Population Health Management Approaches gain Traction among Healthcare Providers in managing Healthcare and Economic Burden of Chronic Diseases
Published On : Nov 22, 2018 | Category : Healthcare
Population health management encompasses a wide array of approaches in improving the delivery of care for various populations with similar healthcare needs by healthcare IT and using assortment of business intelligence tools. Such approaches have gained momentum across healthcare organizations and providers as they seek to uncover and address care gaps in populations. Population health management (PHM) is a healthcare model that consists of collecting, aggregating, and analyzing data. The approaches are comprehensive and are ultimately focused on improving the clinical and financial outcomes of various treatments for various populations across the globe. The growing need for organized healthcare strategies for improving patient care and achieving cost saving, thereby promoting health of communities, underpins the evolution of the population health management market.
The prospects in the population health management market are great; a recent projection by Transparency Market Research expects the global market to touch valuation of US$69,000.0 million by the end of 2025.
Increasing Shift toward Patient-Centric and Value-Based Care reinforces Significance of PHM
There is already a prevailing disparity between the healthcare costs and the health outcomes in various countries, including the developed nations. This has propelled the demand for a unified, all-encompassing platform that can integrate patients’ medical data and health records and help in making informed decisions across the entire continuum of care.
The advent of health information technologies has defined a new dynamic in the healthcare sector and led to the evolution of population health management approaches. This is evident from the recently growing popularity of enterprise data warehouse (EDW) and healthcare analytics in developing and developed countries. This has paved way for more effective and targeted models among worldwide population, both in relation to cost and service delivery. In recent years, the focus of healthcare providers and payers has shifted to making healthcare delivery more patient-centric and value-based care. Population health management approaches has been occupying increasingly crucial role, as the adoption of these approaches empower patients to make informed decisions about various aspects of health such as hospitalization, emergency department expenditure, and accessibility to health services.
Control of Chronic Diseases and Plugging Service Delivery Gaps Key Impacted Areas
Chronic illnesses, such as diabetes, and cardiovascular diseases have for long been associated with marked morbidity and mortality in patient populations. The pressing need to reduce these global health and economic burdens is fueling the demand for population health management practices. Moreover, there is a rising need of aligning the economic model of countries with better outcomes. The growing demand for a unified platform for managing patient-information security is also boosting the market.
The rising adoption of disease management platforms that can align the healthcare cost with outcomes is boosting the market. Growing number of clinical trials focusing on infection management programs also bodes well for the market. Population health management is expected to occupy increasingly crucial role in risk stratification in highest-risk patients. The health management is playing a crucial role in public health policies.
The market is expected to make large gains from the growing number of effective infection management programs, most notably in the U.S. The growing number of clinical trials in the country is also supporting the steady expansion of the market. The inroads being made by Big Data and cloud as healthcare IT is also expected to boost the market. The advent of platforms with improved information security.
In emerging economies such as Asia Pacific, healthcare stakeholders are leveraging the potential of population health management strategies for closing the gaps in healthcare delivery that may arise from unmet needs.