A population classification system that utilizes the inpatient and ambulatory procedure codes and diagnosis, pharmaceutical data, and functional health data are known as clinical risk grouping or CRG. It gives each individual a unique severity-adjusted group. It is a broad classification done on the basis of user admin information and clinical evidence to detect children and adults with severe health conditions. The clinical risk grouping system implements advanced clinical logic to provide every person a separate risk group.
The demand for clinical risk grouping solutions is picking up traction due to their benefits in the market such as lesser errors, increased need for the risk management for better patient healthcare, and rising utilization of big data solutions. Nevertheless, issues with data privacy, lack of skilled professionals in the healthcare sector and poor infrastructure are some of the key factors that are expected to restrict the growth of the global clinical risk grouping solutions market.
The global clinical risk grouping solutions market is broadly classified into product, deployment mode, end-users, and region. In terms of product, the market is divided into risk report solutions, visualization & scorecard tools, and dashboard analytics. On the basis of deployment mode, the global market is categorized into hybrid cloud, private cloud, and public cloud. Based on end-users, the global clinical risk grouping solutions market is categorized into hospitals, ambulatory care services, long-term care centers, payers, and others.
Based on geography, the global clinical risk grouping solutions market is led by North America. This is attributed to the rising focus on quality healthcare, reduction in healthcare expenses, and better provisions for population health management in the healthcare sector. In addition, the improving healthcare IT infrastructure along with increased adoption of the solutions regarding clinical risk grouping in the abovementioned region is likely to accelerate the growth in the regional market.
Moreover, Asia Pacific is also likely to register a significant growth in the forthcoming years owing to the existence of a huge patient base in the region, proper maintenance of health records, urge to improve risk management solutions, coupled with increasing cases of chronic illnesses.
Some of the key players operating in the global clinical risk grouping solutions market include 3M Corporation, Optum, Inc., and others. Some of the other leading players are Cerner Corporation, Nuance Communications, Conduent Inc., Health Catalyst, Lightbeam Health Solutions, 4S Information Systems, HBI Solutions, Dynamic Healthcare Systems, Evolent Health, Johns Hopkins University, PeraHealth, and others.
To cite, HBI Solutions in 2019, collaborated with Iatric Systems, Inc. The former company adopted the AI systems of the latter to generate potential risk scores of the patients for analysis by the healthcare providers. The tie-up aims to detect patients that are at a high mortality risk, readmission, and several other health conditions.