Let's quantify something you probably already know. In 2012, the U.S. spent 20% of its gross domestic product (or $3 trillion) on healthcare. Not only is this massive, it's twice as much as any other developed country. And costs will get worse before they get better, according to recent projections.
Despite its world-class medical technology, the U.S. is grossly inefficient in terms of controlling costs, managing patient information and reducing waste. To wit, an estimated 28% of its annual spend was deemed "unnecessary" by the Kauffman Foundation.
The Affordable Care Act (ACA) hopes to change that, of course, by tying reimbursements to providers' cost and patient care performance. Case in point: Unnecessary procedures, which nearly half of all practitioners see as a problem.
But hospitals, physicians and healthcare providers need more than just regulation to improve care, predict outcomes, reduce costs and empower patients. They need analytics.