According to a new report from Tractica, the global market for population health management market is expected to more than double in size during the next 5 years, increasing from $14.0 billion in 2015 to $31.9 billion by 2020. The report, “Population Health Management Software and Services”, focuses on the main apps for PHM software, including care coordination and patient interaction, care plan development and management, analytics, and data management, along with PHM services such as outsourced care and coaching, consulting, ongoing maintenance, and implementation.
Approximately two-thirds of the revenue opportunity in the PHM market consists of professional services, with software representing one-third of the market. Key PHM market drivers cited in the report include shifting healthcare priorities and business models, increasing healthcare costs, and the emergence of big data analytics.
What is Population Health Management?
Population health management also known as PHM refers to software and services deployed by healthcare providers, payers, and employers, with the goal of improving patient care, while keeping costs in check. Payers, providers, and employers alike are recognizing the benefits of identifying at-risk patients and the value that can be gained from both a cost and patient health perspective by intervening and engaging patients.