Value-Based Healthcare Services Market was estimated to grow at 19.8% CAGR during the forecast period due to rapid growth of development of these services globally, says Absolute Market Insights. The risk associated with health care from patients to their healthcare providers is the major driver for the rapid evolution of the global value-added healthcare industry. With the improvements in healthcare policies focused on patients, it is now easy to see why there is an increasing demand for value-added healthcare services. Introducing value-based healthcare services has altered the traditional way insurers used to pay for treatment. The shift to quality health care (such as reduction in hospital readmissions, use of certified IT and improvement of preventive care) and a new refund plan impel providers to concentrate on improved care. Public and commercial payers' demand to reduce costs and improve healthcare delivery. This essentially pushes them away from long-lasting volume-based healthcare models to "value-based healthcare." The aim of this method is to completely adjust the payment and objective measures of medical care quality. Providers must pay for the amount of services they deliver rather than pay based on the number of appointments and medication patients receive. This change in the reimbursement platform is driving the value-based healthcare services by directing better care at low costs. However, the financial penalties and reduced reimbursement will establish a popular financial burden for those healthcare providers who cannot meet the necessary targets. Value-based healthcare services tackle increasing healthcare spending, clinical inefficiency, and service repeatability.
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During the forecast period, the rapid development of value-based health care services serves as a major driver on the global value-based health care services industry. It has been duly reported that over 40 per cent of U.S. health care executives expect value-based reimbursement and at some point in time will become the primary revenue model for the U.S. Nevertheless, in some regions in developing parts of the world, the lack of required health care infrastructure and internet connectivity is expected to hinder the global value-based health care services market during the forecast period. In conclusion, it will take some time to transform from fee-to-service to value-based care, so that the shift can be more difficult than estimated. With the health sector developing further and providers accepting value-based care models, some financial hits may be experienced in the beginning. This transition ultimately represents an ideal way to reduce health care costs and expand quality care. To be successful in this new model, providers need to acquire new skills such as making clinically combined physician networks, gathering and assimilating data, and applying analytics to find cost and prospects for improving quality.
The detailed research study provides qualitative and quantitative analysis of value-based healthcare services market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- Intensive rivalry between the providers and increased pressure on lower costs and better quality have separated volume-based healthcare from value-for-money healthcare.
- ACOs accounted for the largest share in the global of value-based healthcare services market.
- Asia Pacific is expected to observe the fastest CAGR over the forecast period. Progressive economy, large geriatric population base, availability of skilled labor at economic cost, and high prevalence of chronic diseases are the major factors that increase the aforementioned region’s development.
- Major players operating in the global value-based health care services market include Deloitte, Siemens Healthcare GmbH, NextStep Solutions, athenahealth, Genpact, McKesson Corporation, and NXGN Management, LLC. Currently the global market for value-based healthcare services is highly competitive due to the presence of many established players and policies of government.
Global Value-Based Healthcare Services Market:
- Accountable Care Organization (ACO)
- Patient-Centered Medical Home (PCMH)
- Pay for Performance (P4P)
- Bundled Payments
By End Use
- North America
- Asia Pacific
- Middle East & Africa
- Latin America