Health Catalyst, Inc. is a provider of data and analytics technology and services to healthcare organizations.
The company’s Solution comprises its cloud-based data and analytics platform, software applications, and expertise. The company’s clients, which are primarily healthcare providers, use the company’s Solution to manage their data, derive analytical insights to operate their organization, and produce measurable clinical, financial, and operational improvements.
The core elements of the...
Health Catalyst, Inc. is a provider of data and analytics technology and services to healthcare organizations.
The company’s Solution comprises its cloud-based data and analytics platform, software applications, and expertise. The company’s clients, which are primarily healthcare providers, use the company’s Solution to manage their data, derive analytical insights to operate their organization, and produce measurable clinical, financial, and operational improvements.
The core elements of the company’s Solution include:
Ignite Data & Analytics Platform. Ignite is a healthcare-specific, cloud-based, open, flexible, scalable and self-service ecosystem for analytics, app development and interoperability that provides clients a single comprehensive environment to integrate and organize data from their disparate software systems. Ignite optimizes and adapts industry-agnostic technologies, bridging gaps to ensure that they meet the unique requirements of healthcare data and healthcare organizations. Ignite has amassed large and comprehensive data assets, which enables the company to deliver differentiated insights to the company’s clients.
Applications. The company’s software analytics applications are generally built on top of the company’s Ignite platform and are designed to analyze the most common problems the company’s clients face across five focus areas: Clinical Improvement, Revenue & Cost Improvement, Ambulatory Operations, Measures & Registries, and Data & Analytics. These applications enable the company’s clients to pinpoint opportunities for measurable improvement across their entire enterprise and are employed by a broad range of users from healthcare executives to front-line clinicians providing care. Through a combination of internal development and acquisition activity, the company built this suite of analytics applications based on thoughtful measurement of the most critical analytics needs faced by the company’s clients. The company’s applications are further enhanced by a broad range of analytics accelerators, which are pre-built, configurable data models with customizable visualizations that can be tailored to specific client needs.
Expertise. The company’s team consists of both analytics experts, such as data analysts, data engineers, and data scientists, and domain experts, such as healthcare administrators, physicians, and nurses. The company’s services include data and analytics services, domain expertise, education services, Tech-Enabled Managed Services (TEMS), and implementation services. The company’s services team members leverage the company’s technology to help its clients shorten time-to-value and achieve sustainable measurable improvements. Examples of the expertise the company provides include opportunity analysis and prioritization, data governance, data modeling and analysis, quality and process improvement strategy, cost accounting, data abstraction, and population health strategies. The company’s approach to integrate data, analytics, and expertise into a holistic Solution is distinctive. Various elements of the company’s Solution have been recognized as industry-leading by multiple third parties, including KLAS.
The company has generated over 1,800 documented, client-verified improvements across clinical, financial, and operational domains. Each of these documented improvements is highly valuable to the company’s clients, enabling them to realize substantial clinical improvements, financial savings, or operational efficiencies. As the company delivers measurable improvements, trust builds, and the company’s clients engage with the company more broadly and refer new business. This is evidenced by a continued increase in improvements achieved by the company’s clients over time. Clients who have recently contracted with the company has already started achieving measurable improvements, while longer-standing clients have seen the number of annual improvements meaningfully grow.
The company serves the majority of its clients through a subscription-based contract model. As of December 31, 2024, the company served 130 Platform Clients (formerly the most similar defined term was DOS Subscription Clients, which the company also referred to as Platform Subscription Clients) and over 900 App Clients (formerly the most similar defined term was other clients). Platform Clients are defined as: (i) all Platform Clients as of December 31, 2024 under the company’s historical definition (formerly referred to as DOS Subscription Clients, which the company also referred to as Platform Subscription Clients), and (ii) going forward in 2025 and beyond, any client that signs technology contracts with at least $100,000 of incremental total ARR and non-recurring revenue in a given calendar year, inclusive of clients that come through acquisition if the company first begin recognizing revenue for the client post-acquisition and that total ARR and non-recurring revenue exceeds $100,000 in that calendar year, so long as such client maintains an active subscription as of the end of the period. The majority of the company’s clients who are not Platform Clients are technology clients resulting from the company’s business acquisitions and typically operate under subscription contracts.
The company’s clients include academic medical centers, integrated delivery networks, community hospitals, large physician practices, Accountable Care Organizations (ACOs), health information exchanges, health insurers, and other risk-bearing entities. Example clients include Allina Health, AlohaCare, Baylor Scott & White Health, Carle Health, Children’s Hospital of Orange County, Community Health Network, Contexture, INTEGRIS Health, Lifepoint Health, Mass General Brigham, MultiCare, Queen's Health System, Temple University Health System, UnityPoint Health, and UPMC.
