LinkedIn January 13, 2020
The healthcare analytics market is soaring, exceeding $14 billion spent in 2019 and anticipated to grow at a CAGR of 23.5% to $40 billion by 2024. With the recent explosion of various analytics applications and models implemented, 95% of hospitals and physician group leaders have access to supportive decision-making tools, sharply up from 63% 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.
Besides occasional dashboard viewing, post-implementation analytics and business intelligence software and services go greatly underutilized, particularly observed in the survey responses from financially under-performing hospitals in 2019.
Eighty-four percent of respondent C-Suite officers and board members polled only use analytics to a limited...