Health care providers have been slowly loosening the grips on their wealth of data, softening up to the likes of health analytics startups. (Photo: Shutterstock)

Google, Microsoft, Apple, Facebook. These tech giants have built their success on cutting-edge technology used to collect data and transform it into meaningful information. The health care industry is a wealth of data. Unfortunately, the holders of that wealth are reticent to share it.

The interest and investment in the health care sector in recent years by major tech companies is a testament to the potential for major changes in just about every area–price transparency, member experience, customer service, claims data. “All of these areas are ripe for transformation by bringing these big names in, by bringing data to the forefront because all have been sorely lacking.” says Michael Levin, ceo and co-founder of health care data services company Vericred.

Microsoft launched a health care unit in June, a key development in its Healthcare NExT initiative, announced last year. According to Investopedia, the new unit will look to modernize IT structures and utilize data analytics to drive value-based care.