Growth Strategies
The company’s strategic levers to drive growth include growing its overall client base; expanding within the company’s client base; adding new applications and offerings; growing the company’s addressable market through additional healthcare business segment adjacencies; and selectively pursuing acquisitions and partnerships.
Solution
The company’s Solution empowers its clients to run a data-informed business. The company’s healthcare-specific, open, flexible, scalable, and self-service Ignite Data and Analytics platform, applications, and expertise guide the company’s clients to greater levels of analytics maturity, enabling clinical, financial, and operational improvements. The diagram below illustrates the company’s five core areas of differentiated client value and the offerings within each of those focus areas.
Data and Analytics Platform - Health Catalyst Ignite Data and Analytics
Health Catalyst Ignite is a healthcare-specific, open, flexible, scalable, and self-service data and analytics platform that enables the company’s clients to generate insights across clinical, financial, and operational objectives. It serves as the foundation for data and analytics, enabling clients to extract data from transactional source systems, combine disparate data sets into a unified source of truth, and query the dataset directly. Ignite optimizes and adapts industry-agnostic technologies, bridging gaps to ensure that they meet the unique requirements of healthcare data and organizations.
Ignite has been uniquely designed and purpose-built to handle the complex, ever-evolving nature of healthcare-specific data and analytics. This includes healthcare-specific terminology, data governance, meta-data management, and analytics. By creating healthcare-specific data models to organize industry-specific data, Ignite enables faster and more repeatable analytics and insights. The company has developed the capabilities to turn these insights into actions by connecting the company’s analytics into the workflow systems, such as an electronic health record (EHR). Clients may directly access the company’s platform or may indirectly access its platform through use of modular components of Ignite or other parts of the company’s Solution that leverage Ignite.
Differentiating components of Ignite include:
Data Management Tools and Functions.
Healthcare source templates. Library of source starter sets for electronic medical records (EMRs), claims, financial, and operational data sets, enabling the company’s data acquisition team to source healthcare data quickly and efficiently.
Integrated job scheduling and monitoring. Plan and schedule Databricks, Azure Data Factory, API Source, and other source jobs all in one place to populate downstream data marts and dashboards.
Data profiling. Analyze, examine, and summarize client healthcare data to see trends and quality issues; monitor the platform; and watch and report on application and system health within Ignite Data and Analytics.
Identity management. Manage fragmented data across multiple source systems by making mastered patient and provider data broadly accessible from one central location and ingest mastered data from any vendor.
Data security: Sensitive data discovery, security, and access control with activity monitoring.
Support and Account Management
24 x 7 tech support. Access tech support resources via ticketing system 24 hours a day.
Data management, source marts, and Expert Data Collections (EDCs) support. Receive routine maintenance for data issues.
Account management. Access a Program Manager to support onboarding activities, education, collaboration, resourcing, and improvement opportunities.
Data Products
Foundational Expert Data Collections. Integrate modular data products within key domains (clinical, claims, financial). Designed with out-of-the-box support for an ever-growing library of EMR sources. Can be used as a stand-alone solution or as a set of interoperable data models.
Terminology. Capitalize on a comprehensive terminology management solution that includes 1) complete, up-to-date code sets for standard terminologies (SNOMED, LOINC, ICD, CPT, etc.) and 2) smart terminology mappings tailored to client's healthcare data that provide normalized content to enhance client's analytic capabilities.
Data quality rules. Flag basic data quality issues, enabling clients to identify issues upstream and improving time to value with consistent analytics.
Self-Service Analytics
Pop Analyzer. Enable end users to build population cohorts and run analytics on client's source and normalized data sets.
Data entry. Load client's files into Ignite Data and Analytics to populate for data mart build and downstream analytics.
Healthcare.AI. Boosts efficiency with AI-driven support for coding, data exploration, search, and quality. Analytics Integration embeds healthcare-specific insights into existing reports and visualizations.
Visualization tools. Supports multiple modes of data access. Clients can bring their own Business Intelligence (BI) development and/or AI modeling tools of choice without compromising the user experience.
Applications
The company has thoughtfully developed and acquired several scalable applications that enable the company to deliver the right data to the right place at the right time. Combining this pioneering technique with the company’s data asset of more than one hundred million patient records, the company’s clients systematically uncover opportunities for actionable interventions. The company has organized its applications into robust sets of applications that generate meaningful insights for improvement in key areas: Clinical Improvement, Revenue & Cost Improvement, Ambulatory Operations, Measures & Registries, and Data & Analytics.
