Global Patient Access Solutions Market: Overview
Patient access solutions comprise services and software programs that assist healthcare facilities to strike a balance between minimization of claims rejection and lessening of operational costs. These solutions find abundant use in management of medical denials and necessity, facilitating smooth and efficient processing of patients’ claim processing, and verification of the eligibility of the insurance cover of a patient.
The global patient access solutions market is likely to be fuelled by the growing regulatory compliances that support these solutions. The key factors that support growth of the global patient access solutions market are increased demand for health insurance, expanding pool of patients, reducing reimbursements, and realization of the importance of denial management.
Software, service, end user, and region are the parameters based on which the global patient access solutions market has been classified.
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Global Patient Access Solutions Market: Notable Developments
One of the developments that characterize the changing course of the global patient access solutions market is as mentioned below:
- In 2017, a leading provider of practice management and healthcare technology, Allscripts Healthcare Solutions, Inc. successfully acquired Enterprise Information Solutions (EIS) business of McKesson Corporation. It comprises the health system and hospital IT businesses of McKesson Corporation. This strategic acquisition is expected to expand the client base of Allscripts in the U.S. and diversify and expand its solutions portfolio.
A few of the reputed organizations functioning in the global patient access solutions market are as mentioned below:
- Allscripts Healthcare Solutions, Inc.
- Conifer Health Solutions, LLC.
- Epic Systems Corporation
- Mckesson Corporation
- Genentech USA, Inc.
- Takeda Pharmaceutical Company Limited
Global Patient Access Solutions Market: Key Trends
The following drivers, opportunities, restraints are expected to determine future course of the global patient access solutions market over the forecast period, from 2019 to 2027.
Increasing Number of Claims Denials to Accentuate its Demand in the Market
Patient access solutions make use of various components like services, hardware, and software to offer various IT solutions for the healthcare sector. Clinics, hospitals, doctors and other healthcare professionals make extensive use of these solutions. The global patient access solutions market is likely to gather momentum from the presence of regulatory compliances and government directives that support the growth of the global patient access solutions market in years to come.
In addition, the growing need to curtail healthcare related expenditure, wide applications in insurance denial management, and lesser number of reimbursements in the healthcare sector are opening up avenues for the global patient access solutions market. Furthermore, patient access solutions lessen documentation errors pertaining to medical necessity. It also streamlines the workflow of the front-end staff with the help of automated tracking, which is likely to boost the market in years to come.
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On the other hand, factors like lack of proper IT infrastructure in many of the countries coupled with high cost of deployment of such technical solutions is likely to impede the growth of the global patient access solutions market to a great extent. Advanced IT skills are essential to implement these solutions and there is a clear shortage of clinicians with such an advanced level of IT knowledge.
Global Patient Access Solutions Market: Geographical Analysis
In a bid to present comprehensive view of the global patient access solutions market, TMR analysts have segmented the market on the basis of region. The market is divided into the major regions of Latin America, Europe, Asia Pacific, the Middle East and Africa, and North America.
From the regional viewpoint, North America is estimated to account for lion’s share of the market throughout the period of forecast, from 2019 to 2027. Several growth factors like growing inclination toward co-pay solutions by the patients, augmented government support for the Updation of IT infrastructure of the medical industry, and rising number of denials of claims are supporting the growth of the market in North America. In addition, presence of several leading players of the market is likely to accelerate the pace of growth of the regional market.
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The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
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