Value Based Care Payment Global Market Report 2023

NEW YORK, Feb. 20, 2023 /PRNewswire/ -- Major players in the value based care payment market are Siemens Healthcare GmbH, Nextstep Solutions, Athena Health, NXGN Management LLC. and McKesson Corporation.

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The global value based care payment market will grow from $2.2 billion in 2022 to $2.47 billion in 2023 at a compound annual growth rate (CAGR) of 12.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The value based care payment market is expected to grow from $3.73 billion in 2027 at a CAGR of 10.9%.

The value-based care payment market includes revenues earned by entities by providing hospital value-based purchasing programs (VBP) and value-based care services.The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

Value-based care payment is a type of payment that compensates providers for both efficiency and effectiveness by linking payments for care delivery to the level of care they deliver. Value-based care payment is a system in which healthcare providers such as hospitals are paid based on patient's health outcome, quality, efficiency, cost, and patient experience.

The main types of models in value based care payment are accountable care organization (ACO), bundled payments, patient-centered medical home (PCMH), and pay for performance (P4P).A healthcare organization that connects provider compensation to quality measurements and cost-cutting measures is known as an accountable care organization.

The different deployment modes include cloud-based, on-premise and is used in various sectors such as providers, and payer.

Rapid development in value-based health care services is expected to contribute to the tremendous growth of the market. Healthcare cost curve and unnecessary health expenditures have been reduced to almost 5.6% on average due to value based healthcare services. The UnitedHealth predicted that $75 billion of its payments to medical care providers will be attached to value-based care relationships by the end of 2020. Likewise, the quantity of Accountable Care Organizations (ACO) is expanding, giving more protection and inclusion. For example, according to the analysis in the Journal of Health Affairs, there were more than 1,000 ACOs spread across the USA, which represented more than 1,400 contracts with commercial and government insurers covering more than 32 million Americans. Therefore, rapid expansion in value-based health care services is driving the market by increasing the effective usage of services provided to customers focusing on value-based care model rather than the fee-for-service model.

North America was the largest region in the value based care payment market in 2022.Western Europe was the second largest region in value based care payment market.

The regions covered in thvalue based care payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The lack of health care infrastructure is expected to limit the growth of value based care payment market.The main reason for this dearth is the lack of willingness of organizations to take the technological risk.

For instance, according to a survey, a large portion of the organizations are yet to embrace artificial intelligence (AI) to accelerate value-based care.About 43% of healthcare organizations are uncertain about actualizing AI and another 21% are not prepared for any AI-related innovation.

Moreover, only 13% are prepared for AI and have an execution plan set up attributing to the lack of trained staff with knowledge of data analytics.In addition to this, according to a survey of 2,900 medicinal executives through the span of a year, many healthcare facilities lack the infrastructure to integrate patient data effectively, which implies that value-based care payment cannot be used in these organizations.

These factors are expected to impact healthcare infrastructure by limiting the growth of value based care payment market.

Partnerships in value based care are gaining popularity among the providers as these partnerships allow partners such as manufacturers, payers, and provider organizations to co-develop programs, solutions, and initiatives collaboratively for the benefit of patients and healthcare systems.Value-based partnerships assist with conveying the highest value incentive to the healthcare system and society by concentrating on improving patient results with regard to the system and societal total costs.

For instance, in June 2021, Humana, a US-based health insurance company acquired value-based home healthcare partner One Homecare Solutions (onehome) from WayPoint Capital Partners to enhance value-based care in home healthcare services.

In March 2022, Signify Health, Inc., a Texas-based value-based healthcare platform, acquired Caravan Health for an undisclosed amount. Through this acquisition, a wider variety of value-based and shared savings models, including advanced primary care, speciality care bundles, and total cost of care programs, will now be accomplished by Signify Health. Caravan Health is a US-based company specialising in value-based payment health care.

The countries covered in the value based care payment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced.It does not include revenues from resales either further along the supply chain or as part of other products.

The value based care payment market research report is one of a series of new reports that provides value based care payment market statistics, including value based care payment industry global market size, regional shares, competitors with a value based care payment market share, detailed value based care payment market segments, market trends and opportunities, and any further data you may need to thrive in the value based care payment industry. This value based care payment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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