WEST HARTFORD, Conn., May 16, 2017 /PRNewswire/ -- The growing global market presence of SCIO Health Analytics™ is featured in healthcare technology consulting firm Signify Research's most recent market report, "Population Health Management IT – North America – 2017."
In the report, Alex Green, Signify Research company director, highlights SCIO's data aggregation, advanced predictive analytics and risk stratification solutions that "go well beyond EHR and claims data and include social determinants of health and environmental data at the zip code level for managed populations."
"Use of a wider source of data including clinical data, claims data and zip code level data on social determinants of health means that (SCIO's) overall analytics offering has several advantages over those offered by others addressing the PHM market," Green wrote. He went on to cite SCIO's healthy overall business growth over the past five years in cross-market population health management (PHM) clients, including those from the payer, provider, employer and health services markets.
"We are proud to be included in Signify Research's PHM market report for North America," said Krishna Kottapalli, chief growth officer for SCIO Health Analytics. "SCIO helps ensure that our clients can meet the specific demands of each level of risk with a focus on determining the impactability and intervenability of patients within various populations. Our clients are able to leverage SCIO's analytics along with the consultative insights as a service we provide through SCIOXpert to compete more effectively in a crowded healthcare marketplace."
Overall, Signify estimates that the PHM market in North America will achieve a compound annual growth rate (CAGR) of 16.6 percent, going from $3.7 billion in 2017 to $8 billion in 2021, with the provider market accounting for the largest vertical segment. That segment includes providers who have taken on risk and those providers who also offer health plans – also known as payviders.
SCIO's strategic growth coincides with industry efforts to modernize healthcare in North America. They include the impact the Affordable Care Act (ACA) continues to have as healthcare migrates from a fee-for-service to a value-based care model; the role of providers in taking on more risk; and the rollout of accountable care organizations (ACOs) as well as other risk-sharing models.
Signify reports that the number of lives managed by ACOs is expected to increase from an estimated 30 million at the end of 2016 to a projected 80 million by the end of 2021, with the majority of the 80 million lives managed via a PHM solution. According to the report, other market factors driving the increased in lives managed will include:
- Providers that have taken on risk and are moving to a value-based model
- Payers looking to use PHM to influence coverage costs and the overall wellness of the population they are responsible for
- Employers attempting to better manage costs
- Other stakeholders in the health care service delivery ecosystem
Even with the uncertainty surrounding the Trump Administration's efforts to repeal and replace the ACA with the American Health Care Act (AHCA) now being considered in the U.S. Senate, Signify Research believes the underlying market drivers will continue to create opportunities in healthcare beyond the year 2020. "As the transition to a value-based care model nears completion, the triple goal of improved outcomes, improved value for money and improved health of populations starts to be realized. PHM platforms remain a fundamental tool in driving continued quality and financial performance," Green said.
"PHM has now moved beyond the introduction phase of the product life cycle and is now progressing through the growth phase. This is the period where vendors have the greatest opportunity in terms of driving revenue growth," said Green.
About SCIO Health Analytics
Based in West Hartford, Connecticut, SCIO Health Analytics is a leading health analytics solution and services company. It serves more than 80 healthcare organizations across the continuum including over 20 provider groups and 30 health plans representing more than 90 million members, four of the top six PBMs, and clients in 30 countries for 8 of the top 15 global Life Sciences companies. SCIO provides predictive analytic solutions and services that transform data into actionable insights, helping healthcare organizations create the understanding that drives change through care, network and reimbursement optimization as well as commercial effectiveness. www.sciohealthanalytics.com
About Signify Research
Signify Research is an independent supplier of market intelligence and consultancy to the global healthcare technology industry. Our major coverage areas are Healthcare IT, Medical Imaging and Digital Health. Our clients include technology vendors, healthcare providers and payers, management consultants and investors. Signify Research is headquartered in Cranfield, UK. To find out more please visit www.signifyresearch.net
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SOURCE SCIO Health Analytics