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Care Coordination Market to Reach 26.1% CAGR Between 2015 and 2020

by HITC Staff 05/13/2015 Leave a Comment

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Patient Centered Care Must Conform To Patient Values & Cultural Preferences

The care coordination market is expected to grow at a compound annual growth rate (CAGR) of 26.1 percent between 2015 and 2020, according to a recent Frost & Sullivan study. Among the three key market segments addressed in the study, care coordination software deployed by physicians in ambulatory practice is expected to be the fastest growing, at a CAGR of 43.2 percent. It is followed by the hospital market segment at a CAGR of 33.2 percent. Although the largest revenue for 2014 belonged to the healthcare payers segment, this segment is expected to grow more slowly than the other segments with a CAGR of 21.5% over for the forecast period.

Key Drivers of the Care Coordination Market

An important driver in the care coordination market is the rapid adoption of new digital health solutions by payers and providers is the need to better track and manage patients across acute, ambulatory and home care settings. While the use of EHRs are critical to improving data capture, EHRs are often siloed data sources that lack the interoperability and functionality needed for full coordination and communication among dispersed patient care teams.

Care Coordination Software refers to IT applications that are specifically designed to enable team-based patient care, particularly for at-risk patients with chronic conditions and for patients transitioning between care settings (e.g., hospital to home). Care coordination software’s end-use applications span a wide range of health IT solutions, from rudimentary to robust. To enable team-based care and ensure smooth care transitions and efficient use of healthcare resources, care coordination software should be flexible and extensible, with corresponding accountability, transparency of information, and ability to provide analysis and reporting among key stakeholders.

Future Success Factors Market Winners

The winners in this market will provide solutions with unified, secure and workflow-enabled platforms that can quickly identify and manage at-risk patients. Additionally, the solutions will enable care teams to implement and track care plans, engage patients in self-management, as well as provide closed-loop, 24/7 communication among all stakeholders, including patients and their families.

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