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03 Mar

Eight Major Health Informatics Companies

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Healthcare informatics is a burgeoning industry in the U.S. and around the world, with a projected compound annual growth rate (CAGR) of 13.8% over the next seven years. This will bring the overall industry valuation to $511.06 billion by 2027, driven by strong competition and innovation amongst health informatics companies.1

Healthcare information technology (HCIT) has the potential to provide solutions that reduce the costs of healthcare while improving outcomes, leaving patients with a better overall experience. These HCIT companies are leading a transition from fee-for-service (FFS) healthcare to a value-based care (VBC) model that prioritizes patients over profits.2

Optum

Headquartered in Minnesota, Optum is a division of global healthcare giant UnitedHealth and one of the largest health informatics companies in the US. It comprises several subdivisions, including OptumHealth, OptumInsights, Optum360 and OptumCare. Optum's revenue was predicted to climb between 13-14% in 2020, reaching at least $127 billion.3

The company uses big data analytics, AI and machine learning to provide optimized outcomes to patients at reduced rates. The OptumInsights subdivision provides data mining services and predictive modeling to 90% of hospitals across the US, serving 120 million individual consumers.3

Cerner Corp.

Cerner is a long-running and well-established company that builds data processing technology for improved healthcare insights. Headquartered in Kansas City, Missouri, it utilizes a broad network of 27,000 provider facilities worldwide to support its healthcare clients. The company expects to clear $5.7 billion in revenue for 2020.4

Cerner's products include a cloud-hosted EHR, a radiology information system, an emergency department system, and a learning framework. The company employs approximately 27,300 people in 25 countries, managing the data of nearly 250 million customers around the world.5

Cognizant Technology Solutions

With 283,000 employees and a revenue of $4.2 billion in Q3 of 2020, Cognizant Technology Solutions is one of the largest IT service companies in the world. It sells a variety of digital products including data, testing and automation tools to multiple industries, with a focus on health and finance.

In 1998 the company relocated from Chennai, India, to its new headquarters in Teaneck, New Jersey, and has since enjoyed significant growth. It acquired IT healthcare service provider TriZetto Corp in 2014, adding nearly 3% to its share price. Between 2003 and 2012, Fortune Magazine included Cognizant in its '100 Fastest-Growing Companies' list each consecutive year.6, 7

Change Healthcare

Change Healthcare is a provider of payment solutions for the U.S. healthcare industry and operates the largest financial and administrative information exchange in the country. Headquartered in Nashville, Tennessee, the company was originally known as Emdeon until an acquisition and rebranding in 2015. In 2019, Change Healthcare was listed on the NASDAQ stock exchange in an IPO worth $640 million.8

Change Healthcare services include electronic claims and remittance advice, real-time eligibility checks, paper claims and claims status. While focused largely on the revenue life cycle, the cloud-based platform also offers medical imaging and consumer experience solutions.9

Philips

Philips is a multinational electronics conglomerate from the Netherlands, currently with a strong focus on health technology. With R&D facilities in 26 countries around the world and sales operations in a further 100, Philips was rated the number one Medtech Company in Boston Consulting's 'Top 50 Most Innovative Companies' in 2020.10

The organization consists of three divisions: Personal Health, Connected Care and Diagnosis & Treatment. In 2019, Philips invested $2.3 billion into research and development, with 50 percent of its focus on software and data science. During the same period, it generated approximately $7.12 billion in sales.11

Epic

Wisconsin-based Epic Systems is a developer of medical record software for the healthcare industry. It was founded in 1979 by Judith Faulkner and has since grown to employ 10,000 people, with offices in the UK, Netherlands, UAE, Finland, Australia, Singapore and Denmark. It currently services over 250 million patients with an annual turnover of $2.9 billion in 2018.12

Epic Systems' primary focus is on the development of its EMR record-keeping software known simply as 'Epic'. The software provides several functions, including scheduling clinical systems for hospital staff and billing systems for insurers.

Dell EMC

Dell Technologies is well-known for its provision of IT infrastructure to companies worldwide. After the record-breaking $67 billion acquisition of data storage provider EMC in 2016, it formed a new subsidiary, Dell EMC.13

Dell EMC's health division offers a range of transformational IT products aimed at modernizing the healthcare industry. These include software for precision medicine, patient communications and cybersecurity. Over 8,000 hospitals worldwide use Dell EMC solutions, with 65 percent of US hospitals using Dell EMC storage infrastructure.14

Conduent

New Jersey-based Conduent acts as an intermediary solutions provider between patients and businesses for the delivery of mission-critical services. Formed in 2017 as a divestiture from the Xerox Corporation, Conduent employs 68,000 employees across 40 countries with $4.4 million in revenue recorded in 2019.15

Amongst some of its most notable features, Conduent's software achieve a 99% digital archiving success rate, with a 20% reduction in interaction times and a 27% reduction in program costs.16

Expand Your Career Opportunities With a Degree in Health Informatics

Health informatics companies have come a long way in transforming outdated healthcare systems but the industry still has much room for improvement. As medical systems become more digitized, the healthcare industry will need a fresh breed of highly trained professionals with the skills to truly optimize medical data processing.

If you're interested in getting involved with this innovative and exciting new industry, expand your career opportunities with an online Master of Science in Health Informatics from Kent State. Gain the skills required to become an expert in digital healthcare systems, and the opportunity to work with some of the top companies in this groundbreaking industry.

Sources:

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