Pune, Maharashtra -- (SBWire) -- 10/11/2022 --Patient Access Solutions Market Overview & Scope:
Healthcare practitioners can offer their clients a better shopping experience by using patient access solutions. The solutions enable customers to look for, schedule, and pay for the online services that are offered. The solution gives hospital workers more freedom to interact with patients and financial accountability. Such methods lessen manual labor in general and claim denials, which enhances the patients' financial experiences. The medical claim processing system is addressed by the patient access solutions, which link hospitals with their patients up until the billing phase.
As per the most authenticated market research report by SNS Insider, the patient access solutions market is projected to cross USD 3.1 billion by 2028, with a CAGR of 8.7% over the forecast period of 2022–2028.
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Drivers, Restraints, Opportunities, and Challenges
Patient concerns and declining medical reimbursement situations have prompted numerous institutions to embrace patient access solutions. The market has been able to expand healthily thanks to the increasing patient population and need for healthcare insurances. The need for such solutions is growing as a result of the decreased manual work required of medical staff members and the improved patient experience. The presence of regulatory compliances and governmental directives that support the growth of the patient access solutions market in the ensuing years is anticipated to provide the global patient access solutions market impetus.
Additionally, the market for global patient access solutions is being supported by the growing desire to reduce healthcare-related spending, widespread applications in insurance denial management, and a decline in reimbursements in the healthcare industry. However, the hazards associated with patient access solutions, including as data breaches and confidentiality leaks, could contribute to the market downturn.
Impact of the COVID-19 Pandemic
The COVID-19 pandemic has a significant impact on the patient access solutions market in a number of ways. The COVID-19, which is now being developed, has fundamentally altered how hospitals and clinics operate and how patients obtain care. In the market for patient access solutions, the post-pandemic era has thus opened up new opportunities for stakeholders to experiment with new business models and develop new products. The COVID-19 pandemic has also heightened the need for social isolation among doctors and other healthcare professionals, increasing the demand for patient access solutions and the requirement for the accurate and timely exchange of patient health records and claims data for patients with chronic conditions.
Patient Access Solutions Market Segmentation Analysis 2022
The introduction of complicated software and the increasing demand for system integration are likely to cause the service segment, in terms of product and service types, to expand significantly during the coming years.
The segment of web and cloud-based patient access solutions held the biggest market share in terms of delivery mode. Some of the main benefits of web and cloud-based solutions are the ability to operate remotely, affordability, and automated update features.
The healthcare providers' end-use segment is anticipated to rule the patient access solutions market during the anticipated years. This is attributable to the expanding adoption of healthcare IT solutions by important healthcare facilities. Global segmental growth is also being fueled by an increase in healthcare spending.
Major Segments and Sub-Segment of Patient Access Solutions Market are Listed Below:
By Products And Service Type:
- Services
- Support & Maintenance
- Training & Education
- Implementation
- Software
- Eligibility Verification
- Medical Necessity Management
- Pre-Certification & Authorization
- Claims Denial & Appeal management
- Payments Estimation Software
- Claims Payment Assessment Software
By Delivery Mode:
- Web & Cloud Based
- On-Premise
By End-User:
- Healthcare Providers
- HCIT Outsourcing Companies
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Regional Analysis
North America is anticipated to lead the global patient access solutions market over the forecast period owing to its established healthcare IT infrastructure. Further expected drivers of market growth include increased government assistance in the form of regional healthcare facility improvement programs, initiatives, and financing, as well as strict regulations. Additionally, it is projected that over the coming few years, the region's lowering reimbursement rates and rising healthcare expenses will support market expansion.
Competitive Landscape Outlook
Some of the prominent players working in the patient access solutions market are TeleTracking Technologies, Inc., GAFFEY Healthcare, United Biosource LLC, MEDHOST, Genentech USA, Inc., PokitDok, Inc, TransUnion LLC, and Optum.
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
8. Patient Access Solutions Market Segmentation, By Products and Service Type
9. Patient Access Solutions Market Segmentation, By Delivery Mode
10. Patient Access Solutions Market Segmentation, By End-User
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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Patient Access Solutions Market Size Is Projected to Reach US$ 3.1 Billion and Grow at CAGR 8.7% over Forecasts Period 2022-2028 : MEDHOST, TeleTracking Technologies, Inc
The Patient Access Solutions Market Size & Outlook Study gives an comprehensives analysis of industry size, COVID-19 Impact analysis in various regions, its segmentation and technology advancement analysis.