The introduction of value based healthcare services has changed the traditional way in which providers used to bill for care. Providers need to pay on the value of care they provide instead of paying based on the number of visits and treatment the patients undergo. This change in the reimbursement platform is driving the value based healthcare services by directing better care at low costs. But for those healthcare providers who cannot achieve the required targets, the financial fines and lower reimbursement can create a prominent financial liability. As a patient and a healthcare customer, they pay more for the services and the treatment they get, where sometimes the cost can go out of the control of the patient. But with the introduction of new health plans and value based healthcare services are coming together on the solutions which will benefit the patient’s wallet and health. Value based healthcare services address to the rising healthcare expenditure, clinical inefficiency and repetition of services.
The most significant driver for the rapid development of the global Value Based Healthcare Services market is the healthcare-related risks shifting from the patients to their healthcare providers. With patient focused healthcare policies having changed the way medical care is delivered, it is now easy to see why the demand for Value Based Healthcare Services rising steadily. Where until a few years ago manual processes were the only means of carrying out everyday operations, automation and interconnectivity have made that approach nearly obsolete. Also, the global medical tourism industry is recording good growth numbers every year. This has helped healthcare providers in emerging economies adopt a positive investment option as far as care management solutions are concerned.
However, it would be too early to say that the growth of the Value Based Healthcare Services market has taken off in the real sense. Several regions that have high investment potential but are restrained by the lack of internet connectivity are a missed opportunity for companies in the global Value Based Healthcare Services market. Moreover, in some countries in Asia and Latin America where basic healthcare infrastructure still remains below the desired levels, it will be a while before the environment becomes conducive to the adoption of Value Based Healthcare Services.
Geographically, the Value Based Healthcare Services market has been segmented into North America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, Latin America, and Middle East & Africa. Regionally, North America was the largest market for Value Based Healthcare Services and North America is anticipated to maintain its dominance during the forecast period due to rise in the healthcare reforms. Followed by Europe and then Asia Pacific. Asia Pacific is the most progressive market for Value Based Healthcare Services. This growth is mainly attributed to factors such as improving population perspective and increasing awareness Furthermore, the Value Based Healthcare Services market in Latin America is likely to expand at a significant CAGR. Brazil and Mexico are driving the Value Based Healthcare Services market in the region due to favorable initiatives taken by the respective governments. Moreover, rising research and development would fuel market growth in Latin America.
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Currently, the global Value Based Healthcare Services market is highly competitive owing to the involvement of many established players and government policies. Some of the key players in the global Value Based Healthcare Services market are Deloitte, McKesson Corporation, NextGen Healthcare, Genpact Limited, Athena Healthcare, Siemens Healthcare and many others.