Population Health Management Market Is Driven By Increasing Emphasis By Government, Providers And Payers To Contain Healthcare Costs
The term population health is still an evolving concept and its usage has doubled since 2003. Factors responsible for this change are healthcare “payers” such as insurance companies and providers, which include hospitals, clinics, etc. These payers and providers are transforming from fee-for-service model to the new Obamacare model, a value-based accountable care model in which both parties share the risk. This has led to the need for providers and the payers to share and collaborate on patient-centric data.
Private and public policymakers in the U.S. and globally are introducing disease management programs to assist in the treatment of chronic illnesses for select patients. These multidisciplinary efforts are expected to explore efficient treatment outcomes and suggest best course of action against chronic illnesses, such as cardiovascular disease and stroke. Furthermore, spending on healthcare is rising steadily and is impacting healthcare systems globally. As the cost of medical treatment, pharmaceuticals, and medical devices is increasing, the government is faced with an uphill challenge to control these costs. The only viable option is to promote demand for value in the New Health Economy. To achieve that, it is essential to attain results in three major aspects: improving on the individual care experience, reduction in per capita cost of care, and improve overall population health. An increasingly feasible plan to contain rising healthcare costs is investing in population-level health interventions. This has the potential for great returns in public health. These programs come at convenient costs to healthcare end users and are exceptional tools to contain rising healthcare costs.
Population Health Management (PHM) requires data on health inputs and resultant outputs. This data will help analysts determine proactive strategies and interventions for defined groups of individuals in an effort to improve health of individuals within a group at the lowest cost. The future of healthcare relies on the ability of providers to deliver high-quality, economically sustainable care by managing the health of population. Some leading vendors in the industry are Allscripts, Inc.; Cerner Corporation; Conifer Health Solutions, LLC; eClinicalWorks; Enli Health Intelligence; McKesson; Medecision; Optum; and WellCentive, Inc. Although these companies are prominent in the HCIT software and services landscape, PHM is in its early stages of maturity and currently none of these vendors meet all the requirements for PHM and are upgrading their offerings to capture the top spot in the PHM market.
In-depth report on global population health management (PHM) market by Grand View Research:
https://www.grandviewresearch.com/industry-analysis/population-health-management-phm-market