Driven by increasing healthcare prices, alternative payment models, and the emergence of huge data analytics, the international market for population health management will more than double over the next 5 years, increasing from $14 billion in the year 2015 to approximately $32 billion by the year 2020.
That is in accordance to a latest forecast from research firm Tractica, which assumes that about two-thirds of the population health management market contains professional facilities, with software accounting for one-third of the market.
“As the healthcare network, specifically in the United States, transformations from one deployed on fee-for-service and volume of sufferers served to one deployed on value, improvements in sufferer health, and linked decreases in healthcare costs, more organizations will deploy population health management or extend their existing PHM policies,” states Charul Vyas, principal analyst at Tractica.
Vyas discuses that healthcare payers, contributors, and employers analyze PHM as a way to curtail healthcare costs by identifying at-risk sufferers, so that they can proactively intervene and involve them to realize both cost and average health profits. With aging populations and the requirement to better manage those sufferers with multiple chronic conditions, like heart failure, respiratory illnesses, and diabetes, she considers these organizations will need to double down on managing that threat.
From a technology perspective, Vyas analyzes the progress of great data analytics as a key enabler for population health management that offers actionable insights on patient care based on analyzing information from disparate sources. By applying analytics to huge data like medical histories and healthcare usage, she emphasizes that contributors are capable to stratify sufferers by threat to establish particular care policies resulting in better coordination and sufferer treatment.
“The results from a population health management application may feed into an electronic health record that a physician or care coordinator can utilize,” in accordance to Vyas. “There is also few automation around care plan development and data management as they bring in information from new sources. A lot of it is predictive analytics.”
One such industry in this space is Medalogix, a Nashville-based home health analytics vendor. The industry’s Touch is a population health management solution that particularly observes home health clinical information to identify sufferers who are at the greatest threat for hospital readmissions.
Touch leverages a customized predictive model to produce sufferer threat ranking utilizing real-time EHR information, enabling clinicians to analyze which sufferers are most at threat for transmitting off census before their 60-day care episode completes and which sufferers would benefit from an extra care episode.
“The model is greatly predictive in being capable to identify sufferers that have elevated possibilities of hospital readmission and assisting home health care agencies lessen that threat,” in accordance to Dan Hogan, CEO of Medalogix. “You will begin seeing great swaths of budget devoted to the acquisition of predictive devices like this, specifically in large hospital networks.”
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