include Allscripts, Caradigm, Cerner, Epic Systems, IBM Watson Health, Optum and Wellcentive.
"Healthcare organizations today are challenged to understand which companies are best-positioned to enable their success across a variety of analytics-enabled initiatives, including clinical, operational and financial priorities," said Health Catalyst CEO Dan Burton. "Chilmark's very thorough market research is a helpful aid in this regard, and we are excited to be recognized as a leader among the analytics firms profiled. Health Catalyst's innovative technology and services platform has contributed to improving quality and the bottom line for some of the nation's leading healthcare organizations."
Expansive Product Portfolio and Far-Sighted Vision
Chilmark noted that Health Catalyst's product portfolio encompasses not only population health management analytics but also a wide range of clinical, financial, and operational applications. The report's authors praised Health Catalyst alternately as "a pioneer among the vendors in this report," for incorporating cost accounting into its analytics platform; as "the vendor with the loftiest ambitions," for focusing on extracting maximum value from free text; and as a leader in "pushing machine learning ideas into the mainstream" via its open-source machine learning initiative, healthcare.ai.
In describing the company's vision, Chilmark noted that "Health Catalyst believes that data and analytics will do big things in healthcare." The company "has put forward a way to think about data that is more expansive than a data warehouse, an HIE, and a clinical data repository combined," the report continued.
Health Catalyst's product vision, the authors added, "is broader than the production of reports and dashboards and focuses on delivering timely and actionable data to any user, in any workflow. In addition to this expanded idea of data, Health Catalyst intends to merge the understanding from quality, cost, and utilization analytics with other data including [General Ledger]-based cost accounting and safety applications to help HCOs optimize clinical and financial performance across multiple dimensions."
According to Chilmark, Health Catalyst's strong competitive position is due to the fact that the transformation from fee-for-service to value-based reimbursement "is and always has been integral to Health Catalyst's core focus on identifying variance in process improvement." The company's technical value proposition is due to "the confidence inspired by its data and data warehousing expertise," the authors added.
Adding to Health Catalyst's competitive edge, it is one of the only technology companies in healthcare to undertake risk-based contracts with its customers, tying its profit to the delivery of measureable clinical and financial improvements.
The Chilmark 2017 Healthcare Analytics Market Trends Report is available at http://www.chilmarkresearch.com/chilmark_report/2017-healthcare-analytics-market-trends-report.
About Health Catalyst
Health Catalyst is a next-generation data, analytics, and decision-support company, committed to being a catalyst for massive, sustained improvements in healthcare outcomes. We are the leaders in a new era of advanced predictive analytics for population health and value-based care with a suite of machine learning-driven solutions, decades of outcomes-improvement expertise, and an unparalleled ability to integrate data from across the healthcare ecosystem. Our proven data warehousing and analytics platform helps improve quality, add efficiency and lower costs in support of more than 85 million patients for organizations ranging from the largest US health system to forward-thinking physician practices. Our technology and professional services can help you keep patients engaged and healthy in their homes and workplaces, and we can help you optimize care delivery to those patients when it becomes necessary. We are grateful to be recognized by Fortune, Gallup, Glassdoor, Modern Healthcare and a host of others as a Best Place to Work in technology and healthcare. Visit www.healthcatalyst.com, and follow us on Twitter (@HealthCatalyst), LinkedIn and Facebook.
About Chilmark Research
Chilmark Research is the only industry analyst firm focusing solely on the most transformational trends in healthcare IT. We combine proven research methodologies with intelligence and insight to provide cogent analyses of the emerging technologies that have the greatest potential to improve healthcare. We do not shy away from making tough calls, and are respected in the industry for our direct and thoughtful commentary. For more information visit: www.chilmarkresearch.com
SOURCE Health Catalyst