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2 HOME HEALTHCARE SOFTWARE- PRODUCT & SERVICE MARKET Product (Agency, Clinical Management System, Telehealth, Hospice), Application (Clinical, Nonclinical), Usage (Laptop, Smartphone), Delivery (Web-Based, On-Premises, Cloud), End User MarketsandMarkets

3 MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world. MarketsandMarkets also provides multi-client reports, company profiles, databases, and custom research services. MarketsandMarkets covers fourteen industry verticals, including aerospace and defence, advanced materials, automotives and transportation, banking and financial services, biotechnology, chemicals, consumer goods, energy and power, food and beverages, industrial automation, medical devices, pharmaceuticals, semiconductor and electronics, and telecommunications and IT. Copyright 2014 MarketsandMarkets All Rights Reserved. This document contains highly confidential information and is the sole property of MarketsandMarkets. No part of it may be circulated, copied, quoted, or otherwise reproduced without the approval of MarketsandMarkets. MarketsandMarkets Sample Page 2

4 1 EXECUTIVE SUMMARY TABLE 1 HOME HEALTHCARE SOFTWARE & SERVICE MARKET, BY GEOGRAPHY, ($MILLION) Region CAGR% ( ) North America XX XX XX XX XX Europe XX XX XX XX XX Asia XX XX XX XX XX RoW XX XX XX XX XX Total XX XX XX XX XX Source: Press Releases, HIMSS Analytics, HealthcareITnews, Healthcare-informatics, Electronic Journal of Health Informatics, NAHC, AHCA, HCAOA, EAA, Expert Interviews, MnM Analysis North America dominated the global homecare software and services market with a market share of XX% in The North American market is expected to reach $XX million by 2018, at a CAGR of XX% from 2013 to Factors driving the growth of the North American market are the rise in demand for integrated solutions, growing pressure to cut healthcare costs, and the introduction of the Affordable Care Act (which financially supports homecare providers to achieve meaningful use criteria). However, North America ranks second in terms of growth rate as it will be impacted by U.S. government s new policy regarding the reimbursement cut of XX% per year for homecare agencies. Asia is estimated to be the fastest growing market and is poised to grow at a CAGR of XX% from 2013 to The reasons for the high growth are the increase in the number of patients suffering from chronic disorders, rise in aging population, and presence of government initiatives that enhance the adoption of homecare software for aged population. MarketsandMarkets Sample Page 3

5 The key players in the market are McKesson Corporation (U.S.), Thornberry Limited (U.S.), Kinnser Software (U.S.), Cerner Corporation (U.S.), Hearst corporation ( U.S.), MEDITECH (U.S.), Carestream Health, Inc. (U.S.), athenahealth, Inc. (U.S.), Siemens Healthcare (Germany), Allscripts Healthcare Solutions, Inc. (U.S.), GE Healthcare (U.K.), Agfa Healthcare (Belgium), NextGen Healthcare Information System LLC (U.S.), Novarad Corporation (U.S.), and Epic (U.S.). MarketsandMarkets Sample Page 4

6 2 PREMIUM INSIGHTS 2.1 MARKET DYNAMICS FIGURE 1 MARKET DYNAMICS: HOME HEALTHCARE SOFTWARE & SERVICES MARKET Drivers Homecare software adoption, a viable solutions that curtails healthcare cost Hospital readmission reduction program by U.S. Affordable Care Act Rise in aging populations and parallel increase in incidences of chronic disorders Shortage of nursing and doctors Government support and healthcare reforms OASIS documentation enhance the demand of electronic point-of-care documentation Telehealth technology APAC countries Cloud-hosted models Growing adoption of smartphones, tablets, and PDA ICD-10 conversion system will increase the demand for software development and testing Global Home Healthcare Software & Services Market Restraints Security concerns and rising incidences of data breach Loss of confidentiality High maintenance expenses High time required for integration Inadequate technical and on-site IT support Interoperability Issues Opportunities Challenges Source: Annual Reports, SEC Filings, Press Releases, HIMSS Analytics, HealthcareITnews, Healthcare-informatics, Electronic Journal of Health Informatics, NAHC, AHCA, HCAOA, EAA, Expert Interviews, and MarketsandMarkets Analysis MarketsandMarkets Sample Page 5

