Patient access solutions involve services and software programs that serve healthcare facilities to strike a balance between minimization of claims rejection and reduction of operational costs. These solutions find ample usage in the management of medical denials and requirements, facilitating smooth and efficient processing of patients’ claim processing, and verification of the acceptability of the insurance cover of a patient.
Denial management has an important role to play in hospital revenue generation. Most hospitals are now dependent on third-party providers for denial management services, as they lack the expert knowledge and time to manage the reimbursement process. These providers, with dedicated and skilled professionals, handle the denied claim and resubmit them. With their expertise, these providers increase the cash flow of their clients, which is otherwise neglected by the hospitals. It is estimated that over 90% of claim denials can be prevented with support from the providers, who have systems and experts in the field. Thus the rising need to eradicate claim denials is expected to contribute to the growth of the patient access solutions market in the forecast period.
Enhancing patient mass and consequent germination in the clamour for health insurance, the burgeoning influence of denials superintendence, diminishing reimbursement allowances, increase in the volume of unregulated data in the healthcare sector, and the growing necessity to curtail escalating healthcare expenses are the major factors driving the growth of this market. Additionally, 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 about medical necessity. It further streamlines the workflow of the front-end staff with the aid of automated tracking, which is expected to foster the market in years to come. However, high deployment expenses are anticipated to hamper the growth of this market to a certain extent.
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It is estimated that there is an extreme variation in the dimension of the patient access solutions market attributing to the COVID 19 epidemic. Owing to the COVID-19 outbreak, medical practices of all dimensions are beneath extensive stress, and healthcare provision have been bewildered by the large number of patients visiting them daily across the world. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the world. In this regard, patient access solutions have proven to be very helpful, as they allow healthcare providers to seamlessly connect and transfer data to healthcare payers for claim management, reimbursements, and revenue management. Moreover, the rapid spread of this disease across the globe has resulted in lockdowns and restrictions, increasing the demand for electronic data transfer and claim management. This is expected to increase the adoption of patient access solutions in the coming years.
The COVID-19 epidemic has also increased the need for social distancing among physicians and other healthcare professionals, which has driven the demand for patient access solutions and the need for the accurate and timely exchange of patient health records and claims data for patients suffering from chronic conditions. In this regard, software and solutions are effective tools that provide a framework for the exchange, sharing, and retrieval of electronic health information along with claims data with advanced security. These solutions allow a seamless exchange and interpretation of health-related data among healthcare organizations and patients for clinical and financial decision-making.
The Patient Access Solutions market is segmented based on by product and service, by deployment, by end user and geography.
Based on product and service, the patient access solutions market is segmented into services and software. The services section is estimated for the most substantial share of the global patient access solutions market. The demand for system integration and the initiation of complex software is presumed to heighten the services market in the forthcoming years.
Based on Deployment, the patient access solutions market is segmented into web and cloud-based solutions and on-premise solutions. The web and cloud-based solutions division is anticipated for the enormous share of the global patient access solutions market. The adaptability of operating from remote regions, affordability, and automated updating characteristics are some of the key benefits correlated with web and cloud-based solutions.
Based on end-users, the patient access solutions market is segmented into healthcare providers, HCIT outsourcing companies, and other end users. The healthcare providers sector is deemed for the biggest of the shares of the global patient access solutions market. Expanding HCIT enactment, notable extension in healthcare spending, growing healthcare costs, and declining reimbursement rates are the major determinants encouraging the acceptance of patient access solutions among healthcare providers.
Geographically the global Patient Access Solutions market is studied for the following region North America, Europe, Asia Pacific, Middle East & Africa and Rest of the World. North America predominates the patient access solutions market owing to growing govt assistance for enhancing healthcare infrastructure, acrimonious ordinances, the necessity for reducing healthcare costs, developing volume of claims rejections, an enormous quantity of private healthcare payers and already stabilized government players, and the presence of a large number of companies serving healthcare IT. Whereas, Asia-Pacific is anticipated to expand at the immense CAGR in the prediction phase owing to growth in countries such as Japan, Australia, New Zealand, South Korea, and Singapore are assumed to provide significant growth opportunities for patient access solutions vendors.
The major players in Patient Access Solutions market are Allscripts Healthcare Solutions, Inc., Conifer Health Solutions, LLC., Epic Systems Corporation, Mckesson Corporation, Genentech USA, Inc., Takeda Pharmaceutical Company Limited, Experian Information Solutions, Inc., Change Healthcare, Patient Access Solutions, Inc., Conifer Health Solutions, LLC., Epic Systems Corporation, and AccuReg Software, among others.
2017: A leading provider of practice management and healthcare technology, Allscripts Healthcare Solutions, Inc. successfully acquired the 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.
The report analyses the global Patient Access Solutions market based on by product and service, by deployment, by end user and geography. The Patient Access Solutions are available in market according to different types services and software. Based on Deployment, the patient access solutions market is segmented into web and cloud-based solutions and on-premise solutions. And based on end-users, the patient access solutions market is segmented into healthcare providers, HCIT outsourcing companies, and other end users. Geographically the global Patient Access Solutions market is studied for the following region North America, Europe, Asia Pacific, Middle East & Africa and RoW.
The major players in Patient Access Solutions market are Allscripts Healthcare Solutions, Inc., Conifer Health Solutions, LLC., Epic Systems Corporation, Mckesson Corporation, Genentech USA, Inc., Takeda Pharmaceutical Company Limited, Experian Information Solutions, Inc., Change Healthcare, Patient Access Solutions, Inc., Conifer Health Solutions, LLC., Epic Systems Corporation, and AccuReg Software among others.
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