Market Overview
The global Patient Access Solutions Market is expected to register a CAGR of 7.5% during the forecast period of 2019 to 2027.
Market Dynamics
In the previous few decades, there have been significant advancements in patient access methods. Increased utilization of these solutions has stemmed from technological breakthroughs in terms of precision, portability, and price. Manufacturers have introduced new generation patient access solutions in the recent decade that integrate patient data and health observations with artificial intelligence to influence clinicians’ medical decisions for a more accurate diagnosis. The major factors driving the growth of this market are an increase in patient volume and, as a result, an increase in the demand for health insurance, the growing importance of denials management, declining reimbursement rates, an increase in the volume of unstructured data in the healthcare industry, and the growing need to control escalating healthcare costs.
The healthcare industry and its accompanying IT infrastructure are undergoing significant changes, all of which have an impact on the claims management process and contribute to technological advancements. To substantially improve the collection process, many healthcare businesses integrate robotic process automation, sophisticated EDI integration, insurance discovery, and patient solutions all within their workflow platform. Profits have increased as a result of the use of various applications.
In various nations around the world, the increased prevalence of coronavirus disease has fueled demand for accurate detection and treatment equipment. Patient access solutions have proven to be extremely useful in this area, as they allow healthcare providers to connect and transfer data to healthcare payers for claim management, reimbursements, and revenue management in a seamless manner. Furthermore, the disease’s rapid spread around the world has resulted in lockdowns and limitations, boosting demand for electronic data sharing and claim handling. In the coming years, this is projected to expand the usage of patient access solutions. The COVID-19 epidemic has heightened the need for social distancing among physicians and other healthcare workers, driving demand for patient access solutions and the accurate and timely interchange of patient health records and claims data for patients with chronic diseases. Software and solutions are effective tools in this regard, as they provide a framework for the secure interchange, sharing, and retrieval of electronic health information and claims data.
High implementation costs, on the other hand, are projected to limit the market’s growth to some extent.
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Segmental Analysis
The global patient access solutions market is segmented on the basis of service, software, delivery mode, end user, and region.
On the basis of service, the global patient access solutions market is segmented into support maintenance, implementation, training education.
By software, the global patient access solutions market is categorized into eligibility verification software, medical necessity management software, pre-certification authorization software, claims denial appeal management software, payment estimation software, medical claims payment processing software, and others.
By delivery mode, the market is segmented into Web Cloud-based Solutions, On-premise Solutions.
By the end users, the market is segmented into healthcare providers, hospitals clinics, laboratories research institutes.
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Regional Overview
The global patient access solutions market is segmented on the basis of regions: Americas, Europe, Asia-Pacific, and the Middle East Africa.
Because of well-developed technology, high healthcare expenditure, and the presence of prominent companies, the Americas account for the majority of the market.
The second-largest market was Europe, which was followed by Asia-Pacific. The European patient access solutions industry has been driven by increased government support for research and development, well-developed healthcare infrastructure, and increased healthcare funds.
The market for patient access solutions in Asia-Pacific is the fastest expanding. The rapidly changing healthcare industry, as well as the vast potential for industry development, have prepared the way for market expansion.
The Middle East and Africa, on the other hand, have the smallest share of the worldwide Patient Access Solutions market. The prevalence of underdeveloped economies and low per capita income, particularly in the African continent, causes the market to lag. Due to increased government expenditure in healthcare and the existence of developed economies such as the UAE, Kuwait, Dubai, and others, the Middle East is expected to hold the majority of the market share within this region.
Competitive Dynamics
Some of the key players in the global patient access solutions market are MEDHOST, nThrive, Inc, PokitDok, Inc, Optum, Experian Information Solutions, Inc., Cerner Corporation, Genentech USA, Inc., TransUnion LLC, KYRUUS, UNITED BIOSOURCE LLC, TeleTracking Technologies, Inc., GAFFEY Healthcare, Stericycle Inc, FormFast, Cardinal Health, SCI Solutions, Inc., Availity, LLC, Takeda Pharmaceutical Company Limited, McKesson and others.
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