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Look Before You Leap: Choosing a Population Health Management Platform and Partner
As value-based care looms, the race toward population health management accelerates. The number of organizations employing population health initiatives or programs has grown year after year, most recently jumping from roughly 67 percent in 2015 to 76 percent in 2016, according to HIMSS Analytics 2016 Essentials Brief: Population Health Study. In addition, according to a study from New York-based Transparency Market Research, the United States’ population health management solutions market is projected to hit $45.7 billion by 2023, up from just $3.4 billion in 2014.
The problem with this quick growth: Many healthcare organizations are “driving over the bridge as it is being built” and, as such, they might soon find their population health programs underwater, according to Kristin Russel, vice president of marketing and product management at Transcend Insights. “The majority of hospitals and health systems are jumping into population health without really taking time to consider what’s needed to succeed,” she said.
Indeed, Shelley Price, director of payer and life sciences at Healthcare Information and Management Systems Society (HIMSS) North America, agreed. “Population health management is the new opportunity in healthcare,” she said. “Healthcare organizations, however, tend to jump right in without really doing their due diligence first.” To succeed, they should “step back” and consider their strategic goals, physician partnerships, access to data resources and technology options. By doing so, they will be able to choose a population health solution that can help them improve clinical outcomes, enhance patient care experiences and reduce costs.