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European Markets for Business Analytics in Healthcare
Frost & Sullivan, Dec 2009, Pages: 136
This research provides a strategic analysis of business analytics for healthcare markets in Europe with 2009 as the base year. It provides a complete analysis of the market dynamics such as market segmentation based on various factors, drivers, restraints, challenges and strategies of the market, market share analysis, competitive structure and so on. The study mainly provides an estimated quantification of the market, by segments
Research Overview
This Frost & Sullivan research service titled European Markets for Business Analytics in Healthcare provides a comprehensive analysis of the business analytics markets for healthcare in Europe and discusses the opportunities within these markets for the period 2010-2016. In this research, Frost & Sullivan's expert analysts thoroughly examine the financial module and administrative module analytics solutions for the healthcare sector.
This analysis is available through Frost & Sullivan's Healthcare & Life Sciences IT Growth Partnership Services programme. With continuous access to intelligence and resources from all seven perspectives of the Complex Business Universe, the Growth Partnership Services programme ensures that you and your Growth Team™ are able to maintain a 360-Degree Perspective of the market. This comprehensive, objective information allows your company to mitigate risk, identify new opportunities, and drive effective strategies for growth.
Market Overview
Activity-based Payments and Pay-for-performance Initiatives Boost the Growth of the European Markets for Business Analytics in Healthcare
Business analytics solutions enable healthcare managers and hospital management to compile, arrange and manage clinical, financial and administrative data in a defined protocol, facilitating informed business decisions. The European healthcare sector has mostly adopted activity-based payments. The current trend is that of diagnosis-related groups (DRGs), which help hospitals minimise patient visits to their premises, increasing the need for efficient analytics solutions. Pay-for-performance initiatives have further fuelled the demand for business analytics systems in the European healthcare sector. “Business analytics solutions provide a substantial return-on-investment (ROI) for healthcare organisations, thereby driving the adoption rates of these systems in Europe,” says the analyst of this research. “These solutions allow the user to control operating costs and streamline revenues.” Effective business analytics solutions, along with business intelligence (BI) solutions, provide ROIs ranging from 100.0-300.0 per cent for healthcare. This is extremely significant to the already cost-sensitive healthcare sector. Furthermore, it enhances the overall workflow efficiency of healthcare management.
However, stringent hospital budgets towards information technology (IT) deployment challenge the growth of the European markets for business analytics in healthcare. Hospitals’ IT budgets spent on infrastructure and devices reduce the investments in IT systems. “On an average, the IT budget of a hospital is about 1.5 per cent of its total annual expenditure, which is extremely low when compared to the budgets allocated towards devices and other hospital infrastructure,” explains the analyst. “IT continues to be considered as expenditure rather than an investment.”
Hospitals should increase their investments in IT and procure more cost-effective systems that provide greater value for money. “The IT expenditure of the hospitals should be stepped-up to at least to 3.0 to 3.5 per cent of their total annual expenditure,” concludes the analyst. “Additionally, the vendors should enhance the value proposition provided by the systems so that the hospitals get value for the expenses they have incurred.”
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Financial module analytics solutions
- Administrative module analytics solutions
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