Clinical Improvement
Patient safety (Patient Safety Monitor). A trigger-based surveillance system enabled by Ignite. This application monitors patient-level data and applies machine learning algorithms to help clinicians predict whether a patient is currently at risk for a safety event so that the patient’s clinicians can intervene as they deem necessary to prevent harm events.
EMR embedded Insights (Embedded Refills). An application that provides embedded medication renewal decision support directly in the EHR workflow, enabling providers and their staff to streamline prescription renewal workflows.
Patient engagement (Twistle). A healthcare patient engagement SaaS technology that, among other uses, helps automate patient-centered, personalized, multi-channel communication between care teams and patients, with the goals of transforming the patient experience, driving better care outcomes, and reducing healthcare costs.
Oncology care management and patient engagement (Carevive). A suite that combines EHR data, electronic patient-reported outcomes (ePROs), and evidence-based guidelines in a single solution that supports capture and sharing of patient data and delivers timely clinical insight and support.
Care orchestration (Lumeon). A platform that delivers personalized care orchestration to help patients navigate their clinical journey. It uses secure, bi-directional data integration and clinical logic to drive patients to the next best clinical action.
Clinical accelerators. Pre-built clinical data models and customizable visualizations that leverage the broad set of integrated data stored within the company’s platform for a specific analytic use case, helping the company’s clients achieve a much faster time-to-value solution compared to building an analytic model from the ground up.
Revenue & Cost Improvement
Revenue improvement and chargemaster analytics (VitalCDM). A revenue workflow optimization and analytics solution that organizes, displays, and manages all chargemaster data within one connected solution, enabling hospital billing departments to operate more transparently, price strategically, and present an accurate bill or claim with consistency.
Revenue integrity and auditing (VitalIntegrity). A comprehensive charge capture solution that efficiently manages hospital charge capture processes, detects compliance issues, and minimizes revenue leakage resulting from under- and over-charging, late or missing coding, mismatched charges and supplies, and a wide range of chargemaster-related issues.
Price transparency (Hospital Price Index). A solution that enables hospitals to address pricing transparency, including complex requirements of the price transparency mandate.
Activity-based costing (PowerCosting). An activity-based costing application that leverages clinical and operational data from the company’s platform to calculate a true cost of clinical processes and patients on the most granular level. Enables CFOs, physicians, service line leaders, and clinical and financial analysts to understand the true cost of providing care and relate those costs to patient outcomes.
Labor productivity (PowerLabor). A labor management solution that allows healthcare decision-makers to predict labor needs, plan for changes in staffing, and optimize staff-to-patient ratios.
Ambulatory Operations
Pop health strategy (Value Optimizer). A solution that provides a comprehensive, quantified view of potential financial improvement opportunities within a value-based care arrangement. These insights help population health leaders optimize their value-based care strategy and make population health efforts profitable.
Ambulatory management (Ambulatory Suite). A solution that includes a comprehensive data model and modular set of data visualizations that work together to provide insights to improve the financial outlook of client ambulatory care practices while increasing the quality of patient care.
Measures & Registries
Quality and regulatory measures (MeasureAble). A foundational product for integrating hundreds of measures across financial, regulatory, and quality departments and reporting those measures to third-party entities like the Centers for Medicare & Medicaid Services (CMS). Enables proactive measures surveillance to enhance outcomes and facilitates monitoring behaviors, interventions, and activities needed to influence, manage, or change outcomes.
Cardiology registries (ARMUS Suite). A cardiology registry solution that combines technology and services offerings, clinical expertise, and customer service—combined with rapid registry development and cloud-based solutions—to provide certified, timely, and comprehensive registry solutions and updates to clients.
Cancer registries (CRStar). A cloud-based cancer registry solution that serves as a knowledge center of actionable insights to help guide key resource and accreditation management, planning, and cancer program growth decisions with an emphasis on quality and research. CRStar provides innovative case-finding, abstracting, data analytics, and informatics capabilities.
Data & Analytics
Data and analytics ecosystem (Ignite). A healthcare-specific, cloud-based, open, flexible, scalable, and self-service ecosystem for analytics, app development, and interoperability that provides clients a single comprehensive environment to integrate and organize data from their disparate software systems. Ignite optimizes and adapts industry-agnostic technologies, bridging gaps to ensure that they meet the unique requirements of healthcare data and healthcare organizations. Ignite has amassed large and comprehensive data assets, which enables the company to deliver differentiated insights to the company’s clients.
