(I-BusinessNews.Com, August 03, 2019 ) 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 base year considered for the study is 2015, and the forecast has been provided for the period between 2016 and 2021.
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%.
Market Dynamics
+ Drivers
+ Implementation of government regulations and initiatives to promote patient-centric care
+ Implementation of incentives to shift the burden of risk from healthcare payers to providers
+ Increasing number of accountable care organizations
+ Rising need to curtail healthcare costs
+ Advancing It and Big Data Capabilities
+ Rising Geriatric Population and Subsequent Growth in the Burden of Chronic Diseases
Increasing number of accountable care organizations drives the global accountable care solutions market
There has been a steady rise in the number of ACOs in the US since 2010. In 2015, the total number of private and Medicare ACOs exceeded 700, covering ~20 million Americans (Source: Department of Healthcare Policy and Research). In addition, according to the CMS, the number of ACOs has been growing by about 100 organizations each year.
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According to the Centers for Medicare & Medicaid Services (CMS), the number of ACOs participating in Medicare programs is now 477. This includes 21 NGACOs, 434 MSSP ACOs, 9 Pioneer ACOs, and 13 Comprehensive ESRD Care Model (CEC) ACOs. Medicare ACOs are now responsible for 8.9 million beneficiaries, up from 7.3 million in April 2015. Approximately 180,000 physicians and practitioners are now involved in Medicare ACOs. To achieve their specific standards, ACOs are increasingly adopting accountable care solutions.
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.
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