U.S. Reports

The Promise and Challenges of Analytics Marketplaces Report

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© 2014 1 Domain Monitor: Analytics The Promise and Challenges of Analytics Marketplaces in Healthcare By Jody Ranck Background: Plug-and-play data analytics or finding ways to more efficiently export algorithmic models to use with large data- sets has been steadily entering fields outside healthcare over the past two years. Data markets have been around for several years with offerings such as data.com (Salesforce), the Azure Marketplace, Factual, Socrata'sOpenDa- ta, Infochimps.com and DataMarket.com to name a few. These markets exist so that companies have the option of outsourcing parts of the data value chain to third parties who can extract insights. Algorithmia.com is one example of a general marketplace for building and sharing algorithms and for making them available as a web service. We've seen over the years a number of data markets emerge and the next step in their evolution could also be in the direction of these new algorithmic markets. LexisNexis Health Market Science has another type of health data market with claims data in a national level warehouse containing data from all of the major payers totaling nearly 1.2 billion claims that have been scrubbed and anonymized. Clients have the ability to obtain market insights on referrals – market dynamics for facilities. These early experiments in data markets helped organizations outside of healthcare realize that the monetization of data could mean sharing data outside of the organization had the potential to realize even greater return on in- vestment. The logical progression of this trend is towards simpler ways of doing analytics and running a growing number of analytics on top of data to optimize algorithmic insights in a less expensive manner, as well as gaining access to best of class algorithms for solving particular problems. We are now just beginning to see this happen in health analytics with the rise of new analytics or algorithm markets that enable plug-and-play and curation of al- gorithms for use by third parties. It has been noted that healthcare is beginning to enter the algorithmic revolution and a new, higher value-added set of services will be the next phase in the trajectory of health IT. Algorithms rather than data alone are the cur- rency in the algorithmic revolution. Analytics-as-a-Service (AaaS) is the next wave. We are already seeing this outside of healthcare as Amazon enters the fray with one of the dominant AaaS offer- ings that is also relevant to healthcare. This leverages the cloud and a flexible platform that can pull data from APIs into the platform and offer a more rapid way to enable companies to build analytics products or services.

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