Cognizant recognized as a Leader in Avasant’s Healthcare Digital Services RadarView™ Report 2019-2020
Among endless service provider options, novel and disruptive mechanics in innovation brings recognition as a Leader for Healthcare Digital Services 2019-2020Read the Avasant report
AVASANT ANALYST INSIGHTS
- Cognizant serves a large number of payors, providers and health systems primarily in North America, accounting for 91% of its healthcare revenues.
- Its TriZetto product line has helped position itself as a clear market leader. ~30% of Medicare members and 60% Medicaid members are being supported on TriZetto core administration systems. Overall, ~50% of the US healthcare-covered population is supported by TriZetto’s healthcare products.
- Its healthcare and life sciences segment grew by 9.5% in 2018, 1.1% more than its overall growth with healthcare accounting for ~84% of segment growth. The annual growth is driven by enhanced compliance, integrated health management, and claims investigative services; operational improvement services (claims processing, enrollment, membership and billing); and digital-based health solutions (AI, personalized care plans and advanced analytics) to improve patient outcomes.
- Its digital revenues grew approx. 3x faster than its total revenue, with healthcare at the forefront due to its strong digital solution services to healthcare clients (development, licensing, implementation and supporting proprietary and third-party products and platforms).
Investments and Innovation
- The acquisitions of Bolder Healthcare Solutions (a leading RCM solutions provider) in 2018 and TMG Health (a BPM services provider to the Medicare and Medicaid markets in the US) in 2017 strengthened Cognizant’s healthcare business, specifically in North America by diversifying the portfolio.
- Through Collaboratory, it works with clients and partners to develop and launch new digital solutions across industries, including healthcare. Starlight Children’s Foundation worked with Odecee (a Cognizant Digital Business company) in 2017 at the Digital Business Collaboratory in Melbourne, Australia to develop a customized hospital information system (HIS) that captures and reports on the performance of their programs.
- Cognizant has strong partnerships with many industry partners using TriZetto solutions: Change Healthcare, EvolveSPM, Optum, etc. It also partners with many technology companies (IBM, Microsoft, Oracle, Sybase) that provide the technology platform for the TriZetto Healthcare Products.
- It also co-develops solutions with specific industry specific partners, e.g., an automated CMS solution with Pega for a leading provider of Medicaid and other public health programs in the US, and the development of its Health TranZform™ platform using Orion Health technologies.
- It has a strong focus on start-ups through Cognizant Accelerator and Cognizant Ventures, which facilitate investments in early-stage start-ups. It also hosts the annual Cognizant Healthcare Conference to award innovative health solutions.
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