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The Promise and Challenges of Analytics Marketplaces in Healthcare

by Jody Ranck | July 20, 2015

Algorithmic Market Advances

Plug-and-play data analytics or finding ways to more efficiently export algorithmic models to use with large datasets has been steadily entering fields outside healthcare over the past two years. Data markets have been around for several years with offerings such as data.com (Salesforce), the Azure Marketplace, Factual, Socrata’sOpenData, Infochimps.com and DataMarket.com to name a few. These markets exist so that companies have the option of outsourcing parts of the data value chain to third parties who can extract insights.

Algorithmia.com is one example of a general marketplace for building and sharing algorithms and for making them available as a web service. We’ve seen over the years a number of data markets emerge and the next step in their evolution could also be in the direction of these new algorithmic markets. LexisNexis Health Market Science has another type of health data market with claims data in a national level warehouse containing data from all of the major payers totaling nearly 1.2 billion claims that have been scrubbed and anonymized. Clients have the ability to obtain market insights on referrals – market dynamics for facilities.

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