The efficacy of these software solutions to allow the consolidation of all expenses which consequently saves the further cost of patient care acts as a major tailwind driving the market for care management solutions. Moreover, the increasing healthcare expenditures are escalating the market on the global platform, increasing the need to curtail cost without compromising the quality of care.
Care Management Solutions have become an essential part of healthcare offerings providing cost-effective patient care. Implementation of these solutions ensures reduction of costs and increased patient care quality.
Considering the colossal growth, the market perceives currently; Market Research Future (MRFR), in its recently published study report asserts that the global care management solutions market will grow exponentially by 2023, registering a fabulous CAGR throughout the forecast period (2017 – 2023).
Additional factors helping the market to boost further are the growing use of big data and its significant impact that is pushing the healthcare sector toward patient-centric care. Also, factors such as the ever-increasing population, geriatric populaces, and increased occurrence of chronic diseases are impacting the market growth, positively, increasing the need for care management solutions.
Besides, the most effective workflow methods that these solutions provide result in creating lucrative opportunities for market players in the chronic disease market. Advancements in IT technology and increasing uptake of healthcare IT for the efficient management of large volumes of data are expected to increase the size of the market. Furthermore, factors such as the ability of care management solutions to integrate claims-based data sources and EHR -bases data at patient level is fostering the growth of the market, allowing the use of analytics that can support in clinical decision making.
Care Management Solutions Market – Regional Analysis
Indeed, the resurging economy in the region is playing a vital role in the growth of the market, making the high cost of treatment affordable and increasing per capita income in this region. Additionally, governmental support that has been encouraging vendors to developed new and better solutions is in turn, fostering the growth in the regional market.
The Asia Pacific together accounts for over 41% of the global population, and most of the APAC countries are in the developing phase which leads to providing immense opportunities for the market players. Larger countries such as China and India backed by the densely populated area are considered as the biggest market for the care management solutions products in the region.
Industry, Innovation Related News
April 4, 2019 —- Wellbox (the US), a technology-enabled healthcare services company creating and delivering chronic disease management solutions launched integrated revenue cycle management for chronic disease care management services. This expansion in services is expected to make Wellbox the first and only CCM services provider offering a complete end-to-end CCM and RCM service to its customers.
The expansion of CCM service platform includes fully integrated Revenue Cycle Management (RCM) services improving the customer and patient experience by integrating the associated billing process and eliminating the typical confusion and frustration related to traditional non-integrated CCM services.