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North America Quality Management In Healthcare Market By Software (BI, Analytics, Reporting, Performance Improvements), Mode Of Delivery (Cloud, Web, On-Premise), Application (Data, Risk Management) And End User (Hospital, Ambulatory Care, Payer) - Forecast To 2024
Report ID: MRHC - 10423 Pages: 130 Sep-2018 Formats*: PDF Category: Healthcare Delivery: 2 to 4 Hours Download Free Sample ReportNorth America Healthcare Quality Management Market Worth $2.95 Billion by 2024
Quality management in healthcare organizations is considered as a means to better meet the needs and expectation of patients and is one of the most effective strategies for improving the health system performance.
With increasing complexity of health institutions and system, focus on efficiency and effectiveness, growing pressure on cost-reduction, shifts towards affordable care, government initiatives to improve patient outcomes & safety, rising unstructured data in healthcare, and improving health IT infrastructure, the North America quality management in healthcare market is booming and is expected to grow at a CAGR of 15.8% from 2018 to reach $2.95 billion by 2024.
Rising Government Initiatives to Improve Patient Outcomes & Safety
The transition towards electronic data has modernized many ways of healthcare delivery in North America and contributed to safety improvements in a number of areas. However, the increased use of electronic data has also given rise to new, unanticipated safety challenges. For instance, an incorrect dose of medication or clinicians may select the wrong person when inputting an order.
The patient outcomes & safety is of topmost priority in the U.S. healthcare system and many programs are launched in order to improve the healthcare quality and reduce the cost. For instance, Health Information Technology for Economic and Clinical Health (HITECH) Act initiated by Centers for Medicare & Medicaid Services (CMS) and the Office of the National Coordinator for Health IT in the U.S. to support the concept of electronic health records – via meaningful use.
Accountable Care Organizations (ACO) have been key to the ACA achieving quality care at decreased costs and the success of ACOs relies on population health management (PHM) and quality management solutions. Moreover, growing patient demand for quality care has further pushed the U.S. healthcare system to implement advanced technologies such as analytics, PHM and quality management solutions that curtail costs, improve care quality, and reduce operational inefficiencies. Such activities fuel the adoption of healthcare quality management solutions across the region.
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Rising Focus on Value-Based Care Model is Catching the Attention!
The shift towards value-based care model offers unprecedented opportunities in the U.S. healthcare system. The value-based payment also results in improving the quality and outcome measures.
With increasing unsustainable cost, demand for value-based care by stakeholders, government support for new payment approaches, and increase in sophistication of healthcare system are accelerating the shift to value-based care in the country. According to the U.S. Health & Human Services, 30 percent of fee-for-service Medicare payments is converted to value-based payment models by the end of 2016 and is expected to reach by 50 percent of traditional payments to make the transition by 2018.
Key Findings in the North America Healthcare Quality Management Market Study:
Business Intelligence and Analytics to Witness Fastest Growth in North America Healthcare Quality Management Market
Business Intelligence and Analytics dominates the market as it has been used by healthcare organizations to extract meaningful, actionable insights from the wealth of raw information that is the key to improve quality and patient outcomes. With increasing complexity in healthcare data in healthcare system and dependency on digital technology in the country, business intelligence acts as a boon in business operation management in the U.S., thereby witnessing the fastest growth in the North America market.
Data Management to Witness the Fastest Growth Through 2024
With the adoption of EHR, there is an immense increase in the amount of healthcare data across the region. The effective data management in the hospitals helps to overcome the challenges they face regarding data and storage management such as data silos, errors, and information explosion. Thus, increasing volume of disparate data and the requirement of quality-based reports by regulatory bodies offer immense growth opportunities for North America quality management in healthcare market in the near future.
Hospitals dominate the North America Healthcare Quality Management Market
With the increase in aging population and rising health care costs in North America, quality management in healthcare is gaining increased attention and results in increasing demand in the region. In addition, growing HCIT adoption, increasing focus on quality care and patient safety, significant growth in health care spending and venture capital investments in HCIT, rising medical error rates, increasing healthcare costs, and government mandates to follow quality measures and reporting are the major factors supporting the adoption of healthcare quality management solutions in hospitals.
The U.S. Comprises the Largest Share in North America Healthcare Quality Management Market
The U.S. commanded the largest share of North America quality management in healthcare market in 2017, followed by Canada. The large share of this region is primarily attributed to rising need to curtail growing healthcare costs and improve patient outcomes, implementation of Affordable Care Act (ACA) in the U.S., stringent legislative and accreditation requirements regarding healthcare quality reporting, shift from fee-for-service to value-based reimbursements, growing patient data volume, high awareness and adoption of healthcare IT technologies, regulatory requirements to minimize medical errors and clinical risk, and the presence of a large number of healthcare IT companies in the country.
North America Quality Management In Healthcare Market Key Players
The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 3 years (2015-2018). The key players profiled in the North America quality management in healthcare market research report include McKesson Corporation, Medisolv, Inc., Nuance Communication, Inc., Quantros, Inc., Dimensional Insight, Inc., Dolbey Systems, Inc., Verscend Technologies, Inc., MedeAnalytics, Inc., CitiusTech Inc., Conduent, Inc., ArborMetrix, Inc. (Change Healthcare), Altegra Health, General Dynamics Health Solutions, Cognizant Technology Solutions Corporation, 3M Company, Truven Health Analytics (IBM Watson Health), and Persivia, among others.
Scope of North America Quality Management In Healthcare Market Report:
Market by Software Type:
Market by Mode of Delivery:
Market by Application:
Market by End User:
Market by Geography:
Key questions answered in North America Quality Management In Healthcare Market report
Rising Government initiatives to improve patient outcomes & safety and rising focus on value-based care model help to drive the growth of North American healthcare quality management market.
Healthcare payers and Government bodies account for a relatively small proportion of North American quality management in healthcare
The North American quality management in healthcare market favors both larger and local manufacturers that compete in multiple segments
Recently, several new product launches, partnerships, acquisitions, and expansions have taken place in the North American healthcare quality management space
Published Date: Aug-2024
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Published Date: Jun-2024
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