7 2.2 MARKET, BY APPLICATION FIGURE 2 OPPORTUNITY MATRIX: GLOBAL HOME HEALTHCARE SOFTWARE & SERVICES MARKET, BY APPLICATION, % 4.0% Medication Management Homecare-EHR Homecare-CRM CAGR% ( ) 3.0% 2.0% 1.0% Personal Management System/Payroll Accounting Solutions Billing,Invoicing, & Scheduling Electronic Point-of- Care Documentation 0.0% Market 300.0Size ($Million) (2013) Clinical Homecare Applications Non-Clinical Homecare Applications Source: Annual Reports, SEC Filings, Press Releases, HIMSS Analytics, HealthcareITnews, Healthcare-informatics, Electronic Journal of Health Informatics, NAHC, AHCA, HCAOA, EAA, Expert Interviews, and MarketsandMarkets Analysis MarketsandMarkets Sample Page 6

8 3 MARKET OVERVIEW 3.1 INTRODUCTION The increasing healthcare costs and the growth in aging population are the biggest challenges for healthcare systems throughout the world. The growth in aging population not only triggers the incidences of chronic disorders but also raises the healthcare cost. For instance, in the U.S., the elderly comprise only XX% of the population but accounted for a total cost of more than XX% of the total healthcare expenditure (which is approximately more than $XX trillion) in Owing to this, XX% of the total healthcare expenditure in 2012 (it was XX% in 2011) was spent on availing home healthcare services through several homecare agencies located in the U.S. Many homecare agencies in the U.S. are Medicaid certified and few are still under the process of receiving certification, in order to receive benefits offered by Medicaid to homecare certified agencies as well as to end customers (patients). Key IT solutions and tools implemented by homecare agencies include homecare-electronic medical records, homecare-crm, medication management, billing and scheduling, payroll, accounting, telehealth, and electronic point-of-care documentation that support the 485 plans and OASIS documentation. Such technological advancements will continue to transform hospital facilities from diagnostic to post-acute surgical recovery services at home. Above all, the adoption of homecare software will lower down the cost of re-hospitalization, improve quality of care, and reduce wastages while streamlining the healthcare system. Other factors driving the market are the emergence of the cloud-based platform (SaaS model), growth in aging population, rising incidences of chronic disorders, and government initiatives to foster the adoption of healthcare IT tools from large hospitals to homecare. The factors restricting the growth of this market are reluctance among homecare providers for implementing technologically advanced solutions, security concern as many cases of data breach have been witnessed in the past years, and technical issues dwelling over interoperability and integration of homecare software. The fragmented nature of this market is also slowing down the growth rate. MarketsandMarkets Sample Page 7

9 The key players in this market are MEDITECH (U.S.), Cerner Corporation (U.S.), Carestream Health, Inc. (U.S.), McKesson Corporation (U.S.), athenahealth, Inc. (U.S.), Siemens Healthcare (Germany), Allscripts Healthcare Solutions, Inc. (U.S.), GE Healthcare (U.K.), Agfa Healthcare (Belgium), NextGen Healthcare Information System LLC (U.S.), Novarad Corporation (U.S.), and Epic (U.S.). FIGURE 3 HOME HEALTHCARE SOFTWARE & SERVICES MARKET ECOSYSTEM Long-term Care Providers Homecare Software Vendors Patients Homecare Agencies Source: Press Releases, HIMSS Analytics, HealthcareITnews, Healthcare-informatics, Electronic Journal of Health Informatics, NAHC, AHCA, HCAOA, EAA, Expert Interviews, and MarketsandMarkets Analysis MarketsandMarkets Sample Page 8

