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3. Major strategies adopted by the major players in the market are entering into partnerships, agreements and collaborations and mergers, acquisitions, and joint ventures in Clinical Risk Grouping Solutions Market

The global clinical risk grouping solutions market is projected to reach USD 829 million by 2024 from USD 427 billion in 2019, at a CAGR of 14.2% during the forecast period. Factors such as increasing focus on risk management and the increasing emphasis on big data solutions are driving the market for clinical risk grouping solutions.

The clinical risk grouping solutions market is highly consolidated, with few players competing for a larger market share. The top ten players account for more than half of the total market share, while several other global and regional market players account for the remaining share.

Prominent players in this market include 3M Corporation (US), Optum Inc. (US), Cerner Corporation (US), Conduent Inc. (US), Nuance Communications (US), Health Catalyst (US), HBI Solutions (US), Johns Hopkins University (US), Lightbeam Health Solutions (US), Dynamic Healthcare Systems (US), 4S Information Systems (US), Evolent Health (US), and PeraHealth (US). Various strategies such as partnerships, agreements, collaborations, and new product launch to further expand their presence in the clinical risk grouping solutions market. The major strategies adopted by the major players in the market are entering into partnerships, agreements and collaborations and mergers, acquisitions, and joint ventures.

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3M Corporation (US) is a diversified company with a wide range of product offerings across different industries. The company has more than 30 years of experience in developing solutions for classification, grouping, and reimbursement calculation systems for inpatient, outpatient, and professional settings. This platform of innovative services, along with a comprehensive product portfolio for clinical risk grouping makes it a leading market player in the clinical risk grouping solutions market. 3M relies on product innovation internally. For instance, the company’s R&D expenditure in 2018 was USD 1.82 billion, which accounts for 6% of its total revenue.

• In the adoption of business strategies, in October 2016, 3M entered into a partnership with Verily Life Sciences (US) (formerly known as Google Life Sciences) to develop a new population health measurement technology for the management of clinical and financial performance.
• In February 2019, 3M acquired M*Modal’s (US) technology business which provides cloud-based, conversational artificial intelligence-powered systems that will expand the capabilities of 3M's Health Information Systems business.

Optum, Inc. (US) provides a variety of healthcare IT solutions such as EHR/EMR solutions, mHealth solutions & services, ePrescribing, healthcare asset management solutions for pharmacies, revenue cycle management solutions and facilitates the complete lifecycle of its patient access, clinical documentation process, claims, eliminating multiple systems, and inefficient manual mid-revenue cycle processes. It also offers healthcare IT solutions and services to help care providers and health care payers efficiently improve their clinical performance, quality of care, and establish consumer engagement. Optum actively focuses on various inorganic business strategies such as acquisitions, partnerships, agreements, and collaborations to garner a larger share of the clinical risk solutions grouping market.

• For instance, in November 2017, The Advisory Board Company (US) merged with Optum. This merger enabled both companies to increase their clientele number in the healthcare industry and enhance their products and services.
• Similarly, in June 2019, Optum entered into an agreement with DaVita Inc. (US) and acquired its DaVita Medical Group, a subsidiary of DaVita Inc. This helped the companies drive better health outcomes and further modernize and enhance patient care.
• In January 2017, Optum also entered into a collaboration with Surgical Care Affiliates, Inc. (US) which added ambulatory care services in Optum's offerings, while continuing expansion of SCA’s network in partnership with leading health systems, medical groups, and health payers.

Related Reports:

Clinical Risk Grouping Solutions Market by Product (Scorecard & Visualization Tools, Dashboard Analytics, Risk Reporting), Deployment (Private Cloud, Public Cloud, Hybrid Cloud), End-User and Region - Global Forecast to 2024

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