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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Value Based Care Payment Market
Request Now !Value-based care is a payment model that rewards providers for providing high-quality care at lower costs. It demonstrates a significant bend in the cost curve as payers discover a positive impact of value-based care on scaling up payment models for patient care. Furthermore, value-based care payment models reduces costs while improving healthcare quality and outcomes. In value-based care models, healthcare providers are paid based on the outcomes of their patients' care.
According to the health payer intelligence survey 2018, nearly 80% of payers reported improvements in care quality from providers as a result of obtaining value-based settlements. Furthermore, 64% of payers reported improved provider relationships and 73% reported improved patient engagement with beneficiaries as a result of using value-based care. Thus, the adoption of value-based care and changing healthcare operations are expected to expand the market growth during the forecast period.
The global Value Based Care Payment market is segmented on the basis of Model, Deployment, End User, and Region. Based on Model, the market is divided into Accountable Care Organization (ACO), Bundled Payments, Patient-Centered Medical Home (PCMH), Pay for Performance (P4P), and Others), Deployment (Cloud Based and On-Premise. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 scenario analysis
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Rapid development in value-based health care services is expected to contribute to the tremendous growth of the market. However, lack of healthcare infrastructure is expected to limit the market growth. Contrarily, rise in popularity of value-based healthcare can be seen as an opportunity for the market.
The value based care payment market trends are as follows:
Rapid development in value-based health care services
Rapid development of value-based healthcare services is expected to contribute to the market's tremendous growth. Attributed to value-based healthcare services, the healthcare cost curve and unnecessary health expenditure have been reduced by nearly 5.6% on average. According to UnitedHealth Group, a health insurance company based in the U.S., value-based payments to healthcare providers increased by more than 15% in 2019, providing incentives to provide high-quality care while improving the efficient use of healthcare resources. Furthermore, UnitedHealth predicted that by the end of 2020, $75 billion of its payments to medical care providers would be linked to value-based care relationships. Similarly, the number of Accountable Care Organizations (ACO) is growing, allowing for greater protection and inclusion. As a result, the rapid expansion of value-based healthcare services is expected to drive the market growth.
Lack of healthcare infrastructure
The absence of a healthcare infrastructure is expected to stifle the growth of the value-based care payment market. The main cause of this scarcity is organizations' unwillingness to take technological risks. According to a survey, for instance, a large portion of organizations have yet to embrace artificial intelligence (AI) to accelerate value-based care. Approximately 43% of healthcare organizations are unsure about implementing AI, and another 21% are unprepared for any AI-related innovation. Furthermore, only 13% are prepared for AI and have a plan in place, owing to lack of trained staff with data analytics knowledge. Furthermore, according to a year-long survey of 2,900 medical executives, many healthcare facilities lack the infrastructure to effectively integrate patient data, implying that value-based care payment cannot be used in these organizations. These factors are expected to have an impact on the healthcare infrastructure by limiting the growth of the market for value-based care payments.
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Questions answered in the value based care payment market research report:Â Â Â
Value Based Care Payment Market Report Highlights
Aspects | Details |
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By Model |
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By Deployment |
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By End User |
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By Region |
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Key Market Players | Siemens Healthineers, Nextstep Solutions, Athena Health, NXGN Management LLC, McKesson Corporation, Optum, Oliver Wyman, Baker Tilly, Aetna, Change Healthcare, Blue Cross Blue Shield Association. |
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