Health Data Archiving Provides Financial Gains to Organizations
A full 85 percent of organizations who have retired legacy IT systems and opted for health data archiving report positive financial impacts, according to KLAS Research.
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- A full 85 percent of organizations who have retired legacy IT systems and opted for health data archiving report positive financial impacts, according to KLAS Research.
As a result, the data-archiving vendor market is expanding as new vendors enter the market, and existing vendors broaden their expertise and offerings.
In a new report, KLAS reviewed the state of the legacy health data archiving market by focusing on the breadth of each vendor’s KLAS-validated archiving experience, customer satisfaction with the data-migration process, and customer satisfaction with the accuracy and accessibility of the legacy data.
Vendors examined in the KLAS report were ELLKAY, Galen Healthcare, Harmony Healthcare IT, Legacy Data Access, and MediQuant. Products examined included ELLKAY’s LKEMR-Archive, Galen’s VitalCenter Online Archival, Harmony’s HealthData Archiver, Legacy Data Access’s LegacyVault, and MediQuant’s DataArk.
- Harmony and MediQuant delivered broad expertise to customers, while ELLKAY provided high satisfaction with a narrower but expanding area of expertise.
- Miscommunication delayed data migration for MediQuant and Galen customers, while Legacy Data Access provided customer satisfaction by adjusting to customer needs.
- ELLKAY was less aligned with user workflows than the other vendors.
In a Feb. 25 press release, MediQuant said that KLAS determined that the company provides broad clinical and financial expertise in both inpatient and outpatient settings, including surgical, imaging, and laboratory solutions; has the most experience with financial data; and formats legacy data into a standardized screen and provides search functionality.
“The KLAS report headlines our industry leadership for our combined strength of quality and breadth of expertise,” said MediQuant CEO Jim Jacobs. “We are dedicated to providing hospitals and health systems with seamless access to vital data – clinical and financial – so they can maximize patient outcomes and cost savings simultaneously. We are also thankful to our customers for giving us top marks for our enterprise active archiving solutions.”
To beef up its data archiving bona fides, MediQuant recently acquired DataEmerge and executed a purchase contract for HeF Solutions.
DataEmerge is a data extraction service firm and MediQuant partner. HeF Solutions is a healthcare technology firm specializing in electronic health record data conversions, legacy data archival, and technical services that support access to clinical records.
Commenting on its strong showing in the 2019 Best in KLAS Software and Services report, ELLKAY Vice President of Marketing and Strategy said: “We are excited to be recognized by KLAS for delivering a solution that meets an important need in our healthcare community and we are committed to continuing to deliver market-leading and innovative solutions that streamline workflows, improve ROI, and set up our partners for success in this data-rich healthcare world.”
Responding to being named Best in KLAS in HIT Implementation Support and Staffing segment of the KLAS Software and Services report, Galen Healthcare CEO Steve Brewer said: “We’re honored to, once again, be the recipient of the Best in KLAS designation. It’s especially gratifying because it reflects the opinion of our client-partners, the leading healthcare organizations in the U.S. We sincerely thank them for recognizing the entire Galen team for its expertise and commitment to excellence.”
KLAS CEO and President Adam Gale commented: “As healthcare continues to evolve, it is imperative that we seek innovation and constantly address the needs of a shifting market. The Best in KLAS and Category Leader winners are the ones making the greatest strides within their market segments.”
Overall, the data archiving market is expected to be growing at a compound annual grwoth rate (CAGR) of 12.3 percent until 2023, according to a report by Intellectual Research Partners.
In terms of industry verticals, the banking, financial services, and insurance segment is expected to account for the largest share in terms of investments in data archiving and to dominate the market. However, healthcare is forecast to experience the highest growth rate for the forecast period.
Among the regions covered in the report, North America is expected to be the leading the market during the forecast period. In terms of format, cloud-based archiving is expected to dominate the market through 2023.
