Increasing volume of claim denials to drive the growth of global patient access solutions market
According to TechSci Research report, “Global Patient Access Solutions Market By Component (Software v/s Service), By Deployment Mode (On-Premise v/s Cloud), By End User (Healthcare Providers, HCIT Outsourcing Companies, Others), By Region, Forecast & Opportunities, 2025”, the global patient access solutions market is expected to grow at a steady rate during the forecast period on account of the growing prevalence of chronic and infectious diseases. This has drastically increased the patient pool and healthcare costs. The need to curtail the increasing healthcare costs is expected to positively impact the growth of patient access solutions market during forecast period. Additionally, these solutions also help healthcare organizations to maintain their finances by reducing the operational costs and minimizing claim reductions. Furthermore, stringent regulatory compliances encourage the use of patient access solutions. Besides, growing need to track claim denials and declining reimbursement rates are further expected to foster the market growth through 2025. However, high costs of installation and deployment might hamper the market growth during forecast period. Additionally, issues related to patient data security and cyber threat might pose a challenge to the market growth over next few years. Moreover, lack of proper healthcare IT infrastructure and unskilled staff, especially in the developing and underdeveloped economies might further restrict the market growth across the globe.
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The global patient access solutions market is segmented based on component, deployment mode, end user, company and region. Based on component, the market can be bifurcated into software and service. The software segment can further be 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. The claim denial & appeal management software segment is expected to dominate the market on account of growing claim denial rates. This software reviews the claim, finds out the reason behind denial and suggests if an appeal can be filed against it or not. The software reviews the patients documents and resubmits the claim. Due to the increase in the number of claims and intense scrutiny of the healthcare facilities, a large amount of hospital revenues decline, as a result of this, various hospitals are adopting such software to cut down the loss. The service segment can further be divided into professional and managed. The service segment is expected to grow significantly over the next few years on account of the introduction of complex software and growing need for system integration. Based on end user, the market can be fragmented into healthcare providers, HCIT outsourcing companies and others. The healthcare providers segment is expected to dominate the market during forecast years. This can be accredited to the growing adoption of healthcare IT solutions across major healthcare establishments. Additionally, growth in healthcare spending is further driving the segmental growth across the globe.
The 3M Company, Cardinal Health Inc., Cerner Corporation, Cognizant Technology Solutions Corp., Craneware Plc, McKesson Corporation, Epic Systems Corporation, Optum Inc., Conifer Health, The Advisory Board, Craneware, The SSI Group, ZirMed Inc., Cirius Group, AccuReg Software, Genentech USA, Inc., Allscripts Healthcare Solutions, Inc., Conifer Health Solutions, LLC., Experian Plc, Lincor Inc. and others are some of the leading players operating in global patient access solutions market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
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“North America is expected to dominate the global patient access solutions market during the forecast period, owing to the well-established healthcare IT infrastructure in the region. Additionally, growing government support in the form of policies, initiatives and funding in the region to improve the healthcare facilities along with stringent regulations is further anticipated to spur the market growth. Furthermore, increasing healthcare costs and declining reimbursement rates in the region are anticipated to bolster the market growth over the next few years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Patient Access Solutions Market By Component (Software v/s Service), By Deployment Mode (On-Premise v/s Cloud), By End User (Healthcare Providers, HCIT Outsourcing Companies, Others), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global patient access solutions market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global patient access solutions market.
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