Healthcare Cloud Computing Market Expected To Surge 6X Over The Next Ten Years To Reach A Valuation Of $90 Billion In 2031
PALM BEACH, Fla., Nov. 23, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Digitization and inclusion of cloud computing has been a major trend in many end-use industries, and healthcare is no different. Cloud computing in healthcare is now becoming a major trend as hospitals and other healthcare infrastructure are adopting technology to reduce errors and increase efficiency. Improvement of healthcare infrastructure invites the implementation of cloud computing as an effective data transportation and storage facility is bound to transform the sluggish pace at which clerical activities in medical organizations take place. Persistence Market Research has conducted detailed research on the healthcare cloud computing market, and has predicted the market to surge at a stellar CAGR of 24% through. The market is expected to surge 6X over the next ten years and top a valuation of US$ 90 Bn in 2031. The market in South Korea is expected to surge at a phenomenal CAGR of 34% over the decade. The report said: "A database that tracks a patients previous health records, denotes it to any concerned hospital and updates with the current health and medicine conditions sounds benefitting for several medical professionals and pharmacologists. The healthcare cloud computing industry survey projects a CAGR of 24% for the global market, to reach a market value of US$ 90 Bn by the end of the next ten years." Active Companies in the markets today include Healthcare Triangle Inc. (NASDAQ: HCTI), Computer Programs and Systems, Inc. (NASDAQ: CPSI), Inovalon Holdings, Inc. (NASDAQ: INOV), Veeva Systems (NYSE: VEEV), Tabula Rasa HealthCare, Inc. (NASDAQ: TRHC).
Persistence Market Research continued: "The growth of global healthcare cloud computing market is influenced by dozens of benefits derived from using cloud computing in healthcare activities. Speeding up the data or document processing in healthcare facilities is a key factor prompting the use of cloud computing. The global healthcare cloud computing market is expected to reap unlimited cost-savings from upgrading their conventional information & data systems with cloud computing services that can share crucial and important information of patients and their medications among healthcare professionals and pharmacists."
Healthcare Triangle Inc. (NASDAQ: HCTI) BREAKING NEWS: Healthcare Triangle (HCTI) Selected By Monument Health to Automate Document Processing- Healthcare Triangle Inc. ("HCTI" or the "Company") a leading provider of cloud and data transformation platform and solutions for healthcare and life sciences, is pleased to announce that Monument Health taps Healthcare Triangle to automate their document processing through readable.AI.
Healthcare Triangle's deep expertise in Artificial Intelligence (AI), Machine Learning (ML), and Natural Language Processing (NLP) has helped Monument Health turn their clinical data from disparate sources into actionable insight.
At Monument Health, the ability to close gaps in care depends on data availability at the point of care. As a result, this community-based health care system, headquartered in Rapid City, SD, ingests thousands of pages of data daily, which were manually identified, categorized, and uploaded by staff into its electronic health record (EHR) so the data could be delivered to providers at the point of care. With over 5,000 physicians and caregivers across 5 hospitals and 38 medical clinics serving 12 communities, Monument Health's paper-intensive nature and need for efficient management of information while ensuring data security required an advanced automation solution for image recognition and document analysis.
Monument Health leveraged Healthcare Triangle's cloud-based AI and machine learning readabl.ai solution to automate the process of categorizing data from unstructured reports and pair the right information with the right patients. readabl.ai uses the state-of-the-art public cloud artificial intelligence and machine learning to recognize and extract information from documents, faxes and narrative reports which adds value as more documents get processed.
"As a trail of records follows patients in their healthcare journey, Healthcare Triangle's readabl.ai solution helps unlock key data while reducing the burden of manual data capture," Suresh Venkatachari, CEO, Healthcare Triangle.
CTI's AI-powered document processing solution lets the integrated health system focus on higher-value activities related to patient care rather than document processing. It's an approach that positions Monument Health to meet the complex health needs of its population more effectively.
CONTINUED… Read this full release for Healthcare Triangle at: https://www.healthcaretriangle.com/investors/
Total revenues for the quarter ended September 30, 2021, were $70.1 million, compared with total revenues of $68.3 million for the prior-year third quarter. GAAP net income for the quarter ended September 30, 2021, was $2.7 million, or $0.19 per diluted share, compared with $5.3 million, or $0.36 per diluted share, for the quarter ended September 30, 2020. Cash provided by operations for the third quarter of 2021 was $1.3 million, compared with $8.1 million for the prior-year quarter. Net debt at September 30, 2021, was $98.1 million compared to $77.9 million at the end of the prior-year period.
Total revenues for the nine months ended September 30, 2021, were $206.6 million, compared with total revenues of $197.6 million for the prior-year period. GAAP net income for the nine months ended September 30, 2021, was $13.0 million, or $0.89 per diluted share, compared with $11.1 million, or $0.77 per diluted share, for the nine months ended September 30, 2020. Cash provided by operations for the first nine months of 2021 was $34.5 million, compared with $33.0 million for the prior-year period.
CorEvitas, LLC, the gold-standard leader in longitudinal real-world data in autoimmune and inflammatory diseases, recently announced that it has expanded its engagement with Inovalon Holdings, Inc. (NASDAQ: INOV) life sciences business unit specializing in data-driven healthcare analytics and strategic advisory services, to provide a holistic view of patients with rheumatoid arthritis or psoriasis.
In conjunction with CorEvitas' granular clinical data on validated physician assessments and patient-reported outcomes, this collaboration focuses on rheumatoid arthritis and psoriasis and highlights one of many critical chronic condition-focused use cases of Inovalon's MORE² Registry® dataset, which today provides the healthcare marketplace insight into tens millions of patients suffering from key chronic conditions that contribute to poor clinical outcomes and increased healthcare costs in the United States.
"The healthcare marketplace, especially life sciences companies and health plans, have been eager to make more definitive connections between clinical measures, patient adherence, laboratory values, healthcare resource utilization, and economic outcomes along the patient journey," said John E. Linnehan, practice director of Inovalon's health economics and advanced analytics team. "We are excited to collaborate with CorEvitas to accelerate these insights with an initial focus on rheumatoid arthritis and psoriasis."
Veeva Systems (NYSE: VEEV) recently showcased the Veeva CRM Engage Connect compliant messaging and content sharing capabilities at its European Veeva Commercial and Medical Summit Connect event. Healthcare professionals (HCPs) will now have access to the information and resources they need from life sciences companies when they need them. Engage Connect will be available next month as part of the Veeva Engage app used by over one million HCPs for digital meetings.
When HCPs need information, it's hard to know which field reps and companies to contact. Physicians want to easily search and send text requests—without sharing their personal information. With compliant messaging, field teams can have more timely and purposeful exchanges in between meetings or events.
Tabula Rasa HealthCare, Inc. (NASDAQ: TRHC), a leading healthcare technology company advancing the safe use of medications, recently announced a five-year contract renewal with Rocky Mountain PACE (RMP), a Program of All-Inclusive Care for the Elderly (PACE) sponsored by Rocky Mountain Health Care Services of Colorado serving more than 800 participants in Colorado Springs.
As they expand their program, Rocky Mountain PACE will continue to rely on TRHC's CareKinesis pharmacy and personalized medication management services. Premium Door2Door™ delivery services, which include voice and text shipping notifications with tracking ability, helps to ensure RMP's participants receive their medications on time. Through close collaboration with CareKinesis clinical pharmacists, RPM providers are able to make informed decisions for the safe use of medication and improved medication efficacy and adherence. CareKinesis clinical pharmacists are available 24/7 to provide support, medication safety reviews, and recommendations for interventions that reduce risks and improve medication outcomes.
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