Development In Value-based Healthcare Services Contributes To Growth Of Value Based Care Payment Market
Value Based Care Payment Global Market Report 2020-30: Covid 19 Growth And Change
The Business Research Company’s Value Based Care Payment Global Market Report 2020-30: COVID-19 Growth and Change
LONDON, GREATER LONDON, UK, January 27, 2021 /EINPresswire.com/ -- New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
Rapid development in value-based health care services is expected to contribute to the tremendous growth of the value-based healthcare market. Healthcare cost curves and unnecessary health expenditure have been reduced to almost 5.6% on average due to value-based healthcare services. According to UnitedHealth Group, a US-based health insurance company, in 2019, value-based payments to healthcare providers have recorded a growth of more than 15% supporting incentives to practice supreme quality care while enhancing the effective use of health system resources. Furthermore, UnitedHealth predicted that $75 billion of its payments to medical care providers were to 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 inclusion. For example, according to a 2018 analysis in the Journal Health Affairs, there were more than 1,000 ACOs spread across the USA in 2017, 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 value-based payment market by increasing the effective usage of services provided to customers focusing on value-based care model rather than the fee-for-service model.
The global value-based care market size was expected to decline from $1.66 billion in 2019 to $1.52 billion in 2020 at a compound annual growth rate (CAGR) of -8.39%. The decline is mainly due to the COVID-19 outbreak that has resulted in losses in attributions, missed outcome metrics, and struggles with reporting requirements. The value based care payment industry growth is then expected to recover at a CAGR of 25.81% and reach $3.03 billion by 2023.
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