The Worldwide Patient Access Solutions Industry is Expected to Reach $3.3 Billion by 2028 - ResearchAndMarkets.com
The Global Patient Access Solutions Market size is expected to reach $3.3 billion by 2028, rising at a market growth of 9.1% CAGR during the forecast period.
The "Global Patient Access Solutions Market Size, Share & Industry Trends Analysis Report by Offering, Deployment Mode, End-user, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Patient Access Solutions Market size is expected to reach $3.3 billion by 2028, rising at a market growth of 9.1% CAGR during the forecast period.
Patient access is a key idea in contemporary healthcare and life science developments, and it's one that businessmen are likely to hear about frequently. However, different people's interpretations of the phrase vary. The term patient access is most simply defined as 'access to patients. It speaks to the accessibility of healthcare and the accessibility of care and treatment for customers.
The Affordable Healthcare Act includes patient access as a crucial component. Several elements for 'improving access to inexpensive care and affordable health insurance options are included in the program's four-year rollout. Beyond this currently required minimum, however, the idea of patient access has additional connotations and poses new problems for both consumers and providers. Patient access is a notion that has a significant impact on all significant players and many aspects of healthcare.
COVID-19 Impact Analysis
The COVID-19 outbreak has made doctors and other health care providers more socially isolated, which has increased the demand for patient access solutions as well as the necessity for comprehensive and quick exchange of patient health information and damage policies for chronically ill patients.
Software and systems may offer a platform for more secure transmission, access, and retrieval of electronic health records. Due to these technologies that enable the exchange and analysis of patient data, patients and healthcare professionals can both make wise operational and financial decisions.
Market Growth Factors
The increasing significance of managing rejection
Insurance organizations are increasingly refusing claims and coverage to individuals who are being treated for chronic or persistent illnesses to save costs and increase profits. Healthcare providers now have additional responsibility for controlling operating expenses. In order to correctly examine denied claims, healthcare providers can employ healthcare IT solutions like patient access solutions due to these characteristics. The presence of regulatory compliances and governmental directives that promote the expansion of the patient access solutions market in the next years are anticipated to provide the market pace.
Expanding Opportunities in New Healthcare IT Markets
Due to several government efforts aimed at HCIT solution adoption, increased government healthcare spending, and technology improvements in the healthcare industry. The emerging market offers tremendous opportunities for the development and application of patient access solutions, including systems for managing claims denials and necessity. The emerging government's HCIT efforts are aiding in the adoption of these HCIT solutions on a state and national level. One of the global industries with the fastest growth is healthcare. Medical care is provided to individuals globally by professionals working in these fields.
Market Restraining Factors
High expenses for the deployment of patient access solutions
Software solutions for patient access are generally quite expensive. These tools may cost more to maintain and upgrade their software than the program itself. Software updates are part of the support and maintenance services that make up a recurrent cost that accounts for over 30% of the total cost of ownership. Additionally, a lack of internal IT competence needs end-user training, which raises the cost of ownership. New technological platforms now enable patients to obtain the care they require at a cost they can afford by providing a complete perspective of prescription fees, limitations, and availability.
Scope of the Study
Market Segments Covered in the Report:
By Offering
- Services
- Software
- Eligibility Verification Software
- Medical Necessity Management Software
- Precertification & Authorization Software
- Claims Denial & Appeal Management
- Payment Estimation Software
- Claims Payment Assessment, Processing Software & Others
By Deployment Mode
- Web & Cloud-based Solutions
- On-premises
By End User
- Healthcare Providers
- HCIT Outsourcing Companies
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- UnitedHealth Group, Inc. (Optum, Inc.)
- Cognizant Technology Solutions Corporation
- McKesson Corporation
- Oracle Corporation (Cerner Corporation)
- Experian PLC
- 3M Company
- Epic Systems Corporation
- AllScripts Healthcare Solutions, Inc.
- F. Hoffmann-La Roche Ltd. (Genentech, Inc.)
- Tenet Healthcare Corporation (Conifer Health Solutions, LLC)
For more information about this report visit https://www.researchandmarkets.com/r/v2yem9
View source version on businesswire.com: https://www.businesswire.com/news/home/20230111005825/en/