Population Health Management Market Extensive Company Profiles with Overview and Insights 2030

Posted on 2022-06-30 by researchinsights in Healthcare // 0 Comments

Population Health Management Industry Overview

The global population health management market size was valued at USD 47.5 billion in 2021 and is expected to expand at a CAGR of 21.9% from 2022 to 2030.

The medical industry is rapidly transforming from a paper-based system to a digitized system, accelerating the demand for healthcare IT services. In addition, increasing demand for solutions supporting value-based care delivery by healthcare stakeholders has resulted in a shift from Fee-For-Service (FFS) to Value-Based Payment (VBP) models. The rising demand for effective disease management strategies is also expected to boost the market growth.

Gather more insights about the market drivers, restrains and growth of the Global Population Health Management Market

Due to the COVID-19 pandemic, medical institutions are under tremendous strain, and the healthcare industry throughout the world is being swamped by the high number of patients regularly. In various countries, the rising frequency of COVID-19 has increased the necessity for reliable diagnostic and treatment equipment. Population Health Management (PHM) solutions have proven to be extremely beneficial in this regard, as they enable healthcare providers to seamlessly integrate solutions such as electronic health records, care management, and patient management and healthcare payer solutions such as payment management and claim management.

Additionally, the PHM solutions enable the healthcare industry to provide patient-centric care and help reduce high medical care costs by reducing readmission and providing appropriate and optimum intervention to patients. Furthermore, the rapid global spread of this disease has resulted in lockdowns and restrictions, increasing demand for electronic data transfer and claim management. This is projected to lead to an increase in the use of population health management in the forecast period.

PHM systems classify people into different categories. These methods are commonly seen in the healthcare, pharmaceutical, and insurance industries. The health management system assists in maintaining and improving the health of various groups. Population health management is a patient-friendly platform that aids in the cost-controlling of treatment by presenting cost-effective alternatives. In addition, the platform assists service providers and payers with risk management related to reimbursement policies. In recent years, the healthcare system has evolved significantly and has become more patient-centered.

PHM solutions aim at data-driven healthcare at the population level and enable the segmentation of patients based on common medical conditions and attributes. PHM enables data aggregation, risk stratification, care coordination, and patient communication. The patient care systems have improved, and the use of population healthcare management systems has increased exponentially. As complexity in care delivery, payment models, and clinical needs is increasing, the need for PHM programs that combine multiple functionalities is rising, which can process clinical, financial, and operational data to improve efficiency and patient care.

The adoption of healthcare IT solutions is a result of the growing preference for value-based reimbursement structure and accountable care. In the near future, raising awareness about the adoption of better-personalized medicine is expected to provide significant potential prospects for market players. Furthermore, there are a variety of instruments available, each with its own set of functions in varied care settings. These tools aid in data collecting and enable patients and payers, particularly insurers, to get the most out of their healthcare expenditures. Apart from ensuring access to healthcare, the population healthcare management program also assures that health care is affordable to the general public. Various efforts implemented by hospital administrators and physicians have recently been found to be effective in lowering overall hospital costs, testing new disease risk management models, and improving medication adherence.

In 2010, the U.S. government introduced the Patient Protection and Affordable Care Act, which facilitates high quality of care and reduces costs. This act also encouraged the formation of Accountable Care Organizations (ACOs) that collaborate with payers to deliver high-quality healthcare. The U.S. Department of Health & Human Services plans to devote 50% of Medicare spending to value-based reimbursement. Under the value-based model, the healthcare delivery systems (hospitals, physicians, and other healthcare providers) are held accountable by healthcare buyers (consumers, employers, and government) and payers (private and public). Disease management programs analyze demographic characteristics and healthcare utilization, along with the identification of target high-risk populations.

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