10 3.2 MARKET DYNAMICS DRIVERS Homecare software adoption, a viable solution that curtails healthcare cost Globally, the healthcare system is facing the challenge of escalating healthcare costs. Factors responsible for the high healthcare costs are the growing proportion of baby boomers, and parallel rise in chronic disorders that increase the demand of long-term care as well as postacute recovery care. Additionally, the increasing health insurance premiums, expensive treatments, and wastages are some of the other reasons that have led to the rise in healthcare expenditure. The U.S. is currently facing a major challenge in countering the growing cost of healthcare. Expenditure on healthcare accounted for XX% of the GDP in 2010 and this figure is estimated to reach XX% by 2035 (highest across the globe). The U.S. healthcare expenditure was $XX trillion in 2010 and is estimated to reach $XX trillion by According to an OECD study, U.S. spends XX% more on healthcare than the second-ranked Luxembourg, and XX% more than the third-ranked Switzerland. According to the CMS and National Health Statistics Group, in 2011, Americans spent $XX per person on healthcare, approximately 2.5 times of that in the U.K.; in the U.K., the per capita total spending on healthcare was $XX. According to the Institute of Medicine, in 2009, the U.S. alone wasted more than $XX billion out of a total $XX trillion invested for healthcare spending. Unnecessary wastages are on the rise, owing to redundant services, administrative wastage, inefficiently delivered services, Medicare/Medicaid fraud, insufficient investments to detect fraud, and poor delivery of clinical prevention services. The growth in healthcare costs is increasingly pressurizing the healthcare industry to provide quality care at lower costs, by minimizing wastages at each stage. This has resulted in an increase in the rate of adoption of healthcare IT solutions in large hospitals as well as homecare agencies. The implementation of homecare technologies will save billions of dollars for the U.S. healthcare system by reducing costs incurred in re-hospitalization and MarketsandMarkets Sample Page 9

11 hospitalization. Consequently, the adoption of healthcare IT solutions at home curtails the healthcare cost and increases the demand for homecare software, particularly clinical management systems and telehealth solutions. 3.3 WINNING IMPERATIVE INVESTMENT IN TECHNOLOGY WILL ENABLE VENDORS & HOMECARE AGENCIES TO GAIN COMPETITIVE ADVANTAGE Advanced technology has emerged as a lifeline for healthcare systems, especially when the entire healthcare system is facing increasing pressure owing to the growth in healthcare expenditure. The widely used technologies that changed the face of the homecare market are cloud computing, mobile health applications, telehealth, business analytical solutions, and integration of homecare software. The adoption of these technologies has resulted in the enhancement of quality of care at home and lowered down the total cost incurred in implementing homecare IT solutions. A study by the U.S. IT association in 2012 revealed that XX% of users adopted smart phones or tablet computers to access electronic health records (EHRs), while another XX% were expected to do so within 12 months. At the supplier end, several vendors are looking forward to deliver their homecare-based solutions on cloud-based models. Few of them are indulged in offering homecare mobile applications, business analytical tools, and integration of electronic point-of-care documentation with EHR or CRM. For instance, Homecare Homebase, a leading player in homecare software market, has introduced business analytics tool Knowledge Link, in The addition of these tools will help an agency to access and analyze operational data. The Knowledge Link module built on Microsoft s powerful proclarity platform enables timely access to an agency s operational data. Since Knowledge Link helps in accessing data directly from databases within the Homecare Homebase solution, the data is complete, accurate, and reflects agency performance on a single click. Brightree, a U.S. based homecare software company, launched its next-generation clinical point-of-care application for the ipad and business intelligence dashboard. This cuts OASIS documentation time by XX%, and increases clinical and operational efficiency by up to XX%. MarketsandMarkets Sample Page 10

12 3.4 BURNING ISSUE OBAMA 2015 BUDGET PROPOSAL THAT CUTS REIMBURSEMENT VALUE OF MEDICARE AND MEDICAID The U.S. government s 2015 budget proposal mentioned the Medicare and Medicaid reimbursement cuts of $XX billion over the next 20 years. To achieve this, the copayment/reimbursement value by Medicare for long-term acute care patients at homecare agencies will be cut off by XX% each year from 2015 to This is a repeat of the proposal from the previous year s budget, which will result in more than $XX billion savings in the next ten years. Furthermore, the reimbursement paid to patients will be lesser than the actual cost of treatment. This will be one of the significant factors impacting the growth of the homecare software market. MarketsandMarkets Sample Page 11

