(PharmaNewsWire.Com, October 10, 2020 ) Patient access solutions include software and services that help healthcare organizations to maintain their financial balance by reducing operational costs and minimizing claims rejection. These solutions are used to verify a patient’s insurance coverage eligibility, enable efficient claims processing, and manage medical necessity & denials.
Regulatory compliance encouraging the use of patient access solutions, increasing patient volume and the subsequent growth in the demand for health insurance, growing importance of denials management, declining reimbursement rates, and the need to curtail escalating healthcare costs are the major factors driving the growth of the patient access solutions market. The base year considered for the study is 2016 and the forecast period includes 2017 to 2022.
According to the new market research report by MarketsandMarkets, patient access solutions market is expected to reach USD 1.74 Billion by 2022 from an estimated USD 1.14 Billion in 2016, at a CAGR of 7.6%.
The report analyzes the global patient access solutions market by product & service, delivery mode, end user, and region. On the basis of product & service, the services segment accounted for the largest share of the global patient access solutions market in 2016. The introduction of complex software and the need for system integration are expected to boost the services market in the near future.
Based on delivery mode, the patient access solutions market is classified into web & cloud-based solutions and on-premise solutions. The web & cloud-based solutions segment accounted for the largest share of the patient access solutions market in 2016. The flexibility of working from remote areas, affordability, and automated updating features are some of the factors attributing to the larger share of the web & cloud-based solutions segment.
The global patient access solutions market by end user is segmented into healthcare providers, Healthcare IT outsourcing companies, and other end users. In 2016, the healthcare providers segment accounted for the largest share of the market. The high share of this segment is mainly attributed to the growing healthcare IT adoption, increasing healthcare costs, significant growth in healthcare spending worldwide, and declining reimbursement rates.
North America to account for the largest market size during the forecast period.
In 2016, North America accounted for the largest share of the patient access solutions market in 2016, followed by Europe and Asia Pacific. North America’s large share in the global market is attributed to factors such as stringent regulations, increasing government support for improving healthcare infrastructure, the need for reducing healthcare costs, increasing volume of claims denials, high number of private healthcare payers and well-established government payers, and the presence of a large number of healthcare IT companies.
Prominent players in the patient access solutions market are McKesson (US), Epic Systems (US), Cerner (US), Cognizant (US), Experian plc (Ireland), Optum, Inc. (US), Conifer (US), The Advisory Board Company (US), The 3M Company (US), Craneware, Inc. (UK), The SSI Group, LLC (US), ZirMed, Inc. (US), Cirius Group, Inc. (US), and AccuReg Software (US).
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