WASHINGTON, June 7, 2018 /PRNewswire/ -- The social innovation market in healthcare is opening for business, according to a new market research report by Patchwise Labs. The shift to value based care requires health systems to address the social determinants of health (SDOH), driving adoption of a new class of technology solutions at a CAGR of 23-25% over the next five years.
The 2018 Buyer's Guide to Social Innovation Tech in Healthcare is the first dedicated assessment of the emerging market for SDOH solutions. It summarizes key policy and business trends driving adoption of new tech and serves as a strategic buyer's guide to an emerging class of market-tested solutions for social needs screening and referrals.
The six companies studied in the report enable health systems to screen patients for unmet social needs, incorporate data into systems of record, and facilitate digital "closed-loop" referrals with community partners. According to Naveen Rao, managing partner of Patchwise Labs and lead author of the report:
"Over the last couple of years, the buzz around social determinants has been getting louder. We wanted to produce a report to educate the market by offering healthcare executives and decision makers two things: First, a bird's eye look at what's going on in the social innovation space, from key policy developments to market trends in business and technology. And second: a shortcut for due diligence that identifies established companies that can help address non-clinical needs. It's a handy resource that brings key product and company information together in one place."
Better data and more robust local partnerships will enable scalability and accountability in SDOH programs. Many organizations are taking homegrown approaches at this stage, and market adoption of commercial tools for screening and referrals remains under four percent, representing an estimated investment of $90M. Adoption is expected to triple in five years' time, driven by a growing business case for standardization around data capture, communication, and analytics, as well as key policy and market trends specific to SDOH.
The report also details vendors' evolution into strategic partners with key expertise in technical data integration, workflow configuration, policy experience, and community engagement. In-depth profiles include technical product breakdowns and key business differentiators. Consultants, investors, vendors, and other stakeholders will also benefit from the original insights and analysis.
The report is available for sale with a substantial discount for government purchasers, select not-for-profit organizations, and academic researchers. A complimentary copy of the executive summary is available for download.
Vendors Profiled: Aunt Bertha, Healthify, Health Leads, Now Pow, One Degree, Unite Us.
About Patchwise Labs
Patchwise Labs is a creative strategy firm dedicated to innovations that make health more available to people in their day-to-day lives as patients, consumers, and members of families and communities. As a trusted thought leader in the healthcare industry, we pursue our mission through a unique combination of strategic market research and creative advocacy work. For more information please visit us at www.patchwiselabs.com
SOURCE Patchwise Labs