13 4 GLOBAL HOME HEALTHCARE SOFTWARE & SERVICES MARKET, BY PRODUCT TYPE TABLE 2 GLOBAL HOME HEALTHCARE SOFTWARE & SERVICES MARKET, BY PRODUCT, ($MILLION) Type CAGR% ( ) Clinical Management Systems XX XX XX XX XX Agency Homecare Solutions XX XX XX XX XX Telehealth Solutions XX XX XX XX XX Hospice Solutions XX XX XX XX XX Others XX XX XX XX XX Total XX XX XX XX XX Source: Annual Reports, SEC Filings, Press Releases, HIMSS Analytics, HealthcareITnews, Healthcare-informatics, Electronic Journal of Health Informatics, NAHC, AHCA, HCAOA, EAA, Expert Interviews, and MarketsandMarkets Analysis The clinical management systems segment accounted for the largest share XX% of the global home healthcare software and services market. This segment was valued at $XX million in 2013 and is expected to reach $XX million by 2018, at a CAGR of XX% from 2013 to Key factors responsible for the growth of this segment are increasing adoption of clinical management systems to improve accessibility of health information under one integrated system, growing rate of medication errors, adverse drug events, and increasing re-admission rate. MarketsandMarkets Sample Page 12

14 The telehealth solutions segment will be the fastest-growing market at an estimated CAGR of XX% from 2013 to Efficient care coordination need for better communication, and growing patient consumerism towards point-of-care will escalate the demand of telehealth solutions in the coming years. MarketsandMarkets Sample Page 13

15 5 GLOBAL HOME HEALTHCARE SOFTWARE & SERVICES, BY APPLICATION TABLE 3 GLOBAL HOME HEALTHCARE SOFTWARE & SERVICES MARKET, BY APPLICATION, ($MILLION) Application CAGR% ( ) Non-Clinical Solutions XX XX XX XX XX Clinical Solutions XX XX XX XX XX Total XX XX XX XX XX Source: Annual Reports, SEC Filings, Press Releases, HIMSS Analytics, HealthcareITnews, Healthcare-informatics, Electronic Journal of Health Informatics, NAHC, AHCA, HCAOA, EAA, Expert Interviews, and MarketsandMarkets Analysis In 2013, the non-clinical segment accounted for the largest share of XX% of the global home healthcare software and services market, by application. This segment was valued at $XX billion in 2013 and is expected to reach $XX billion by 2018, at a CAGR of XX% from 2013 to The demand for non-clinical solutions especially homecare CRM, billing, and scheduling will remain high among homecare agencies and private duty centers as they are required to manage administrative tasks efficiently in order to curtail costs. The clinical homecare solutions segment will be the fastest-growing segment at an estimated CAGR of XX% from 2013 to This growth will be due to the increasing demand for homecare EHR and electronic POC documentation. MarketsandMarkets Sample Page 14

16 FIGURE 4 GLOBAL HOME HEALTHCARE SOFTWARE & SERVICES MARKET, BY APPLICATION, ($MILLION) Market Size ($Million) XX XX% Non-clinical XX XX CAGR% XX% Clinical XX CAGR% ( ) Source: Annual Reports, SEC Filings, Press Releases, HIMSS Analytics, HealthcareITnews, Healthcare-informatics, Electronic Journal of Health Informatics, NAHC, AHCA, HCAOA, EAA, Expert Interviews, and MarketsandMarkets Analysis MarketsandMarkets Sample Page 15

17 6 GLOBAL HOME HEALTHCARE MARKET, BY MODE OF USAGE TABLE 4 GLOBAL HOME HEALTHCARE SOFTWARE & SERVICES MARKET, BY MODE OF USAGE, ($MILLION) Type CAGR% ( ) Handheld/Mobile Devices XX XX XX XX XX PC/Laptop XX XX XX XX XX Total XX XX XX XX XX Source: Annual Reports, SEC Filing, Press Releases, HIMSS Analytics, HealthcareITnews, Healthcare-informatics, Electronic Journal of Health Informatics, NAHC, AHCA, HCAOA, EAA, Expert Interviews, and MarketsandMarkets Analysis In 2013, the handheld/mobile devices segment accounted for the largest share XX% of the global home healthcare market, by Mode of usage. This segment was estimated at $XX billion in 2013 and is expected to reach $XX billion by 2018, at a CAGR of XX% from 2013 to Altering lifestyle, presence of technologically advanced features, and growing patient consumerism for enhanced quality of care at home will enforce the homecare staff to adopt handheld/mobile devices. These devices helps them to access and retrieve the data from anywhere at any time which streamlines the decision-making process and enables quick provision of care at home. According to the survey conducted by Philips, Microsoft, and LivHome with a sample size of 315 respondents in 2013, XX% of the total respondents used cell phones, XX% used either cell phones or both cell phones and laptops, and XX% used desktops for implementing homecare software. This is a clear indication about the growing adoption and popularity of handheld devices. MarketsandMarkets Sample Page 16

