Information Technology has revolutionised every industry and brought about substantial changes. It has made the world more interconnected, interdependent and increased the volume of data to be processed enormously. However, if the data is compromised by way of a leak or hack, it can also have devastating consequences. This is particularly true in medical healthcare and thus, there is a focus on the healthcare Master Data Management market. MDM is the processes, policies, and tools that allow an organisation to define and manage its critical data, leading to a single point of reference. The healthcare master data management market is a major component of MDM. Medical healthcare facilities need to keep critical records of their patients’ health and security. Any lapse by way of administering an inadequate or incorrect dosage could even lead to death. It is vital for organisations to keep accurate, up-to-date records of their patients to avoid mistakes that could lead to reputational as well as financial harm to the organisation. Master data in healthcare is mainly divided into identifying data like the patient, provider or location and reference data i.e. linkable vocabulary like LOINC, RxNorm, ICD, SNOMED, etc.
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Healthcare Master Data Management Market Drivers
There are three drivers of the healthcare master data management market – mergers & acquisitions (M&A), Health Information Exchange (HIE) and Accountable Care Organizations (ACO). In today’s globalised world, M&A’s have become commonplace and this also holds true for the medical industry. National boundaries have become irrelevant and healthcare institutions can go in for M&A’s for the same reasons as other organisations. It is very rare for two medical institutions to have the same type of data management techniques & each will have its own master data. MDM is crucial to helping the two entities organise, manage and then merge the healthcare data. There is also a great deal of interaction & information exchange between hospitals worldwide now. It may be for a second opinion, diagnoses or patient reassurance. To successfully exchange information across different locations, HIE’s need to have reconciled the master data file. The last major driver of the healthcare master data management market is ACO’s. They are a group of doctors, hospitals and other health care providers who provide medical assistance to their Medicare patients voluntarily. It needn’t be mentioned that they would all have different data organisation & management methods, hence they would need to look at the healthcare master data management market.
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Healthcare Master Data Management Market Restraints
Some of the restraints constraining the growth of the healthcare master data management market are – data ownership, multiple sources of data, lack of true integration between clinical & administrative apps & lack of analytical talent. Autonomous clinics have largely funded their own data management systems to the exclusion of the entire healthcare system. With increasing M&A’s in the industry, this issue has only been compounded recently. While patients have the right to their healthcare data, the question of who owns the data continues to linger. A second challenge is the sheer volume of data. Not only is it in individual organisation departments, some data might also be in a proprietary format like Picture Archiving Communication Systems (PACS). This might be controlled by an external source, making it difficult to extract or claim. Many healthcare institutions struggle to understand modern technology like healthcare payments, coding, reimbursements or other data. Integrating it for decision-making is another challenge entirely! Another major challenge for the healthcare master data management market is the lack of analytical talent. Healthcare providers struggle to find the right experts to help them exploit their databases to the fullest. There is a massive shortage of data scientists, especially in healthcare, who can use big data techniques to optimise healthcare records.
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Healthcare Master Data Management Market Key Regions
The largest healthcare master data management market at present is the U.S. It is also expected to grow at the highest rate due to legislation like the Affordable Care Act, EHR adoption, and government focus on customised medicine, healthcare management and hospital reimbursement. Key Asian markets are China, India, Japan and Korea.
Healthcare Master Data Management Market Key Market Players
Some of the companies competing in the healthcare master data management market are IBM Corporation, Cerner Corporation, Verisk Analytics, Allscripts Health Solutions and Health Catalyst.