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.
What the Market Looks Like?
The 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%. Geographically, the global patient access solutions market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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.
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What are Key Trends in the Market?
The growth of the Patient Access Solutions Market is primarily influenced by the following factors:
- Need to Maintain Regulatory Compliance
- Increasing Patient Volume and Subsequent Growth in the Demand for Health Insurance
- Growing Importance of Denials Management
- Declining Reimbursement Rates
- Rising Need to Curtail Healthcare Costs
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.
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