Care coordination IT market poised for rapid growth: 3 things to know

In the face of changing reimbursement models, hospitals are turning more focus on care coordination and home-based care, creating a flurry of activity in the care coordination software market.

Here are three things to know about the care coordination software market, according to Frost & Sullivan.

1. The care coordination software market is projected to grow at a compound annual growth rate of 26.1 percent between 2015 and 2020.

2. The market can be divided into three segments: ambulatory practice, hospitals and payers. The ambulatory practice is expected to experience the fastest growth, at a CAGR of 43.2 percent. The hospital market segment is expected to grow at a CAGR of 33.2 percent and the payer segment at 21.5 percent.

3. Frost & Sullivan said the "winners" in the care coordination software market will be those providing solutions with unified, secure and workflow-enabled platforms that quickly identify and manage at-risk patients. The winners will also allow care teams to implement and monitor care plans, encourage patient self-management and facilitate 24/7 communication with all stakeholders.

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