The global patient access solutions market is projected to reach USD 2.9 billion by 2027 from an estimated USD 1.9 billion in 2022, at a CAGR of 8.9% during the forecast period. Growth in this market is driven by the increasing patient volume and subsequent growth in the demand for health insurance, an increase in the volume of unstructured data in the healthcare industry, and the rising need to curtail escalating healthcare costs.
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Key Market Players
The global patient access solutions market is consolidated with the presence of few regional and global players like Cognizant (US), McKesson Corporation (US), Cerner Corporation (US), Experian Plc (Ireland), 3M (US), Conifer Health Solutions (US), Waystar (US), Epic Systems Corporation (US), The SSI Group, LLC (US), , Cirius Group, Inc. (US), Craneware, Inc. (Scotland), Allscripts Healthcare Solutions, Inc. (US), Genentech, Inc. (US).
McKesson Corporation (US) dominated the global patient access solutions market. The company operates its business through four reportable segments, namely, US Pharmaceutical, Medical-Surgical Solutions, Prescription Technology Solutions, and International. Patient access solutions are offered under the US Pharmaceutical segment.
Optum, Inc. (US) is the second-largest player in the patient access solutions market in 2021. The company provides solutions to healthcare payers, providers, employers, as well as government and life sciences companies. The company primarily operates through three business segments, namely, OptumHealth, OptumInsight, and OptumRx.
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Key components and aspects of the Patient Access Solutions Market include:
Appointment Scheduling: This involves the development of online platforms and software that allow patients to schedule appointments with healthcare providers conveniently.
Patient Portals: Patient portals are secure online platforms that enable patients to access their medical records, test results, and communicate with healthcare providers.
Insurance Verification: Solutions for verifying patients' insurance coverage and eligibility for services, helping healthcare providers ensure proper billing and payment for services rendered.
Pre-Authorization and Pre-Certification: Tools and systems that assist healthcare providers in obtaining the necessary approvals and authorizations from insurance companies before performing certain medical procedures or tests.
Revenue Cycle Management: Software and services that manage the financial aspects of healthcare, including billing, claims processing, and payment collection.
Patient Engagement Solutions: Technologies that encourage patient engagement and education, often through mobile apps, SMS notifications, and interactive health content.
Telehealth and Virtual Care: Remote healthcare solutions that provide patients with access to medical services and consultations through digital platforms, particularly important during the COVID-19 pandemic.
Interoperability and Health Information Exchange (HIE): Solutions that facilitate the secure exchange of patient information between different healthcare providers, ensuring continuity of care and access to a patient's complete medical history.
Patient Identity Management: Technologies and solutions that help prevent identity theft and ensure accurate patient identification in healthcare settings.
Healthcare Analytics: Tools that use data analytics and machine learning to derive insights from patient data, improving decision-making and patient outcomes.
North America dominated the patient access solutions market
The large share of North America in the global market can be attributed to the stringent regulations, increasing government support for improving healthcare infrastructure, the need for reducing healthcare costs, an increasing volume of claims denials, the high number of private healthcare payers and well-established government payers, as well as the presence of a large number of healthcare IT companies, such as McKesson Corporation (US), 3M (US), Cerner Corporation (US), Cognizant (US), Conifer Health Solutions (US), and Epic Systems Corporation (US).
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