AI (Healthcare.AI). A suite of real-world, healthcare-specific applications of AI in the company’s solutions, including Generative AI to amplify platform efficiency with generative assistance for coding, exploration, search, and quality; Targeted Patient Communication that uses AI to ensure that patients receive timely, personalized communication, improving care management; AI-Driven Visualization Insights that transform complex data into clear, actionable visual insights; Chart Abstraction Assistance that simplifies the chart abstraction process by providing instant, accurate answers, freeing up time for more complex tasks; and AI Expert Services that offer strategic insights and predictions, helping leaders make better decisions with innovative approaches.
Interoperability (Ninja Universe). A cloud-native platform and a set of applications purpose-built for HIEs. The platform aggregates, normalizes, enriches, and optimizes multi-source, multi-format healthcare data in real time.
Cybersecurity (Intraprise). A cybersecurity platform that revolutionizes how security teams manage risk, transforming scattered data into a cohesive risk register. This powerful platform fosters transparency and accountability, enabling precise risk prioritization. Executives can now dissect complex assessments, make informed trade-off decisions, and uphold stringent compliance standards—all from a single, reliable source of truth.
Services and Improvement Expertise
The company provides a range of high-value-add professional services to help its clients implement and maximize the value of the company’s Solution. The company’s professional services experts combine industry-leading talent across multiple domain areas with a deep working knowledge of the company’s technology to help its clients achieve a faster time-to-value and drive more meaningful and sustainable measurable improvements. The company’s expertise can be provided as a supplement to its clients’ existing teams or as an outsourced function for the company’s clients. The company’s team is consisted of over 1,200 analytics experts and domain experts, including several nationally-recognized healthcare and analytics leaders.
The company’s domain experts provide services across a range of specialties, including:
Infrastructure, data, and analytics expertise:
Data engineering services. Help clients ingest data sources and provide consulting around Ignite best practice and strategy around leveraging new Ignite features.
Analytics engineering services. Partner with clients to generate meaningful insights produced from the company’s technology that lead improvement efforts. Guides best practice and training.
Implementation services. Implement and configure Ignite and analytics applications.
Data science services. Work with client teams to apply scientific methods, processes, algorithms, and systems to ask and answer questions using data. In addition, build software tools to enable self-service capabilities for clients.
Analytics strategy services. Provide agile development workshops, continued data architecture and ETL support, documentation and training, measure reporting efficiency, and prioritization and staff augmentation.
Data governance services. Offer advisory services related to leveraging clients’ unique, strategic data assets, managing data access and security, and establishing cross-functional governance structures.
Tech-Enabled Managed Services. Managed services solution that enables healthcare organizations to boost efficiencies, capabilities, and savings—and optimize employee experience—through outsourcing specific functions, such as data abstraction or analytics, to Health Catalyst. In many cases, this solution includes re-badging existing health system team members within the applicable functional area as Health Catalyst team members.
Healthcare domain expertise:
Quality and process improvement strategy. Organizational readiness assessments and opportunity analysis. Clinical pathways, best practices, and protocol implementation. Lean methodology and clinical variation reduction recommendations.
Patient safety services. Transition from voluntary under-reporting to proactive prevention using data-driven triggers.
Cost accounting services. Expert analysis of fine-grain activity-based costing methods and cost-saving improvement opportunities.
Population health and value-based care services. Organizational transformation services to enhance abilities to take on cost risk for patient populations.
Abstraction data submission services. Support in collecting quality and regulatory information and submitting it to various associations.
Health Catalyst University - educational services. Hands-on courses, programs, and customizable training opportunities to provide the company’s clients with knowledge, practical skills, and take-home tools needed to drive improvement efforts.
Clients
The company’s clients comprise academic medical centers, integrated delivery networks, community hospitals, large physician practices, ACOs, health information exchanges, health insurers, life science organizations, healthcare technology vendors, and other risk-bearing entities, among others. The company helps executives, administrators, clinicians, and technicians in hundreds of hospitals and thousands of clinics. The company works in collaboration with many key stakeholders, including chief executive officers, chief financial officers, chief information officers, chief technology officers, population health teams, and IT teams among others. From the company’s perspective, discussions regarding data and analytics strategy have oftentimes transitioned from a discussion with members of the IT department to an enterprise-wide, strategic discussion with the C-suite and other leadership members.
Sales and Marketing
The company markets and sells its services to healthcare organizations primarily in the United States and the company opportunistically markets and sells in other countries and regions. The company’s dedicated sales team identifies healthcare organizations that would benefit from the company’s Solution. The company’s sales team works with its subject matter experts to foster long-term relationships with the company’s clients’ and sales prospects’ leadership teams. In August 2025, the company will hold its annual Health Catalyst Analytics Summit (HAS), a client event showcasing best practices for driving improvement using data and analytics in healthcare, industry trends, and Health Catalyst strategy. This event also features the company’s annual Catalyst Awards, highlighting the best examples of healthcare improvement amount the company’s clients.
