Innovaccer’s platform is aiming to address the complex challenge of healthcare data … More
For years, healthcare has struggled with a crucial aspect: data. The industry generates a vast amount of data, with nearly 30% of the world’s data volume coming from healthcare, as reported by RBC Capital Markets. Despite this abundance of data, little has been done to effectively utilize it.
This is where Innovaccer steps in—a company dedicated to making sense of the massive amounts of data generated by organizations daily. Founded in 2014 by Abhinav Shashank, Kanav Hasija, and Sandeep Gupta, Innovaccer began as a research project for academic institutions like Wharton and Harvard. The vision was clear from the start: to create a system that enables organizations to gather information and derive insights in a meaningful manner. Over time, Innovaccer shifted its focus to healthcare, where valuable insights could lead to improved patient outcomes. Today, Innovaccer offers a platform that analyzes various factors such as population health, provider engagement metrics, and quality and risk scores.
Data engagement has always been a challenge in healthcare. A paper published in the Journal of Medical Internet Research (JMIR) highlights the decentralized nature of healthcare data, requiring significant effort to organize and act upon. This is why companies like Innovaccer, with a focus on integrating data across systems to generate actionable insights, are gaining attention.
While Innovaccer is a key player in the healthcare data space, it’s not alone. Companies like Komodo Health and Arcadia are also offering analytics platforms tailored to healthcare needs. Even tech giants like Microsoft are entering the healthcare data space with their own solutions.
Competition is fierce in the healthcare data industry, but each company’s unique approach brings value. Innovaccer’s CEO, Abhinav Shashank, emphasizes the importance of focusing on better patient outcomes rather than being the number one in every aspect of the industry.
One key to success in this industry is making the platform easy to implement and use for healthcare organizations. Reports show that many healthcare organizations are still using outdated technologies, resulting in productivity losses. Innovaccer’s emphasis on quick and easy deployment sets it apart from competitors who require extensive resources for implementation.
As the healthcare data industry evolves, challenges such as enterprise adoption and scaling with purpose will arise. Innovaccer’s organic growth and people-centric approach have contributed to its success, with a recent Series F funding round securing a substantial investment in the company.
The healthcare data sector faces a uphill battle in the upcoming years to raise awareness and demonstrate the value of data in improving health outcomes. With competition driving innovation, patients are poised to benefit from the advancements in healthcare data analytics.
