The market for care coordination software is expected to expand at a 26.1 percent compound annual growth rate between 2015 and 2020, according to a new analysis from Frost & Sullivan.
These are IT applications specifically designed for team-based patient care, particularly for at-risk patients with chronic conditions and for patients transitioning between care settings, according to an announcement.
There are an array of offerings in this area--from "rudimentary to robust"--which can create confusion among potential customers, Frost & Sullivan says. However, it predicts the best solutions will offer unified, secure and workflow-enabled platforms that can quickly identify and manage at-risk patients, allowing care teams to implement and track care plans, engage patients in self-management, and provide round-the-clock communication with patients and their families.
Among the benefits it cites for the software:
- For payers: Providing better data for predictive analytics needed to drive population health programs
- For hospitals: Improving patient care, allowing them to avoid financial penalties associated with federal mandates; achieving higher patient satisfaction scores; and gaining a more competitive market position
- For physicians: Closing information gaps and loopholes; and creating new revenue streams from chronic care management and quality improvements
The report cites the move to value-based reimbursement among the drivers of this market, while the continued entrenchment of fee-for-service reimbursement and slow adoption of new IT for population health and care coordination are among the factors hindering it.
The 81-bed North Ottawa Community Health System in Grand Haven, Michigan, has partnered with social services and mental health agencies to improve care coordination after noting that about 20 percent of those visiting its emergency department would be better served in other care settings.
In Maryland, 10 hospitals from five different health systems are teaming up on the Advanced Health Collaborative, a network intended to share costs and patient care programs in order to speed the transition to value-based payment.
To learn more:
- here's the announcement
- download the report