PHM (population health management) basically stratifies population groups at risk, identifies high-cost diseases and conditions, and enlists members required to participate in disease management programs. Moreover, payers have started collaborating with healthcare providers through PHM integration with an unprecedented approach for cost containment and value delivery.
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Significant portion of healthcare costs is incurred by the loss of productivity due to poor resource management in U.S. Hence, employers have initiated incorporation of PHM in employee benefits package to help them understand their healthcare needs. Growing demand for healthcare IT services and solutions that encourage healthcare delivery reliant on value, resulting in a transition from Fee-For-Service (FFS) to a Value-Based Payment (VBP) model will drive the market further.
PHM model has helped various healthcare stakeholders including hospitals to measure patient data accurately and efficiently, especially when a large volume of data is generated by monitoring devices. For instance, Children's Hospital of Philadelphia (CHOP) is developing a platform for stream computing, which enables clinicians with better decision support by applying real-time predictive models to vital signs.
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Further key findings from the study suggest:
• The services segment led the U.S. PHM market in 2018. On the other hand, the software segment will witness the fastest growth during the forecast period
• Healthcare providers held a majority of the market share in 2018. PHM provides flexibility to providers to manage complex clinical data and assist in generating real-time insights
• On the other hand, employer groups are estimated to witness the fastest growth in the forecast period
• Employer groups as end users are evolving into a significant market for PHM as they require consumer-focused health plans to ensure the well-being of employees
• Key companies in the market are Cerner; Allscripts Healthcare, LLC; eClinicalWorks; McKesson Corporation; Conifer Health Solutions, LLC; Optum, Inc.; Koninklijke Philips N.V.; and The Advisory Board Company
• In May 2018, the Department of Veterans Affair announced an agreement with Cerner Government Services-a subsidiary of Cerner-to use its solutions that will offer veteran care providers access to their medical history through Electronic Health Records (EHRs)
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