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|
Within the data exchange vendor market, a core necessity of hospital and health system customers is being able to have their IT systems grow beyond simply exchanging information to performing analytics on this broader data set to support operations and research, says Greg McGovern, principal at Chicago-based The Chartis Group. “Provider-to-provider data exchange standards and roadmaps are well defined, but the focus is shifting to accelerating implementation and addressing unique organizational needs not met by the basic platform,” he says.
What’s more, despite healthcare stakeholders—vendors, providers and federal regulators—continuing to look for ways to improve health data exchange, criticism of the industry’s lack of interoperability is still rampant. But McGovern, when asked how vendors are responding to the critics, namely those who attest that health IT companies are not “opening” their systems, says that vendors have actually significantly stepped up their commitment to meet interoperability and data liquidity expectations. These expectations include those described in the Office of the National Coordinator for Health IT’s (ONC’s) interoperability roadmap and those indicated by MACRA's (the Medicare Access and CHIP Reauthorization Act) expectation of "widespread interoperability" by 2019, with specific measures related not just to exchange but the use of exchanged data within the clinical workflow, McGovern notes.
At the end of the day, McGovern advises end-user buyers to ask health IT company executives various questions: “Does the EHR [electronic health record] vendor offer ‘out-of-the-box’ interoperability or offer it as an adjunct or ‘bolt on’ service? What level of clinical workflow integration exists for information provided by external sources? And what is the vendor's strategy for integrating new data sources with analytics and big data platforms?” If customers pay attention to these important factors, they’ll be on the right path toward a smart purchasing decision.