Global Patient Access Solutions Market: Overview
Patient Access Solutions provides healthcare information technology solutions to physician practices, hospitals, medical centers, clinics, and insurance payers. It helps critical components of the revenue cycle, from scheduling to billing, also compliance with regulatory agencies and patient safety through correct patient identification practices. Overall, it’s combination of services and software offering great solutions to healthcare organizations to balance their financial situation by lowering operational cost and reducing medical claim rejection.
Global Patient Access Solutions Market: Growth Factors
The global patient access solutions market is growing with a significant rate and some of the key factor attributing to the growth of the market includes worldwide increase in patient pool, growing demand for health insurances, the growing burden on healthcare organizations, and dropping reimbursements. Healthcare organizations are facing challenges to handle large patient pool and finances related to them. Also, people are now more aware of the importance of healthcare insurance which has led to a rise in this sector too. However, dropping reimbursements due to lack of a complete set of knowledge and inadequate hospital management is fuelling the demand of patient access solutions. Furthermore, increasing regulatory compliances will provide better growth opportunities for the market. On the other hand, factors such as lack of trained professionals with the knowledge of these systems may hinder the growth of the global patient access solutions market.
COVID-19 pandemic is observed to have a positive impact on the global patient access solutions market. The burden on healthcare organizations due to the rapid surge in patient numbers in this pandemic period has tremendously increased. Healthcare organizations in developed countries are also facing problems with patient management in terms of patient care and their treatment cost which is directly impacting the health of the patients. These problems in developing countries have more impact on the hospital chain. Therefore, the demand for patient access solutions has boosted drastically in this pandemic situation. The adoption rate of these solutions can be seen more in developed countries such as the United States, France, Italy, the United Kingdom, and developed parts of Asian countries.
Global Patient Access Solutions Market: Segmentation
The global patient access solutions market is segmented based on product & service, delivery mode, end-user, and region. Based on the product & services, the market is divided into eligibility verification, denial management, prior-authorization, and medical necessity. Based on the delivery mode, the market is bifurcated into web & cloud and on-premise. Among these, web & cloud segment is expected to register a high CAGR over the forecast period. The global patient access solutions market based on end-users is further divided into providers and outsourcing companies.
Global Patient Access Solutions Market: Regional Analysis
Asia Pacific region in the global patient access solutions market is anticipated to register a high growth rate over the forecast period. Factors such as heavy investments by several governments in the region to improve healthcare structure, rising focus of major market players in this region, large patient pool, and rise in awareness about healthcare insurance & reimbursement policies are strengthening the patient access solutions market in this region. On the other hand, North America is expected to hold a major share in the market. Factors like well-developed healthcare infrastructure in the region are supporting the adoption of patient access solutions into healthcare organizations. Also the presence of major market players in this region is supporting the growth of the patient access solutions market. Europe on other hand is expected to contribute a significant share in the global patient access solutions market. Countries in Europe are severely hit by COVID-19 this has led to a rise in the adoption of advanced patient care solutions into healthcare organizations.
Global Patient Access Solutions Market: Competitive Players
Some of the major players operating in the global patient access solutions market include Epic Systems, Cognizant, Optum, Experian plc., McKesson, Cirius Group, The SSI Group, 3M, Cerner, and Conifer Health, among others.
Global Patient Access Solutions Market: Regional Segment Analysis
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