Patient Access Solutions Market by Product and Services (Software and Services), Delivery Mode (Web & Cloud Based Solutions and On-Premises), End User (Healthcare Providers, HCIT Outsourcing Companies, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026481 | Pages: 100 | Industry: Healthcare IT | Date: Sep 2022 | Type: Global

The market crossed US$ 2.00 billion mark in 2022 and is expected to hit US$ 3.52 billion by 2030, recording a CAGR of 7.0% during the forecast period.

The market has been significantly growing with the high adoption of medical denials management 

Most hospitals now depend on third-party providers for denial management services, as they lack the expert knowledge and time to manage the reimbursement process. Insurance companies increasingly deny claims and coverage to patients treating chronic or persistent illnesses to reduce costs and maximize profits. Therefore, the third-party providers, with dedicated and skilled professionals, handle and resubmit the denied claim. With their expertise, these providers increase their clients' cash flow, which the hospitals otherwise neglect. As a result, the rising need to eradicate claim denials is expected to contribute to the market's growth in the forecast period.

Within the report, the market is segmented into product and services, delivery mode, end-user, and geography. Based on products and services, the market is bifurcated as software and services. On the delivery mode, the global patient access solutions market is bifurcated into web & cloud-based solutions and on-premises. Based on end-user, the market is segmented as healthcare providers, HCIT outsourcing companies, and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Demand for health insurance will empower the growth of the market

The pandemic has increased awareness about health insurance products as people have been more curious about terms and conditions while buying the policy. As per the statement by Amit Chhabra (Head-Health Insurance), India, there has been a significant increase in demand for health insurance products as Covid-19 cases were increased across the country. Leads for health products were increased by 30 percent, and daily premiums were increased by 45 percent. Therefore, the demand for health products is growing faster than in the past.

The software segment in the market is accelerating the market’s growth

Based on product and service, the software segment registers the highest growth. The high growth of this segment can be attributed to the advantages offered by the software, such as error management, wide variety, and differentiated functions. For instance, TriZetto Engage Provider enables providers to help patients make better care decisions while streamlining administrative processes through access to real-time data in TriZetto core administrative systems. Members can access their plan information, personalized treatment cost estimates, and transaction history in real time through intuitive, easy-to-use features. 

Recent strategic developments in the patient access solutions market

The patient access solutions market has undergone several significant developments, and a few of these have been mentioned below:

  • In March 2022, Cognizant collaborated with Microsoft to offer a new virtual healthcare solution for remote patient monitoring and improved care. This will deliver a new digital health solution to enhance remote patient monitoring for improved medical care
  • On Oct 2021, Cerner Launched Cerner RevElate patient accounting. This product brought new and enhanced capabilities to the Cerner revenue cycle management portfolio
  • In Feb 2022, Optum announced the launch of Optum Specialty Fusion, a first-of-its-kind specialty medication management solution, to simplify care for patients with complex conditions and lower the cost of expensive specialty drugs

The patient access solutions market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Cognizant; McKesson Corporation; Oracle; Experian Plc; 3M; Conifer Health Solutions, LLC; Waystar; Epic Systems Corporation; The SSI Group, LLC; and Optum, Inc. are among the prominent players operating in the market.

The target audience for the report:

  • Related service providers
  • Display-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policymakers
  • Venture capitalists, private equity firms, and start-up companies
  • Healthcare Providers
  • HCIT Outsourcing Companies  
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Product and Services:
    • Software
    • Services
  • Delivery Mode:
  • Web and Cloud-Based Solutions
  • On-Premises
  • End User:
  • Healthcare Providers
  • HCIT Outsourcing Companies
  • Others
  • Region
    • North America
    • Europe
    • Asia Pacific
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Cognizant
    • McKesson Corporation
    • Oracle
    • Experian Plc
    • 3M
    • Conifer Health Solutions, LLC
    • Waystar
    • Epic Systems Corporation
    • The SSI Group, LLC
    • Optum, Inc.

Companies profiled
- Cognizant
- McKesson Corporation
- Oracle
- Experian Plc
- 3M
- Conifer Health Solutions, LLC
- Waystar
- Epic Systems Corporation
- The SSI Group, LLC
- Optum, Inc.

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