Proven Returns on Investment will Ignite Transformational Growth
This report from the publisher's Healthcare and Life Sciences division focuses on the potential to cater to healthcare needs based on data-driven social determinants of health (SDOH). Although the traditional practice of healthcare involves the use of medical technology and protocols to maintain and restore health, the SDOH concept adds another dimension. In fact, many nonmedical SODH are important factors in a patient’s healthcare journey.
As the world emerges from the global COVID-19 pandemic, there has been a renewed interest in using SDOH as a component of a patient’s medical history. SDOH can play an important role in improving the health of millions of people. Patients can benefit from the knowledge of how lifestyle factors affect their quality of life over many years.
Despite a long-term awareness of SDOH, the concept is at an early stage of large-scale deployment. The publisher estimates that by the end of 2020, 40% of the US health systems and commercial payers will have utilized social determinant data of some type in risk assessments, patient outreach, and business decisions. Among the companies targeting SDOH are start-ups that are seeking to focus squarely on SDOH services and software, and larger, established entities that are excited by the potential benefits of SDOH. The larger companies are either designing new programs or seeking to acquire smaller firms to jump-start their SDOH solutions. Given the similarity to the use of data for population health management (PHM), data analytics and PHM companies also are keenly interested in the SDOH space. The common factor across the market is the need for robust data that can be utilized by developing new analytical models. SDOH are truly data driven and will create a new Big Data opportunity in the healthcare industry.
Many challenges will need to be conquered for SDOH to achieve its enormous potential. For example, some providers are concerned that SDOH will result in new and higher costs of healthcare because of the complexity of adding new data to clinical protocols. Specifically, there are worries that the SDOH implementation model will be complex and difficult to standardize, and that the torrent of data will threaten privacy and security. Also of concern is the fact that the SDOH utilization vision is not consistently defined by regulatory agencies, industry advocates, and companies that offer relevant solutions.
The study includes a glimpse of four notable companies in the SDOH space and reviews the types of products and services that comprise SDOH solutions. A major service that pure play SDOH companies offer is the ability to generate referrals that can lead patients and care providers to a solution capable of transforming an SDOH problem to a healthier and productive life.
