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(Health-NewsWire.Net, November 06, 2020 ) The healthcare industry is undergoing a major transformation as a result of the growing pressure to provide more cost-effective personalized care. The push towards predictable outcomes and higher quality of care is resulting in the convergence of information technologies. In this regard, accountable care solutions facilitate innovation and coordination, and help improve the cost-efficacy, quality, and safety of medical care delivery systems. Furthermore, these solutions help in maintaining patient-provider communications, clinical data repositories, HIE interoperability, terminology mapping and EHR integration, and patient engagement.
The overall global accountable care solutions market is expected to grow from USD 8.75 billion in 2016 to USD 18.85 billion by 2021 at a CAGR of 16.6%. Accountable Care Solutions Market by Product & Service (EHR, Healthcare Analytics, HIE, RCM, CDSS, Population Health, Claims Management, Care Management), Delivery mode (On-Premise, Web & Cloud), End User (Provider & Payer).
Accountable care solutions combine software, portals, comprehensive analytical platforms, and services to offer an integrated system that aids the effective management of accountable care organizations (ACOs). These organizations also referred to as integrated, coordinated, or managed care organizations across different countries. Accountable care solutions are designed to streamline workflows in healthcare systems, enhance quality, improve patient safety, reduce expenses, and facilitate compliance with regulatory guidelines. A functional accountable/managed/integrated care organization should have the capacity to deliver and manage care for a defined population, accept payment, distribute savings to participants, and perform disease management and predictive modeling in order to improve outcomes. Accountable care solutions provide innovation, coordination, and efficiency; they also help improve the cost-efficacy, quality, and safety of the medical care delivery systems for these organizations.
The accountable care solutions market has been segmented, on the basis of product & service, delivery mode, end user and region. The product & service segment was further sub-segmented into healthcare provider solutions, healthcare payer solutions, and services. The market for healthcare provider solutions is expected to grow at the highest CAGR between 2016 and 2021. These solutions are mainly adopted to enhance care quality and patient satisfaction, improve the efficiency of clinical workflows and administrative tasks, stimulate operational savings, and deepen the involvement of patients in medical decisions.
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The healthcare sector is currently facing a major challenge in terms of continuously escalating costs. The growing need to improve the profitability of healthcare operations and government initiatives for eHealth implementation to improve the quality of care delivered to patients & curtail healthcare costs are the major drivers of market growth. However, high installation costs and shortage of skilled medical professionals are some restraints for the growth of this market. The healthcare provider solutions is further segmented into electronic health records (EHRs)/electronic medical records (EMRs), healthcare IT (HCIT) integration systems, population health management (PHM) solutions, patient engagement solutions, care management solutions, healthcare information exchanges (HIE), healthcare analytics, revenue cycle management solutions, and clinical decision support systems (CDSS). The EHRs segment accounted for the largest share of the healthcare provider solutions market in 2015; however, the healthcare analytics is expected to grow at the highest CAGR between 2016 and 2021.
The reluctance of providers in terms of adopting accountable care solutions, coupled with the limited infrastructure & capabilities to support these solutions, is restraining the growth of the accountable care solutions market. Cooperation of providers is very important for the implementation of accountable care software and services; providers may be reluctant due to lack of infrastructure to support these solutions or lack of skills or training to implement these solutions. To ensure the use of accountable care solutions to their full potential, healthcare providers should be engaged in collecting and integrating data, involving their staff in accountable care efforts, counselling and engaging patients in the care process, and streamlining workflows. However, due to financial or time-related constraints, providers display reluctance to employ accountable care solutions.
Region Covered in Accountable Care Solutions Market
The accountable care solutions market in North America accounted for the largest share of the global accountable care solutions market and is also expected to register the highest CAGR during the forecast period. Stringent legislative and accreditation requirements in healthcare, high adoption rate of HCIT, regulatory requirements regarding patient safety, and the presence of a large number of IT companies are the key market drivers in North America.
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Key Players in Accountable Care Solutions Market
Cerner Corporation (US), IBM Corporation (US), UnitedHealth Group (US), Aetna, Inc. (US), Allscripts Healthcare Solutions, Inc. (US), Epic Systems Corporation (US), McKesson Corporation (US), Verisk Health (US), ZeOmega, Inc. (US), eClinicalWorks, Inc. (US), and NextGen Healthcare (US). These players are increasingly undertaking mergers and acquisitions, product launches, and expansions to develop and introduce new technologies in the market.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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