Patient access solutions can be used by patients to gain access to their records, prescriptions, reports, and bills in a centralized location. The software helps in identification, management, and collection of data. The global patient access solutions market report by Market Research Future (MRFR) uses industry insights accumulated from experts by analysts for the compilation of pertinent drivers and challenges in a comprehensive manner.
Market Overview
The global patient access solutions market is predicted to accrue revenues at a CAGR of 7.5% during the forecast period (2020-2027). The market can thrive by minimizing the amount of staff required for management of patient data. The increase in healthcare expenditure by nations globally can drive the adoption rate by hospital chains globally and provide the market a much-needed boost. According to the U.S. Census Bureau, the total healthcare expenditure was reported to be USD 831.5 billion.
Technological advances in software which have culminated in accuracy, portability, and affordability can ramp up the adoption rate significantly. The integration of artificial intelligence (AI) into the software to assist patients in their search can bode well for the global patient access solutions market growth. Additional functions of health economics management and patient record management as well as integration of real-time management models can influence the growth patterns of the market.
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Segmentation
The global patient access solutions market is segmented by delivery mode, software, service, and end-user.
By delivery mode, it is segmented into on-premise solutions and web & cloud-based solutions.
By software, it is segmented into eligibility verification software, pre-certification & authorization software, payment estimation software, medical necessity management software, medical claims payment processing software, claims denial & appeal management software, and others.
By service, it is segmented into training & education, support & maintenance, and implementation.
By end-user, it is segmented into laboratories & research institutes, hospitals & clinics, and healthcare providers.
Regional Analysis
The Middle East & Africa (MEA), Europe, Asia Pacific (APAC), and North America are the main regions considered during the compilation of the market report.
The Americas accounted for the lion’s share of the market due to presence of well-established hospital chains, reputed personnel, sophisticated infrastructure, and high healthcare expenditure.
Europe accounted for the second-largest market share due to increased support for research and development. Furthermore, the integration of the latest technology as well as upgradation of current equipment can drive the global patient access solutions market demand till 2023. Investment of capital as well as the large healthcare expenditure allocated for the well-being of patients can augur favorably for the market in the region.
The APAC region is estimated to grow at a robust pace due to rapidly growing economies as well as the large patient pool. Awareness among patients of mobile applications as well as large disposable income levels has led to the integration of the latest automated solution at major hospitals. This can prove fruitful for the market looking to expand in the region. Furthermore, the improving economies other than large ones of China and India can be lucrative areas for investment.
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Competition Outlook
Takeda Pharmaceutical Company Limited, Optum, TeleTracking Technologies, Inc., TransUnion LLC, SCI Solutions, Inc., GAFFEY Healthcare, Experian Information Solutions, Inc., Genentech USA, Inc., PokitDok, Inc, nThrive, Inc, Stericycle Inc, Cardinal Health, McKesson, Availity, LLC, UNITED BIOSOURCE LLC, KYRUUS, Cerner Corporation, MEDHOST, and FormFast are prominent names in the global patient access solutions market.
Industry News
Patient Access Solutions, Inc., has decided to try out a new strategy of acquiring local clinics in order to expand its services. It will establish Integrated Health Centers in its place and focus on patient care.
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