Market Research Report
Global Patient Access Solutions Market - Segmented by Product & Services, Delivery Mode, End User (Healthcare Providers, HCIT Outsourcing Companies and Others), and Geography - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||708585|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|Global Patient Access Solutions Market - Segmented by Product & Services, Delivery Mode, End User (Healthcare Providers, HCIT Outsourcing Companies and Others), and Geography - Growth, Trends, and Forecast (2018 - 2023)|
|Published: September 1, 2018||Content info: 120 Pages||
The global patient access solutions market is expected to register a CAGR of 7.5% during the forecast period, 2018 to 2023. Patient Access Solutions involves Denials management, Payment estimation, Streamline pre-registration, and Improve patient collections. The point-of-service (POS) collections is increasingly seen in developing countries where patients are uninsured and pay out-of-pocket. Training and educating the front end staff is important as they are accountable for payment collection and this effects the revenue of the hospital.
Denials Management has a vital role in hospital revenue generation. Most hospitals are now dependent on third party providers for Denials Management service as they lack the expert knowledge, time to manage the reimbursement process. These providers with dedicated and skilled professionals are able to handle the denied claim and resubmit them. With their expertise these providers are able to increase the cash flow of their clients which were otherwise neglected by the hospitals to resubmit the denied claims. It is estimated that over 90% of the claim denials can be prevented with support from providers who have systems and knowledge experts in this field. Thus the rising need to eradicate claim denials is expected to contribute for the growth of patient access solutions market in the forecast period. The other factors such as Need to maintain regulatory compliance, Increasing Insured patient volume and growing need to reduce healthcare costs are driving the Patient Access Solutions Market.
Healthcare being the most personal services provided in our society, for safer and appropriate delivery of care to patients and management of patient access solutions activities most providers collect various data points on patient personal information: medication history, disease history and surgical procedures undergone etc. There is an increasing concern over how healthcare providers use the patient's information and protect his confidentiality. The hospitals healthcare databases are at risk of unauthorized use or access. Many organizations that obtain patient acknowledgement of the Notice of Privacy Practices are still in nascent stage to assist in the free flow of information between providers involved in a patient's care. In developing countries where the IT systems, technological advancements in medical record databases are not well developed, and lack of proper regulations to combat privacy issues there is a high chance of confidentiality. The above is a major factor that has restrained the growth of the Patient Access Solutions Market.
As of 2017, the US Patient Access Solutions Market holds the largest market share in North America region due to the presence of high quality healthcare system and modern medical technology in the country. Most hospitals in United States serving patients who are covered under Medicare or any privates insurances are facing difficulty in processing and submitting claims. Hospitals face challenge in accurately billing patients for a procedure or surgery done. This has created a huge opportunity for companies that provide patient access solutions to bridge the gap. With proper management of services such as patient registration, medical claim submission, automation in payment estimates etc, patient access solutions companies are streamlining the process and helping in generating extra revenue by decreasing the denial rate of claims.
Additionally, most hospitals in United States having recognized that automating the payment estimation with help of IT tools is helping both hospitals and patients to understand the costs in real time and collect payments by reducing the accounts receivable turnaround time. This is likely to contribute towards the growth of the Patient Access Solutions Market.
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