Factors such as Increasing patient volume and subsequent growth in the demand for health insurance, the growing importance of denials management, declining reimbursement rates, increase in the volume of unstructured data in the healthcare industry, and the rising need to curtail escalating healthcare costs are the major factors driving the growth of this market.
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In the US, the Patient Protection and Affordable Care Act (PPACA) has led to the restructuring of private insurance, Medicare, and Medicaid systems. In line with these changes, the “Meaningful Use” rules of the American Recovery and Reinvestment Act (ARRA) and Health Information Technology for Economic and Clinical Health Act (HITECH) have mandated the adoption of electronic medical/health records (EMR/EHR) that will increase data interoperability.
Industry Overview:
The global patient access solutions market is projected to reach USD 2.4 billion by 2025 from USD 1.6 billion in 2020, at a CAGR of 8.5%. Increasing patient volume and subsequent growth in the demand for health insurance, the growing importance of denials management, declining reimbursement rates, increase in the volume of unstructured data in the healthcare industry, and the rising need to curtail escalating healthcare costs are the major factors driving the growth of this market.
Market Segmentation
The report Patient Access Solutions Market by product & service (Training services, Eligibility Verification, Medical Necessity, Pre-certification), Delivery Mode (Web & Cloud, On premise), End-User (Providers, HCIT Outsourcing Companies) - Global Forecast to 2025. The Asia Pacific market is comparatively new to patient access solutions; however, this region is expected to register the highest growth in the coming years.
The prominent players operating in this market include Cognizant (US), McKesson Corporation (US), Cerner Corporation (US), Experian (Ireland), 3M (US), Conifer (US), Waystar (US), Epic Systems (US), SSI Group (US), Optum (US), Cirius Group (US), Craneware (US), Allscripts (US), Genentech (Ireland), AccuReg Software (US), Kyruus (US), AccessOne (US), Vee Technologies (India), Exela Technologies (US), QWay Health (US), TransUnion (US), PLEXIS Healthcare Systems (US), HealthAsyst (India), and Virtusa (US). These players adopted partnerships, agreements, and acquisitions to expand their presence in Patient access solutions market.
McKesson
McKesson dominated the global patient access solutions market. McKesson operates through two business segments, which cater to the markets in developed as well as developing countries. The company focuses on strategies such as collaborations, agreements, and partnerships to maintain its market presence.
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This study involved four major activities for estimating the current size of the Patient access solutions market. Exhaustive secondary research was conducted to collect information on the market and its peer and parent markets. The next step focused on validating these findings, assumptions, and sizing with industry experts across the value chain through primary research.
