Transition to value-based care, growing quality reporting requirements and acceptance of cloud platforms to drive the adoption of quality management solutions in the healthcare, thus propelling the Healthcare Quality Management Market.
Healthcare data is not only growing exponentially in terms of volume, but also rapidly increasing in terms of complexity, sources, and applications. This has led to the development of advanced solutions such as analytics, population health management tools and quality management solutions to help healthcare providers, payers and ACOs to turn raw data into actionable insights, take data-driven decisions, and improve quality of care while reducing avoidable costs.
In the U.S., the Patient Protection and Affordable Care Act (PPACA) also known as ACA, signed into law in March 2010 by the ex-president Barack Obama, primarily aimed to expand health insurance coverage, improve quality reporting, and reduce overall costs by encouraging primary care. Quality health care is a high priority for the President, the Department of Health and Human Services (HHS), and the Centers for Medicare & Medicaid Services (CMS). CMS uses quality measures in its various quality initiatives that include quality improvement, pay for reporting, and public reporting. The Hospital Value-Based Purchasing (VBP) Program is a CMS initiative that rewards acute-care hospitals with incentive payments for the quality care provided to Medicare beneficiaries. Apart from the U.S., Europe and other countries across the globe are also increasingly focusing on improving patient safety and quality and reducing costs. Such initiatives for quality improvement in healthcare provide opportunities for the players in healthcare quality management solutions market.
Cloud, which was once thought to be an unknown and uncertain IT environment, is now believed to be more secure than on-premise infrastructure and has proven to provide better outcomes when it comes to data back-up and disaster recovery. Increasing confidence in cloud platforms, combined with the need to reduce cost, improve workflow speed, accessibility and efficiency, and to leverage meaningful business intelligence is paving way for hybrid cloud adoption—especially among developed markets. Thus, there have been dramatic shifts in the way providers think of and use cloud platforms in the last few years, which further boosts the demand for cloud-based quality management solutions in the near future.
Thus, government initiatives to improve quality of care and adoption of cost-effective cloud-based platforms will drive the growth of quality management in healthcare market, which is expected to grow at a CAGR of 15.0% to reach USD 3,698.1 million by 2023, according to Meticulous Research.
For more insights on global healthcare quality management market, download sample report here-