- 3M and Verily Life Sciences are partnering to develop population health management tools that can help providers manage clinical and financial performance.
- The joint technology platform will analyze quality performance data across delivery systems and populations and provide meaningful information to enhance outcomes and reduce costs, the companies said Tuesday.
- The collaboration is another indication of the momentum currently driving the PHM market.
Population health management is hot these days, and 3M and Verily are just two of the latest companies to jump on the wagon. On Monday, IBM and Siemens Healthineers announced a global strategic alliance to help providers manage the health of patient populations with chronic, complex conditions.
Last year, the U.S. PHM market was about $8.5 billion, or 77% of the global space, according to India-based MarketsandMarkets. With a compound annual growth rate of 23.2%, the global market should reach $31.6 million by 2020, the firm says.
Fueling U.S. growth are changes set in motion by the ACA, such as Meaningful Use, the Hospital Readmissions Reduction program, and the shift to patient-centric care. An aging population is also creating new opportunities for PHM.
The 3M-Verily platform will build on 3M’s experience in health data coding and classification and risk-stratification methodologies, which federal agencies, hospital associations, and state Medicaid agencies use for hospital quality reporting and outcomes-based payment models. Verily brings expertise in data analytics and software and algorithm development to the alliance.