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Optimizing Value-based Reimbursement with Coordinated Care Approaches
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The care coordination workflow aims to optimize the entire value chain of patient care. The objective of this research service is to present a comprehensive analysis of the US care coordination software market, with respect to market potential and key market dynamics at play in the next 5 years. The regional scope of the analysis is the United States. The study period covered is from 2018 to 2023, with the base year as 2018 and forecast period from 2019 to 2023.The study defines and describes the care coordination software market. It covers the factors driving the need to deploy this emerging solution to enable the care coordination function across a variety of settings, challenges impacting the market, outlook for the adoption of care coordination software among 3 key customer segments, forecasts for overall market growth over a 6-year period, and opportunities within the total market and key market segments as estimated for the forecast period.The care coordination workflow aims to optimize the entire value chain of patient care.Care coordination is the process of transferring and exchanging patient information across the care continuum via a centralized, yet interoperable IT platform that facilitates real-time communication between specific care team members who are responsible for managing and reporting patient outcomes against various value-based care objectives. Why is care coordination key to value-based healthcare?• Care coordination solutions connect, coordinate, and standardize clinical pathways so that evidence-based diagnosis and personalized intervention are possible across the care continuum.• Care coordination solutions can integrate alien clinical networks with globally accepted standards and data-driven services, which, in the long run, can aid chronic and community health management.Why should you care about care coordination?• More than 70% of the patients feel fully satisfied when they receive coordinated care .• Approximately 20% of the patients switch providers every year due to lack of trust in their care teams.• Close to 70% of the patients prefer to make more informed clinical decisions related to payer and provider services when they have access to their accurate medical data.Top Industry Pain Points• Medical errors during transition of care are prevalent; 80% of clinical errors occur due to lack of coordinated communication during care transition.• Referral management is not optimized across a defined clinical network. Providers lose up to 55% of their potential total revenue due to inefficient referral management.• Post-care disease management is not effective or useful for most. Lack of post-care support results in preventable disease outcomes. Providers on the other end are not adequately incentivized to close the gap between in-patient and post-acute care workflows.Author: Koustav Chatterjee
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