Major players in the value based care payment market are Siemens Healthcare GmbH, Nextstep Solutions, Athena Health, NXGN Management, LLC. , and McKesson Corporation. The global value based care payment market is expected to grow from $1.
New York, May 10, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Value Based Care Payment Global Market Report 2021: COVID 19 Growth And Change to 2030" - https://www.reportlinker.com/p06071094/?utm_source=GNW
52 billion in 2020 to $2.273 billion in 2021 at a compound annual growth rate (CAGR) of 49.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4.029 billion in 2025 at a CAGR of 15%.
The value based care payment market consists of sales of value based care payment services by entities (organizations, sole traders and partnerships) that provide value based care payment in which healthcare providers such as hospitals are paid based on patient’s health outcome, quality, efficiency, cost, and patient experience. Only goods and services traded between entities or sold to end consumers are included.
Partnerships in value based care are gaining popularity among the providers as these partnerships allow partners such as manufacturers, payers, and provider organizations to co-develop programs, solutions, and initiatives collaboratively for the benefit of patients and healthcare systems.Value-based partnerships assist with conveying the highest value incentive to the healthcare system and society by concentrating on improving patient results with regards to the system and societal total costs.
For instance, in March 2018, UnitedHealth Group’s health business services arm Optum announced a partnership with HealthBI, a workflow platform for health management and value based care initiatives, aiming at creating an industry-changing operation model for the provider to practice and improve value based care.
The value based care payment market covered in this report is segmented by models into accountable care organization (ACO); bundled payments; patient-centered medical home (PCMH); pay for performance (P4P), by deployment into cloud based; on-premise and by end user into providers; payer.
In August 2019, Signify Health, a US-based technology company that supports in-home care and provides care management services announced its plan to merge with Remedy Partners.The merger helps the two companies to bring together technology, data, and network assets, including 9,000 credentialed providers and a combined nationwide partner network of over 300 provider systems, 2,000 post-acute organizations, and over 200 community locations.
Remedy Partners is a US-based software company that collaborates with healthcare organizations to launch bundled payment programs.
Rapid development in value-based health care services is expected to contribute to the tremendous growth of the market. Healthcare cost curve and unnecessary health expenditure have been reduced to almost 5.6% on average due to value based healthcare services. According to UnitedHealth Group, a US-based health insurance company, in 2019, value based payments to healthcare providers have recorded a growth of more than 15% supporting incentives to practice supreme quality care while enhancing the effective use of health system resources. Furthermore, UnitedHealth predicted that $75 billion of its payments to medical care providers will be attached to value-based care relationships by the end of 2020. Likewise, the quantity of Accountable Care Organizations (ACO) is expanding, giving more protection inclusion. For example, according to a 2018 analysis in the Journal Health Affairs, there were more than 1,000 ACOs spread across the USA in 2017, which represented more than 1,400 contracts with commercial and government insurers covering more than 32 million Americans. Therefore, rapid expansion in value-based health care services is driving the market by increasing the effective usage of services provided to customers focusing on value-based care model rather than the fee-for-service model.
The lack of health care infrastructure is expected to limit the growth of value based care payment market.The main reason for this dearth is the lack of willingness of organizations to take the technological risk.
For instance, according to a survey, a large portion of the organizations are yet to embrace artificial intelligence (AI) to accelerate value-based care.About 43% of healthcare organizations are uncertain about actualizing AI and another 21% are not prepared for any AI-related innovation.
Moreover, only 13% are prepared for AI and have an execution plan set up attributing to the lack of trained staff with knowledge of data analytics.In addition to this, according to a survey of 2,900 medicinal executives through the span of a year, many healthcare facilities lack the infrastructure to integrate patient data effectively, which implies that value-based care payment cannot be used in these organizations.
These factors are expected to impact healthcare infrastructure by limiting the growth of value based care payment market.
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