Intellectual Property
As of December 31, 2024, the company had fourteen issued U.S. patents, four issued Canadian patents, one issued Great Britain patent, and one issued European patent, which expire between 2026 and 2038, as well as one utility patent application pending in the United States.
The company has registered ‘Health Catalyst’ and the company’s flame design logo as trademarks in the United States and certain other jurisdictions. The company also has filed other trademark applications that are meaningful to the company’s business in the United States and certain other jurisdictions. The company is the registered holder of a variety of domain names that include ‘Health Catalyst’ and similar variations.
Research and Development
The company's research and development expenses were $58.0 million for the year ended December 31, 2024.
Competition
The company’s primary competitors are industry-agnostic analytics companies, EHR companies, point solution vendors, and healthcare organizations that perform their own analytics using homegrown solutions. Industry-agnostic analytics companies that help healthcare organizations develop homegrown solutions include IBM, Databricks, Snowflake, Microsoft, Tableau CRM, and Qlik. EHR companies include Oracle Health and Epic Systems. Point solution companies include Optum Analytics, Premier, Arcadia.io, Strata Decision Technology, Craneware, Innovaccer, and Intersystems.
Government Regulation
Even though the company does not directly order or provide healthcare services that are reimbursable by Medicare, Medicaid, or other third-party payors or submit claims or receive reimbursement from any such payor, certain federal and state healthcare laws and regulations pertaining to fraud, abuse, and waste apply to the company’s business and to the financial arrangements through which the company markets, sells, and provides its services to the company’s healthcare provider clients. These laws and regulations include the following:
The federal Anti-Kickback Statute makes it illegal for any person to knowingly and willfully solicit, receive, offer, or pay any remuneration (including any kickback, bribe, or rebate), directly or indirectly, overtly or covertly, in cash or in kind, in exchange for, or intended to induce or reward, including arranging for or recommending, either the referral of an individual, or the purchase, lease, order, prescription, or recommendation of any good, facility, item or service for which payment may be made, in whole or in part, under a federal healthcare program, such as the Medicare and Medicaid program. A person or entity does not need to have actual knowledge of the federal Anti-Kickback Statute or specific intent to violate it to have committed a violation.
The federal civil and criminal false claims laws, such as the federal False Claims Act, and civil monetary penalties laws impose criminal and civil penalties and authorize civil whistleblower or qui tam actions, against individuals or entities for, among other things: knowingly presenting, or causing to be presented, to a federal government healthcare program, claims for payment that are false or fraudulent; making, using or causing to be made or used, a false statement or record material to payment of a false or fraudulent claim or obligation to pay or transmit money or property to the federal government; or knowingly concealing or knowingly and improperly avoiding or decreasing an obligation to pay money to the federal government. The government has prosecuted revenue cycle management service providers for causing the submission of false or fraudulent claims in violation of the False Claims Act. In addition, the government may assert that a claim including items or services resulting from a violation of the federal Anti-Kickback Statute constitutes a false or fraudulent claim for purposes of the federal False Claims Act. Moreover, private individuals have the ability to bring actions on behalf of the U.S. government under the federal False Claims Act as well as under the false claims laws of several states.
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) also contains a provision that imposes criminal and civil liability for knowingly and willfully executing, or attempting to execute, a scheme to defraud any healthcare benefit program (including private payors) or obtain, by means of false or fraudulent pretenses, representations, or promises, any of the money or property owned by, or under the custody or control of, any healthcare benefit program, regardless of the payor (e.g., public or private) and knowingly and willfully falsifying, concealing or covering up by any trick or device a material fact or making any materially false statements in connection with the delivery of, or payment for, healthcare benefits, items, or services. Similar to the federal Anti-Kickback Statute, a person or entity does not need to have actual knowledge of the statute or specific intent to violate it in order to have committed a violation. Similarly, the federal false statements statute prohibits knowingly and willfully falsifying, concealing, or covering up a material fact or making any materially false statement in connection with the delivery of or payment for healthcare benefits, items, or services.
The company’s patient safety organization (PSO) is certified by the Agency for Healthcare Research and Quality (AHRQ), an agency of the Department of Health and Human Services (HHS). The company must meet certain requirements to maintain this certification.
History
The company was founded in 2008. It was incorporated under the laws of Delaware in 2011. The company was formerly known as HQC Holdings, Inc. and changed its name to Health Catalyst, Inc. in 2017.
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