The US PHM Market Continues to Expand Due to Renewed Interest on Value-based Care
Higher adoption of value-based payment contracts is supporting the need for customized PHM program, finds
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"PHM vendors are increasingly employing machine learning-based predictive disease modeling and automated risk stratification techniques to proactively identify populations that are most receptive to precise intervention," said Koustav Chatterjee Industry Analyst Transformational Health. "The ability to benchmark patient risk profiles in real- time and develop customized health plans is a significant competitive advantage for vendors. Interoperability among disparate data sources is another critical differentiating factor."
For further information on this analysis, please visit: http://frost.ly/2zq.
"One of the biggest hurdles to the widespread adoption of PHM solutions continues to be data privacy," noted Chatterjee. "However, the concerns regarding security, quality control, and key performance indicators can be offset to a large extent through major multi-year PHM programs that are conceived, managed, and monitored in collaboration with end-users' internal IT governance teams and third-party IT solutions providers."
Some of the growth opportunities that vendors need to base their future business strategies on include:
- Defining patients. Build patient registry with blockchain technology to minimize duplicate records, and apply artificial intelligence (AI) to combine diverse data sets along with electronic health record (EHR) data to predict co-morbidities and triage protocols.
- Personalizing diagnosis. PHM IT solutions allow providers to adopt precision medicine approaches that consider each patient's clinical, financial, and behavioral data before recommending ideal care plans.
- Automating care management. Auto-assign taskforce, most skilled and experienced to deliver specialty-specific care.
- Measuring patient outcomes to ensure relevance of treatment plans. Share the results with all concerned stakeholders in a timely manner.
- Continuing care. Enable interoperability between PHM IT and remote patient monitoring devices so that patient-generated data is transferred seamlessly for continuous monitoring of patient health.
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