Market Research Report
Global Patient Flow Management Solutions Market - Segmented by Type, Product, by Deployment, Component, and Geography - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||708582|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|Global Patient Flow Management Solutions Market - Segmented by Type, Product, by Deployment, Component, and Geography - Growth, Trends, and Forecast (2018 - 2023)|
|Published: September 1, 2018||Content info: 120 Pages||
The Global Patient Flow Management Solutions Market is expected to register a CAGR of nearly 20% during 2018-2023 (the forecast period). Patient Flow Management Solutions adopted in hospitals enable them to improve the efficiency of patient flow, resource optimization and utilization, and improve quality of care while reducing costs.
As per American Hospital Association, the Medicare and Medicaid margins are getting squeezed tighter due to low increase in payments. These factors result in less gap between the hospital's cost of providing care and the reimbursement they receive from private payers. In 2014, the Medicare inpatient payment increase was 0.5% percent, and the outpatient payment increase was 1.8%. There is a increasing burden of rising healthcare costs on providers with the new regulations like Medicare moving to value-based system through its Medicare Shared Savings Program (MSSP) and through Value-Based Purchasing (VBP) schemes. Hospitals are striving to reduce costs and improve the efficiency of care.
The Centers for Medicare & Medicaid Services evaluates and publishes hospital performance data publicly which can be used by in selecting a provider. The hospitals in order to survive has to efficient in all the operations, Documentation, Billing, Claiming and reduce operation costs which increases the overall productivity.
All the above factors which effects hospital's operational efficiency and revenue provides an opportunity to growth of Patient flow Management System market as it ensures hospital operational efficiency, resource optimization and cost reduction. Other factors which are driving the Patient Flow Management Solutions Market growth are high ROI, an impetus to install patient flow management solutions, and shortage of nursing staff & doctors will increase the need for solutions.
Health data security is the major challenge. The changes in health insurance portability and accountability act and technology laws companies have become more cautious. The growing cyber-attacks in healthcare are due to not complying with HIPPA privacy rule and improper data encryption to safeguard the data. Patient flow management solutions that are not integrated with Security & Protection systems lead to data breach. Confidentiality safeguards information that is collected at various visits to hospital, diagnostic tests etc. It addresses the key problem on how the medical information is exchanged to third parties. Security of data storage from unauthorized access to health records is of primary concern.
The Ponemon Institute that conducts independent research on privacy, data protection and information security policy states that the healthcare data breach cost USD 6.2 billion per year. Almost 90% of healthcare organizations are prone to data theft. A breach effects the organizations reputation and consequences of financial loss and may impact its sustainability if it cannot create enough confidence clients. With growing concern over risk of unauthorized use or access to healthcare databases the healthcare providers are under pressure as they have to lead to loss of their reputation in the region. Other factors such as lack of skilled IT professionals is also restraining market growth.
In United States hospitals are facing financial challenges with shrinking margins on occupied beds. Hospitals need to increase their capacity by improving the patient movement from admission to earlier discharge. Hospitals that use Patient flow management solutions were able to improve their quality of care by tracking patient flow from admission to discharge, reducing wait times. At every point of care hospitals can reduce wait times and ensure optimal patient-to-staff ratios. As per GE healthcare estimated data, in one year Americans waited 1.1 million more hours in emergency department than necessary.
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