Potential Disruptors in Healthcare Analytics
Clinics and hospitals around the nation are alive not only with the sound of patients and providers but also with the clickety-clack of keyboards and the humming of computers. And if you listen closely, you might hear the low buzz of voices crying for actionable data.
Software vendors are fighting for customers, and in the battle of industry, only one can come out on top. That may be truer in analytics than in most other healthcare IT markets. Right now, the BI space is more crowded than Walmart on Black Friday.
Supply and demand go together, and healthcare organizations need analytics. They are looking for ways to make sense of all their data. “Who can help us take action on the right data?” they ask. “Who can help us drive outcomes? Who can help improve the quality of care?” And organizations aren’t necessarily opposed to going outside the traditional healthcare IT vendors to find the software they need.
We want to help people understand why they are buying what they buy in this market space. That’s why we have published our first ever Healthcare Business Intelligence and Analytics Decision Insights report. The report has insights into 12 vendors in the BI and analytics industry.
Right now, one vendor is winning the game, but if others in the running play their cards right, they could be forces to be reckoned with. Here are a few vendors to watch out for:
A Power Surge
Many of KLAS’ Decision Insights reports have what we call the A-List. To qualify for the A-List, a vendor must be the best of the best, and their product must demonstrate high market energy, high satisfaction, and high retention.
Three vendors made the A-List for this report: Tableau, Health Catalyst, and Microsoft.
If you thought about that list just now, the last vendor might have made you do a double take.
Microsoft’s Power BI has surged to the top in a mind-blowingly short period of time. Healthcare providers started testing out the product within their environment only a couple of years ago. Now they win the majority of the deals where they are considered, and they do so because of the product’s packaging and functionality. Power BI is often packaged with Azure, Microsoft’s cloud-based data-storage solution. Customers like the integration capabilities, and the cost is cheaper because of the package deal.
Customers also recognize that Power BI’s functionality is pretty good and catching up with that of Tableau’s product, which gets the most considerations. Power BI’s development has come a long way, and customers have a lot of faith in the Microsoft’s ability to catch up with Tableau.
A Hidden Gem
Anyone that reads our Best in KLAS 2020 report might have noticed that Dimensional Insight is the top vendor for BI; they have retained that position for some time. Current Dimensional Insight customers report high satisfaction and high retention due to the vendor’s excellent listening skills and healthcare-specific support. But our data shows that Dimensional Insight is hardly ever top of mind. In our research with 45 unique organizations, only 2 chose the Dimensional Insight product.
In the last few months, Dimensional Insight has been changing the way they make their presence known in the healthcare industry, but it is still early to see if what they are doing is working. Maybe in the next Decision Insights report for BI, we will see them get more provider considerations.
A Dark Horse?
Information Builders isn’t exactly new to the BI industry. However, a few years ago, their products didn’t show up in KLAS data. But Information Builders recently created their new product, Omni-HealthData, and it is starting to gain momentum.
Potential customers like the Omni solution’s capabilities for integration and the way it brings data together to create actionable insights. Customers appreciate that the vendor has invested in research and development and has hired people with healthcare expertise.
On the other hand, some customers are still a little wary of this new system’s abilities. They wonder whether the vendor may be overselling the functionality of a still-developing system.
Could Information Builders’ new product be a dark horse for the industry? We’ll just have to wait and see.
Check out the report to get detailed insights on 12 vendors in the BI and analytics space, including Tableau, Health Catalyst, Microsoft, Dimensional Insight, Change Healthcare, Epic, Qlik, and MedeAnalytics.
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