A recent study released by Coherent Market Insights confirms that medical case management services are in high demand driving the industry’s growth. According to the study, the global medical case management services market size is expected to experience a projected compound annual growth rate (CAGR) of 3.3% by 2027 with revenues topping $6.2M. There were a few key drivers cited for this growth.
What’s Driving the Demand for Medical Case Management Services?
According to the research, the role of medical case management firms in supporting evidence-based treatment and best practices, along with helping contain healthcare costs are reasons why these services are in demand. Market conditions too are a major factor. The aging of America, the increase in chronic diseases such as cancer, cardiac, chronic obstructive pulmonary disease (COPD), diabetes and hypertension are another reason.
Telephonic Medical Case Management Demonstrating Value
One area of particularly high growth within medical case management is telephonic medical case management which contributed to 46.9% of the global market. The cost-effectiveness of these telehealth/web-based case management services is particularly valued by plan sponsors. They view it as an effective tool in reducing unnecessary emergency department, hospital and physician office visits, and the associated costs.
Greater Deployment of Technology
In addition to the online platforms being used in telehealth applications by medical case management firms, other technologies they are increasingly using include electronic health records, population health/statistical modeling applications, and software that facilitates collaboration with other members of a patient’s healthcare team. All of these digital tools are proving valuable in keeping track of and monitoring a patient’s clinical data and progress.
While technology is being deployed by medical case management firms, their human resources are not being neglected. Case Manager Certification (CCM) is being emphasized more and more with many healthcare providers requiring this certification provided by the Commission for Case Manager Certification (CCMC). In fact, according to CCMC, 44% of employers require the credential, with 58% actually paying for their employees’ CCM exam costs and 43% also assuming the costs for their employees’ CCM renewals. Additionally, organizations are emphasizing the importance of having their case management programs accredited by URAC or other nationally recognized accrediting bodies.