Care Coordination Software Market To Experience Big Growth
The care coordination software market is expected to grow at a 26.1% compound annual growth rate between 2015 and 2020, according to a report from Frost & Sullivan, FierceHealthIT reports (Hall, FierceHealthIT, 5/13).
The report defined such software as that which is designed to facilitate team-based care, particularly among patients with chronic conditions and those who are transitioning between care settings (Miliard, Healthcare IT News, 5/14).
According to the report, the market is divided into three sectors:
- The ambulatory practice market, which is expected to see a 43.2% compound annual growth rate;
- The hospital market, which is poised to see a 33.2% compound annual growth rate; and
- The payer market, which is expected to see a 21.5% compound annual growth rate (Jayanthi, Becker's Health IT & CIO Review, 5/14).
The projected care coordination software market growth likely will be driven by the transition to value-based payment models, according to the report.
The report cited specific benefits of such software for the market subdivisions, including:
- Better patient care, higher patient satisfaction scores and more competitive market positions among hospitals;
- Improved data for payers to use for predictive analytics to support population health programs; and
- New revenue streams and closed information gaps among physicians.
Meanwhile, barriers to growth include:
- Continued use of fee-for-service models; and
- Slow adoption of new population health and care coordination IT (FierceHealthIT, 5/13).
According to the report, vendors that will experience the most growth over the next five years will be those that offer software that can quickly identify and manage at-risk patients via platforms with unified, secure and workflow-enabled functionalities (Becker's Health IT & CIO Review, 5/14).
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