Population Health Management Market (Deployment Mode - Web Based, Cloud Based, and On-premise; End-user - Healthcare Providers, Healthcare Payers, and Employers Group): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024. The global population health management market is projected to grow at a CAGR of 21.5% over the forecast period of 2018-2024.
Pune, India -- (SBWIRE) -- 05/20/2020 -- Infinium Global Research's recent report on the "Population Health Management Market (Deployment Mode - Web-Based, Cloud-Based, and On-premise; End-user - Healthcare Providers, Healthcare Payers, and Employers Group): Global Industry Analysis, Trends, Size, Share and Forecasts up to 2024 revised according to the impact of COVID-19." provides a comprehensive outline of the factors responsible for the growth of the market. Population health management market to grow with a CAGR of 21.5% over the forecast period of 2018-2024
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Increased Demand for Improved Patient Care, Cost-Effective Healthcare Management are Major Driving Factor for the Growth of Population Health Management Market
The evolution in the healthcare industry has created a wide transition from fee-for-service to value-based care reimbursement. The major driving factor for the growth of Population Health Management is the increased demand for improved patient care, cost-effective healthcare management, and favorable medical policies by the government. However, the shift towards value-based care presents challenges, the possibility of financial losses, and is a top challenge to adopting alternative payment models with risk-based revenue but most healthcare executives see population health management as a strategic imperative.
As per surveys, 95% of executives consider population health as important to their organization's future success. An effective population health management system can reduce the amount of time between providing a service and receiving payment by interacting with health IT systems such as electronic health records (EHR) and medical billing systems as patients move through the care process.
Currently, population health management is helping the purpose of identifying and managing the contacts of probable or confirmed COVID-19 cases to rapidly identify secondary cases that may arise after transmission from the primary known cases in order to intervene and interrupt further onward transmission. This will greatly benefit the countries which have implemented such as the U.S. and Canada in containing the spread of the virus.
Medical Home Network, a formal provider collaborative working to improve the health of Medicaid recipients in the U.S. is using artificial intelligence and population health management strategies to reach vulnerable patients during the COVID-19 pandemic. Furthermore, these benefits will also aid the implementation of such systems to control the spread of infectious diseases in several developed and developing countries over the forecast years.
Cloud-based Population Health Management Systems to Grow at the Fastest Rate Over the Forecast Period
Population health management unifies the business and clinical sides of healthcare by coupling administrative data, such as a patient's name, insurance provider, and other personal information, with the treatment a patient receives and their healthcare data. The use of cloud-based population health management software helps generate new cash flow and optimize AR management.
The use of such systems also bridges the gap between the business and clinical sides of healthcare. It is easier to preserve and manage patient's billing records and saves healthcare practices time by performing duties automatically. It also saves providers money by reducing the amount of denied claims and enabling patients to pay their bills online.
However, the lack of experienced professionals and the high cost of RCMs restrain the growth of the population health management market in developing countries. Moreover, the major factor that would drive the market is the increased adoption of new technologies in the healthcare sector. The report on the "Global Population Health Management Market" offers an in-depth analysis of the segments such as Deployment Mode (Web-Based, Cloud-Based, and On-premise) and End-user (Healthcare Providers, Healthcare Payers, and Employers Group).
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North America to Generate the Largest Revenue in the Global Population Health Management
North America holds the largest market share in the population health management market owing to the favorable government policies, increased incentives, and increased adoption of Population Health Management systems. Healthcare IT systems are widely being implemented in high-income countries such as the U.S. and Canada that boost the market growth in this region.
Europe holds the second-largest market in the population health management owing to the technological advancements in the healthcare industry and increasing focus on data management and governance. Asia Pacific is expected to be the fastest-growing market during the forecast period. The major factor that would drive the market in Asia Pacific regions is the demand for powerful IT systems in the healthcare industry.
Key Players are Entering into Strategic Collaborations to Promote Population Health Management
The Epic Systems, Cerner, GE Healthcare, Athenahealth, and Meditech are the key players offering population health management systems. The companies are entering into strategic collaborations and partnerships to promote population health management issues. For instance, in January 2020, Allscripts partnered with MyndYou Inc. to enable Allscripts EHR providers to promote population health through MyndYou's care portal, app platform, and virtual care manager, which identifies and monitors high-risk triage patients.
Similarly, in October 2019, Cerner collaborated with i2i Population Health (US) to combine Cerner's comprehensive population health management tools with i2i's EHR-agnostic capabilities in order to support users to drive positive, sustainable outcomes for community health centers, primary care associations, and rural health systems. Furthermore, financial innovations and advancements in healthcare management will drive the population health management market.
Infinium Global Research's recent report on the global Population Health Management is an encompassment of such recent developments in the global marketplace. The report delivers insights into the leading players that have contributed greatly to the growth of the market and also estimates the impact of recent developments in the global market.
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