The Global Care Management Solutions Market is expected to register a CAGR of nearly 17.2% during 2018-2023 (the forecast period). Care Management Solutions refers to solutions that are used to coordinate patient care with long-term care needs to better manage their conditions with care interventions. —
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Companies Mentioned: Allscripts Healthcare Solutions, Axispoint Health, EPIC Corporation Inc, Exl Healthcare, Healthsmart Holdings, Inc, I2I Systems, Inc, Medecision Inc. , Phytel, Inc., Trizetto Corporation, and Zeomega Inc. among others.
Care Management Solutions Offer A means to Reduce Healthcare Costs
The establishment of Centers for Medicare and Medicaid Services (CMS) in 2015, was to provide in-between doctor visits for patients with two or more chronic conditions. After implementation of the policy around 684,000 beneficiaries received Chronic Care Management (CCM) services in first two years. Under billing code 99490, the CMS makes separate payment for chronic care management services at least 20 minutes of clinical staff time. The new policy lowered the emergency hospital visits and nursing home costs and saved USD 95 per beneficiary per month (PBPM) in patients who received only one month of CCM. To recognize the costs of providing services to Medicare and dual-eligible patients managing multiple chronic conditions, Medicare adopted three additional codes that recognize additional costs, including those related to more complex medical management beginning. In January 1, 2017, the Medicare recognized the cost of providing services to patients with multiple chronic conditions and adopted new codes to recognize additional costs related to more complex medical management. The care management centralized approach and integrated care for patients improves quality of life by preventing complications with early intervention of care. This results in reduction in healthcare costs and lowers burden on health care payers and providers, thus acting as a major driving factor for the care management solutions market. Other factors which are driving the Care Management Solutions Market growth are rising geriatric population and burden of chronic diseases, implementation of initiatives to shift the burden of risk from healthcare payers to providers, and government initiatives to promote patient-centric care.
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High Investments Required For Supporting Infrastructure
Care management is necessary for chronic conditions. Individuals with multiple chronic conditions need ongoing medical attention to lower the hospitalization and health deterioration. Healthcare providers should streamline and automate their processes, with IT and data governance to express concerns. All the systems should be integrated to increase patient experience. Investment is required to deploy a comprehensive data integration solution, that can be used for health information exchange and develop insights with help of analytics to identify the patients with risk to provide early treatment. Technology alone is not sufficient to drive patient care but necessary to facilitate care management. Most care management organizations reside in entities outside the health system, and it requires initial investment costs in new technology and human resources. Also the return on investment for delivering good care will take many years. All the above may restrain the growth of the care management solutions market in the forecast period. Other factors which are restraining the Care Management Solutions Market growth are data security concerns related to cloud-based solutions, and reluctance of providers to adopt care management solutions.
The US Lead the Market in North America Region
Care management involves utilization management, case management, disease management, absence management, nursing, and advocacy services. Individuals with chronic disease conditions account for majority of healthcare expenditures. Disease management reduces the inpatient and outpatient costs and state Medicaid spending. It is estimated that around USD 1.5 million was saved for State Medicaid because of reduced re-admissions in first 12 months of care management program. The CHRONIC Care Act February 2018, encourages use of flexible new tools (telehealth) to better manage care for individuals. As per CMS 2015 to 2016 data the Chronic Care Management (CCM) benefited patients, providers, and payers. Patients save approximately USD 200 per year and Payers average saving is USD 888 per member per year. In United States the individuals with care management had lower inpatient hospital, emergency department, and nursing facility costs because of reduced hospital admission rates.
Key Developments in the Care Management Solutions Market
May 2018: Allscripts signed a definitive agreement to acquire HealthGrid Holding Company, a mobile enterprise patient engagement platform business.
Reasons to Purchase the Report
• Current and future Global Care Management Solutions Market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
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