The global patient access solution market comprises software and services that help in managing healthcare revenue cycle services and streamlining workflow of healthcare organizations. Patient access solutions help in pre-certification and pre-authorization of medical procedures and insurance verification of patients. These solutions provide patient eligibility verification, medical necessity reviews, referrals and pre-authorizations, verification of benefits and accurate claim processing. The need for patient access solutions arises due to rising healthcare costs, growing burden of medical claims on revenue, need for minimizing claim denials and reducing revenue leakage.
The Global Patient Access Solution Market is estimated to be valued at US$ 2.18 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the global patient access solution market are Allscripts Healthcare Solutions, Inc., Cognizant Technology Solutions Corporation, McKesson Corporation, Epic Systems Corporation, Oracle Corporation, Innovaccer Inc., Cognizant Technology Solutions Corporation, Crener Corporation, Conifer Health Solutions, Optum, Inc., Genentech, Inc., Cirius Group, Inc., The SSI Group, Experian plc, Athenahealth, Inc., Edward Lifesciences Corporation, and Getinge AB. These players are focusing on partnerships, collaborations and mergers & acquisitions to expand their presence and capabilities in the market.
The key opportunities in the Global Patient Access Solution Market Demand include rising number of patients, growing trend of healthcare IT solutions and increasing penetration of web-based platforms. The market players are exploring opportunities in emerging economies of Asia Pacific, Latin America and Middle East & Africa through partnerships with local players.
Market drivers: Rising healthcare costs associated with increasing burden of medical claims is a key driver fuelling demand for patient access solutions globally. Patient access solutions help in reducing denial rate of claims and minimizing revenue leakage for healthcare providers and payers, thereby driving their adoption.
Market restrain: Data security and privacy concerns associated with patient access solutions is a major challenge restraining the growth of global patient access solution market. Strict regulations around use of patient data and raising instances of data breaches slow down adoption of these solutions.
Segment Analysis
The global patient access solution market is dominated by the services segment. This is because services play a crucial role in the effective implementation and integration of patient access software to ensure the maximum return on investment for healthcare organizations. Services help integrate patient access software with existing healthcare IT infrastructure and are crucial for training employees on using it effectively. They also help ensure uninterrupted operations and resolve issues. Owing to the complexities involved in deploying patient access software, demand for services such as implementation, support, and maintenance is high.
Global Analysis
North America dominates the global market and is expected to continue its lead throughout the forecast period. This is attributed to favorable government regulations and policies promoting the adoption of HCIT solutions, presence of leading market players, and higher adoption rate in the region. For instance, the percentage of non-federal acute care hospitals that have adopted EHR in the US increased from 59% in 2015 to 84% in 2017. Asia Pacific is expected to be the fastest growing region owing to higher patient volumes, growing healthcare expenditure, and growing focus of government in digitizing healthcare to improve service delivery.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
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