What Can You Learn From Logic? Part 4: Business Intelligence Tools
Vendors of healthcare information technology need to maintain a high level of intelligence about the market in order to uncover new opportunities, start meaningful conversations and drive better results. Understanding both the current and the historical market allows vendors to optimize their sales and marketing strategy.
But as most people know, maintaining this high-level perspective means grappling with a massive amount of data, and it's easy to let opportunities fall through the cracks.
Luckily, HIMSS Analytics' Logic platform helps you gather market intelligence with ease. It pulls together exclusive data to define the current health IT market and provide insight into which organizations are using or looking for a specific technology — ultimately, giving you the information you need to make a bigger impact on your prospects.
In our "What Can You Learn From Logic?" series, we've talked about some of the key insights Logic can offer to vendors of health IT, including buying plans, industry news and technology snapshots. In this post, we'll dive into one of those technology snapshots to talk about one of the most essential healthcare solutions: business intelligence tools.
Business Intelligence Financial Tools
As you know, BI tools deal with cash flow and operational key performance indicators (KPIs) within an organization. Exploring these indicators enables organizations to cut costs and make decisions in real-time — improving bottom line results. BI tools are not optional. They're a necessity for running a hospital effectively and their level of necessity can vary based on organizational goals and strategy.
For further insight into this particular technology area, we take a look at a recent snapshot report from Logic Analyze. This data analysis tool within the platform gives clients proactive insights and access to health IT market consultants to enable sales and marketing.
We've noted the need for BI Financial tools previously, but as we learn in the Analyze snapshot, not every hospital has one. While BI Financial solutions at U.S. hospitals have nearly doubled in the last ten years, there are still about 38 percent of hospitals without them. Mississippi and Montana hospitals have the lowest BI Financial adoption in the country at only 35 percent, while Massachusetts has the highest at 85 percent.
Along with adoption rates, the Logic platform also reveals the historical market share for these tools. In 2018, Epic overtook the market. The top ten vendors represent approximately 80 percent of the overall market. While self-developed solutions still maintain about 6.4 percent of the market, their popularity has decreased significantly in the past four years.
This snapshot also shows us that about 70 percent of the deal activity happening within the BI Financial market is for planned upgrades and installations, revealing many opportunities for vendors.
Even though BI tools are essential to the success of a healthcare organization, this is still not a fully penetrated market. And any time you don't have a fully adopted market, there's significant opportunity to sell into hospitals for the first time or help them switch vendors. It could be anyone's game, but you wouldn't know it if you didn't gain insight into the historical adoption rates through Logic.
In the case of mergers and acquisitions, healthcare systems may decide to consolidate their technology toward the vendor used by the majority. These replacement and upgrade plans pose a great opportunity if you are looking to sell into this market — especially if your solution is interoperable with an organization's existing systems.
If your BI tool allows for seamless data exchange, then that's a significant value proposition for both the installer and the planned upgrade markets. By releasing upgrades that are automatically interoperable, vendors have a natural way to drive retention. Using the Logic platform, you can uncover opportunities for planned upgrades and installing plans and start smarter, more informed conversations with these hospitals.
Boost Your Sales and Marketing Efforts with Logic
As a market intelligence platform, Logic shows you how your business is performing in relation to others in the market. When you use it to look for meaningful change within a market, you can develop a better sales and marketing strategy and direct it toward the right decision makers in the right organizations.
By diving into a specific technology snapshot within Logic, you can expand your pipeline, discover new market opportunities and drive more sales. Use Logic as a starting point for your sales and marketing strategy, and don't forget to visit us again for the last installment in our five-part "What Can You Learn from Logic?" series.