Frost & Sullivan: Humedica's Innovative and Customer-Centric Approach Sets It Apart in the Burgeoning Health Data Analytics Market
- Unlike competing products, Humedica's solutions offer a longitudinal view of patient populations and predictive analytics
MOUNTAIN VIEW, California, Nov. 13, 2012 /PRNewswire/ -- Based on its recent analysis of the health data analytics market, Frost & Sullivan recognizes Humedica, Inc. with the 2012 North American Frost & Sullivan Customer Value Enhancement Award for its innovative approach to clinical data analytics and the value its brings to customers.
Today, healthcare providers have a critical need to fully understand the impact of their treatment decisions so that they can justify the utilization of medical services to payers and other stakeholders. One of the best mechanisms to help providers re-engineer operations is a sophisticated approach to data analytics. Hence, clinical data analytics will be the anchor of all health data analytics programs in the future and will be a core capability for organizations thinking about becoming an Accountable Care Organization (ACO).
Humedica's solutions are ideally suited to help healthcare service providers meet the challenges associated with transformational change. The company's key clinical analytics solution, Humedica MinedShare, is an integrated platform that combines retrospective analytic capabilities, in both the ambulatory and acute settings. This user-friendly, SaaS-based tool provides the flexibility and ease that helps drive rapid and sustained adoption, so that data can actually be put to work to help benefit patients and providers alike.
"Humedica's key differentiation in the marketplace is based upon its ability to produce longitudinal and predictive analytics," says Frost & Sullivan Research Analyst Nancy Fabozzi. "Humedica MinedShare utilizes historical claims and clinical data to develop competitive benchmarking analytics, as well as predictive models helping to identify high-risk patients and provide information needed for clinician intervention."
Humedica MinedShare democratizes the data analytics process by allowing easy and rapid end-user access to their data, without relying upon an internal quality department or waiting for long periods. Further, Humedica's clinical analytics platform works with providers' existing IT infrastructure and does not require additional hardware and software investments. The platform is also not dependent on the presence of a data warehouse to deliver analytics.
Humedica's solutions are designed to not only help customers meet their objectives around enabling robust analytics but gain tremendous financial return on investment. For instance, MinedShare has the ability to identify gaps in coding. In a fee-for-service model, providers can miss out on short-term revenue if patients are not fully diagnosed. Furthermore, from a quality perspective, those patients tend to fall through the cracks, as providers may not be doing the appropriate preventive measures, treatment, or monitoring. The ability to gather and analyze all pertinent patient data in order to make a full and proper diagnosis and code for such can benefit both patients and providers.
Humedica serves a broad array of customers across various health care segments primarily focusing on hospitals, integrated delivery networks (IDNs) and large physician practices. About 60 percent of Humedica's customers are IDNs, a critically important market segment in this era of connected care and convergence of payers and providers in the form of ACOs. Humedica is able to help IDNs follow patients in the ambulatory and inpatient settings to really see what happens before they are admitted to the hospital, during their hospitalization and post discharge.
"Humedica success in the market is due to the uniqueness of its products and in growing adoption among large provider organizations, particularly IDNs which often have the greatest need to coordinate care," noted Nancy Fabozzi. "In terms of growth, the number of treated patient lives –i.e., patients who have sought care from providers using Humedica products – has more than doubled in the past year and now totals close to 25 million."
The company is particularly enabled in its success by strategic partnerships with leading health IT vendor Allscripts as well as the American Medical Group Association (AMGA), which provides value-added shared learning for Humedica customers. The company also has a very experienced and seasoned management team, which has powered its growth trajectory.
In recognition of the its strong growth potential and the robust value it brings to customers, Frost & Sullivan is please to present Humedica with the 2012 Customer Value Enhancement Best Practices Award in the health data analytics market. Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in implementing strategies that proactively create value for its customers with a focus on improving the return on the investment that customers make in its services or products. The award recognizes the company's inordinate focus on enhancing the value that its customers receive, beyond simply good customer service, leading to improved customer retention and ultimately customer base expansion.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
About Humedica, Inc.
Humedica is the foremost clinical intelligence company that provides private cloud-based business solutions to the health care industry. Humedica's sophisticated analytics platform transforms disparate clinical data into actionable, real world insights. Powered by the largest and most comprehensive clinical database, Humedica solutions move beyond claims data to offer a more complete, longitudinal view of the patient population. Through its award-winning solutions, Humedica which is headquartered in Boston, empowers its partners and customers to make confident, value-based decisions about patient care in a rapidly changing health care market. For more information, visit www.humedica.com. Connect with Humedica on Twitter @humedicainc and Facebook at www.facebook.com/Humedicainc.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
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