The US PHM Market Continues to Expand Due to Renewed Interest on Value-based Care
Higher adoption of value-based payment contracts is supporting the need for customized PHM program, finds Frost & Sullivan
SANTA CLARA, Calif., Dec. 12, 2018 /CNW/ -- Legacy population health management (PHM) solutions that focused on high-cost patient populations are being replaced by more holistic and evidence-based solutions that cover both high-risk and at-risk patient populations and offer demonstrable return on investment (ROI). The new generation of PHM solutions will focus on preventive care by serving even non-patient populations such as consumers, employees, and physicians, as they too require value-based medical services from payers and providers.
"PHM vendors are increasingly employing machine learning-based predictive disease modeling and automated risk stratification techniques to proactively identify populations that are most receptive to precise intervention," said Koustav Chatterjee Industry Analyst Transformational Health. "The ability to benchmark patient risk profiles in real- time and develop customized health plans is a significant competitive advantage for vendors. Interoperability among disparate data sources is another critical differentiating factor."
Frost & Sullivan's recent analysis, US Population Health Management Market, Forecast to 2022, highlights a strategic roadmap for healthcare entities that are looking to deliver proactive care monitoring at a community level. It also includes the trends impacting the market. The US PHM market is valued at $3.1 billion in 2018. It is expected to grow at a CAGR of 25.7% from 2018 to 2022 to reach $7.74 billion by 2022, reflecting an exponential revenue shift of 149.6%.
For further information on this analysis, please visit: http://frost.ly/2zq.
"One of the biggest hurdles to the widespread adoption of PHM solutions continues to be data privacy," noted Chatterjee. "However, the concerns regarding security, quality control, and key performance indicators can be offset to a large extent through major multi-year PHM programs that are conceived, managed, and monitored in collaboration with end-users' internal IT governance teams and third-party IT solutions providers."
Some of the growth opportunities that vendors need to base their future business strategies on include:
- Defining patients. Build patient registry with blockchain technology to minimize duplicate records, and apply artificial intelligence (AI) to combine diverse data sets along with electronic health record (EHR) data to predict co-morbidities and triage protocols.
- Personalizing diagnosis. PHM IT solutions allow providers to adopt precision medicine approaches that consider each patient's clinical, financial, and behavioral data before recommending ideal care plans.
- Automating care management. Auto-assign taskforce, most skilled and experienced to deliver specialty-specific care.
- Measuring patient outcomes to ensure relevance of treatment plans. Share the results with all concerned stakeholders in a timely manner.
- Continuing care. Enable interoperability between PHM IT and remote patient monitoring devices so that patient-generated data is transferred seamlessly for continuous monitoring of patient health.
US Population Health Management Market, Forecast to 2022 is part of Frost & Sullivan's global Digital Health Growth Partnership Service program.
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US Population Health Management Market, Forecast to 2022
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