18 7 GLOBAL HOME HEALTHCARE SOFTWARE & SERVICES MARKET, BY END USER TABLE 5 GLOBAL HOME HEALTHCARE SOFTWARE & SERVICES MARKET, BY END USER, ($MILLION) End user CAGR% ( ) Homecare Agencies XX XX XX XX XX Private Duty Centers XX XX XX XX XX Hospice Care Agencies XX XX XX XX XX Rehabilitation Centers/Therapy Centers XX XX XX XX XX Total XX XX XX XX XX Source: Annual Reports, SEC Filings, Press Releases, HIMSS Analytics, HealthcareITnews, Healthcare-informatics, Electronic Journal of Health Informatics, NAHC, AHCA, HCAOA, EAA, Expert Interviews, and MarketsandMarkets Analysis In 2013, the homecare agencies segment accounted for the largest share XX% of the global home healthcare software and services market, by end user. This segment was valued at $XX million in 2013 and is expected to reach $XX million by 2018, at a CAGR of XX% from 2013 to The key factor contributing to the growth of this segment is the growth in aging population. The private duty centers segment is estimated to grow at the highest CAGR of XX% from 2013 to 2018, as it enhances the employment rate for low skilled nursing staff that can provide care at home and non-medical staff that manage non-clinical activities of the center. The growing need to manage non-medical activities such as billing, accounting, payroll, invoicing, and scheduling in private duty centers will increase the need of private duty staff who can work at home. MarketsandMarkets Sample Page 17

19 8 COMPANY PROFILE 8.1 MCKESSON CORPORATION BUSINESS OVERVIEW Founded in 1833 and headquartered at California U.S.; McKesson provides pharmaceutical solutions, medicines, information, and care management products and services to hospitals, physicians, and payers. The company operates through two business segments, namely, Distribution Solutions and Technology Solutions. McKesson s primary business includes care enhance navigation services, care enhance online services, and nurse advice services. McKesson s homecare business involves Clinical Management Solution, Agency Management Solution, consultations, and hospice solutions. McKesson s homecare business has collaborated with many hospice agencies to provide advanced real time technology for patient care. Clinical Management solutions streamline the workflow which reduces errors and omissions at the same time, thus allowing clinicians to complete their work on time. It places best evidence based practice guidance, improves accuracy, and consistency in documents which results in better outcome. Some of the key products in this category are Agency Management, McKesson Homecare, McKesson Homecare Insight, McKesson Homecare Mileage Advisor, and McKesson Homecare Supply Link. McKesson s Agency Management solution helps agencies to enhance functionality of office, clinical, and financial management. It automates day to day tasks which results in reduced errors, labor cost, and more efficient operation. Some of the key products in this segment are Clinical Management, McKesson Homecare, McKesson Homecare Wound Advisor, McKesson Homecare Insight, McKesson Homecare MobileCare, and McKesson Homecare Telephony. McKesson offers industry, operational, technical, and implementation services and support. Some of the popular services are Home Care and Hospice Consulting Services and Home Care and Hospice Information and Support. The Hospice Software solution comprises of key products such as McKesson Hospice that are used to address administrative, clinical, and financial needs of agencies. McKesson s telehealth solutions educate patients while reducing MarketsandMarkets Sample Page 18

20 the cost and provide quality outcome. McKesson Telehealth Advisor is a leading product in this segment. McKesson principally operates in the U.S., U.K., Canada, Australia, New Zealand, and Israel. As of March 2012, the company had a global headcount of 37,700 employees. The major subsidiaries of the company are US Oncology, Inc. (U.S.), McKesson Medical-Surgical, Inc. (U.S.), Northstar Rx, LLC (U.S.), McKesson Canada Corporation (Canada), and McKesson Water Products Company (U.S.). MarketsandMarkets Sample Page 19

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