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Patient access states the power of patients and their families to take charge of their own health care. The patient access solutions includes denials management, payment estimation . Denial management has significant role to play in hospital revenue generation. Rising patient volume and subsequent growth in the demand for health insurance, the growing importance of denials management, declining reimbursement rates, increase in the volume of unstructured data in the healthcare industry, and the rising need to curtail escalating healthcare costs are the main factors driving the expansion of this. The rising needs of maintaining regulatory compliance is going to fuel the patient access solutions market growth.
Growing patient volume and subsequent increase in the demand for health insurance, importance of denials management, declining reimbursement rates, rising necessity to curtail healthcare costs is likely to accelerate the growth of the patient access solutions market. Combined with this, medical devices have enabled the efficient use of patient access solutions in the industry.
However, data breaches and loss of confidentiality is mainly due to a lack of internal control over patient information, lack of top management support, outdated policies and procedures or non-adherence to existing ones, and inadequate personnel training. The market growth could also be negatively affected with medical identity theft in patient access solutions market.
Key Market Driver -
Increasing number of Claims Denials to amplify its demand
Key Market Restraint -
Data breaches and loss of confidentiality
Globally, the patient access solutions market can be segmented into software and service type, delivery mode, end-user and region. Based on software and service type, the market can be divided into services (support & maintenance, training & education) and software (eligibility verification, medical necessity management, pre-certification & authorization, claims denial & appeal management, payments estimation software, claims payment assessment software, other software). On the basis of delivery mode, the market can be segmented into web & cloud based and on-Premise. Based on segmentation of end-user, the market can be categorized into Healthcare Providers, HCIT Outsourcing Companies, Others.
Geographically, the patient access solutions market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the Patient Access Solutions market are Cognizant (US), McKesson Corporation (US), Cerner Corporation (US), Experian (Ireland), 3M (US) Craneware (US), Allscripts (US) SSI Group (US), Optum (US), Cirius Group (US) and others prominent players
Based on segmentation of region, the patient access solutions market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to dominate the market in 2021 and is estimated to retain its leading position over the forecast duration. Factors such as increasing government support for improving healthcare infrastructure, presence of a high-quality healthcare system and advanced medical technology. The European region is estimated to secure the growing position in the market owed to factors such as advanced healthcare infrastructure, favorable reimbursement policies among others. These factors combined with others are estimated to augment the market growth in Europe for the coming years.
Implementation of various government initiatives focused on the greater adoption of healthcare IT solutions in China, India, and Australia along with increasing government spending on healthcare is projected to boost the demand for patient access solutions. The market growth in the region is also supplemented by Technological advancements in countries such as India and China. The market in countries of Latin America and Middle East and Africa are expected to grow at a slower rate as compared to other regions owed to limited penetration of advanced medical devices.
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