Each year, Healthcare Informatics ranks the 100 vendors with the highest revenues derived from healthcare IT products and services earned in the U.S. based on revenue information from the previous year. This is what makes up the Healthcare Informatics 100 (THE 100). And for the second straight year, as part of THE 100 questionnaire, vendors were also asked to estimate the percentage of revenue earned in each of their product segments.
Beyond presenting the product segment revenues in each company listing, Healthcare Informatics editors took to further breaking down the top revenue earners in each of our seven segments: Financial Information Systems, Clinical Information Systems, Data Analytics, Data Management, Data Security, Data Exchange, and Consulting Services.
Throughout the next several days, Healthcare Informatics will reveal its top 5 companies by revenue within these seven different categories. Serving as a supplement to the broader Healthcare Informatics 100 list, we hope that this data, along with the content that accompanies it, gives you our readers a greater sense into the latest market trends within each of these respective product categories.
All data has been sent to Healthcare Informatics from the vendors themselves and confirmed by each company.
|Vendor||Product Breakout Revenue||% Of Whole Revenue|
|Verscend Technologies (formerly Verisk Health)||$322,655,550||100%|
|Conifer Health Solutions||$160,000,000||10%|
The data analytics product category is one of the most rapidly evolving in healthcare IT. Dave Levin, M.D., the former CMIO at the Cleveland Clinic organization, and a Virginia-based consultant, speaking of the category, says, “I think we have to look at why we haven’t achieved the success we hope to achieve in this area, in the first place. I would argue that there are at least two reasons for that. The first is that, no matter how good your analytics vendor is, if you’ve got bad data, you’re going to get bad analytics. And we really have not taken data governance to the level we have to, in healthcare. Some solutions can mitigate some of the dirtiness of the data. But we’ve got to create virtuous cycles that hopefully will capture the data as a byproduct of what they’re doing in the first place, and people have got to believe in wanting to capture the data in the first place.”
Meanwhile, says Levin, “With regard to some of the consolidation now taking place in the data analytics solutions space, I think that a number of the larger vendors, particularly the EHR [electronic health record] vendors, are trying to figure out what their sustainable business model is. They did well in the initial implementation era and then in the optimization phase. But now some are asking what their sustainable business model is. So you see them essentially expanding their offerings. Now we’re going to add population health; now we’ll be your patient engagement expert; now we’ll be your warehouse; your unified communications system; your telemedicine system. And there’s some interesting back-and-forth right now how about providers will access their own data. So I look at that and I’m kind of ambivalent about it, to be honest. And I have a couple of concerns: the first is that the terrain is so broad and so deep, that it’s hard for me to imagine that any one company or a handful of companies, can do this. So I really favor an approach that allows for more competition and innovation.”
The jury is out as to which independent data analytics vendors will thrive and which won’t; but it is clear that interoperability with EHR solutions will become increasingly important, as patient care organizations take on risk-bearing contracts with increasing levels of financial risk.