Industry News

UnitedHealth Group to purchase Change Healthcare for USD 8 Billion

Unitedealth Group to acquire Change Healthcare for providing advanced tech-enabled services and research

 

United States: OptumInsight, a diversified healthcare service company, and a UnitedHealth Group subsidiary, is set to acquire Change Healthcare, a health care technology leader for

promoting better patient experience and reduce medical costs. Moreover, integrating Optum’s data analytics with insights based on claims transactions via Change’s network, the combination highlighted the need to reduce administrative waste across the health industry. Emphasizing the possibility for providers to receive payments “more quickly, accurately, and reliably” and deliver streamlined and transparent healthcare cost management to customers, the companies flagged the opportunity to make improvements in payment systems. 

 

On the acquisition deal, Neil de Crescenzo, President, and CEO of Change Healthcare said, “This opportunity is about advancing connectivity and accelerating innovations and efficiencies essential to a simpler, more intelligent, and adaptive health system. He further added, “We share with Optum a common mission and values and importantly, a sense of urgency to provide our customers and those they serve with the more robust capacities this union makes possible.”

 

The collaboration will assist the clinicians in making clinically advanced patient care decisions more quickly and easily. Optum’s clinical analytics expertise and Change Healthcare’s widely adopted technology can help to deliver clinical decision support and ensure appropriate sites of care to consistently achieve the best possible and quality health outcomes. 

 

According to TechSci Research, the UnitedHealth Group has expanded its reach well beyond health insurance in recent years, and its acquisition deal with Change Healthcare would be paramount for the company to increasingly deliver seamless medical care directly to patients and improve patient’s health outcomes. The acquisition will help the company to enhance patient experience while reducing the overall cost. Gathering of patient data is a key aspect so that doctors or clinicians at medical facilities can take informed decision, which is expected to fuel the growth of the big data in healthcare market, globally.

 

According to TechSci Research report, “Global Big Data in Healthcare Market By Component, By Deployment, By Analytics Type, By Application, By End User, By Region, Competition, Forecast & Opportunities, 2024”, global big data in healthcare market was valued at around USD 14.6 billion in 2018 and is projected to grow at a CAGR of 20% to reach USD 42.7 billion by 2024 owing to increasing adoption of Electronic Health Record (EHR), control healthcare spending, advance patient outcomes, etc. Health related data is growing at a rapid pace driven by the government initiatives to promote the adoption of healthcare information system and introduction of cloud storage. Moreover, increasing adoption of mobile health apps and wearable devices, are further stressing on the need for managing large amount of data to obtain critical information, thereby driving the demand for big data in healthcare sector. Additionally, elevating popularity of electronic prescriptions eliminates the need for paper-based prescriptions, which is further positively influencing the growth of the market.

 

According to recently published TechSci Research report, “Global Big Data Analytics Market By Deployment Mode (On-Premise, Cloud and Hybrid), By Application (Risk & Fraud Analytics, Enterprise Data Warehouse Optimization, Internet of Things, Customer Analytics, Operational Analytics, Security Intelligence and Others), By Component (Solutions and Services), By Organization Size (Large Enterprises and SMEs), By End Use Industry (BFSI, Healthcare, Government, IT & Telecom, Manufacturing, Retail and Others), By Region, Competition, Forecast & Opportunities, 2025”, global big data analytics market is forecast to grow at a compound annual growth rate of over 12% during the forecast period and surpass USD 87 billion by 2025. Big Data Analytics is a combination of various tools such as Hadoop and Apache. The main function of these tools is to collect, manage, organize, access and deliver structured as well unstructured data. Increasing expansion in IoT devices market and implementing AI solutions are some of the factors which are driving the growth of big data analytics. The major challenge with the big data analytics is that as data sets are becoming more diverse, there is a big challenge to incorporate them into an analytical platform. Another challenge is, there is acute shortage of professionals in the field of big data analytics.