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We’re living in strangely paradoxical times these days in U.S. healthcare, when it comes to the leveraging of data analytics. No one would disagree that leveraging data analytics to execute on value-based care delivery and population health will be one of the most essential critical success factors for hospitals, medical groups, and health systems going forward in the next several years. And yet, more evidence is coming out that seems to indicate that patient care organization leaders are seriously behind the curve in the fully robust adoption of analytics tools.
One such indication came out a week and a half ago from the Tampa, Florida-based Black Book Market Research. In a January 13 press release, Black Book noted that “The healthcare analytics market is soaring, exceeding $14 billion spent in 2019 and anticipated to grow at a CAGR of 23.5 percent to $40 billion by 2024. With the recent explosion of various analytics applications and models implemented, 95 percent of hospitals and physician group leaders have access to supportive decision-making tools, sharply up from 63 percent in 2016. Yet according to a recent industry survey, utilization of advanced analytics for key decision-making and strategic planning is self-reported as negligible by eight in 10 surveyed healthcare managers.”