The Global Healthcare Compliance Software Market size is expected to reach $5 billion by 2028, rising at a market growth of 10.5% CAGR during the forecast period.
Healthcare organizations and doctors can monitor, review, and manage compliance and risk with healthcare compliance software. The healthcare compliance software supports the Occupational Safety and Health Administration (OSHA), HIPAA regulations, and human resource compliance. The program organizes, tracks, and shares compliance using a single dashboard.
Some key features offered by the platform include document management, online document distribution & attestation, an anonymous hotline, URL reporting, incident reporting, and real-time updates. It also includes weekly email reports, database checks of the LEIE (List of Excluded Individuals/ Entities), and reminders. With logs, data, and time stamps to support audit processes, the healthcare compliance software aids in maintaining crucial data.
Also, the software automatically updates a collection of online sample documents. Software for managing compliance in the healthcare industry accelerates compliance-related tasks such as risk assessment, medical billing, testing, coding, and control evaluation. The demand for these software solutions is predicted to increase due to the transition from manual healthcare compliance methods to automated compliance software and the advantages associated with healthcare compliance software.
With manual processes, mistakes by humans are unavoidable. As a result, businesses are turning to automated software to reduce the number of legal and regulatory infractions in the healthcare sector. Firms are moving toward automating HIPAA compliance to further prevent data breaches and identity theft in the healthcare sector.
The COVID-19 outbreak has caused a sharp increase in the demand for healthcare-related software. The adoption of health information exchange during the pandemic is being driven by a number of factors, such as a greater emphasis on the use of healthcare I.T. infrastructure for usability, data transfer, and cost reduction. The need for EMR and EHR platforms for managing complex medical data has increased along with the patient load, driving market expansion throughout the pandemic. After the pandemic, the market growth is anticipated to be fueled by the demand for and advancements in healthcare-based software, such as healthcare compliance.
Automation, supported by information technology and control systems, reduces personal effort in several processes. To improve job productivity and streamline numerous tasks, well-known vendors invest in healthcare automation. Automation is considered a crucial aspect of shortening lab process cycle times, improving the quality of experimental data, and boosting overall productivity in healthcare facilities. With the growing automation of the healthcare sector, the adoption of healthcare compliance software is estimated to rise.
Non-compliance has severe repercussions in the healthcare industry and may result in legal action. Non-compliance poses a risk to patient safety or privacy. Hence the repercussions are severe. If a healthcare organization is non-compliant, it will risk penalties, legal charges, and a tarnished reputation. People prefer high-quality care; if they seek a new healthcare provider, they are much more likely to choose one who hasn't been engaged in a lawsuit or complaint. Thus, the need for healthcare compliance is rising. This is further predicted to support the expansion of the healthcare compliance software market.
The introduction and rapid growth of the BYOD (Bring Your Own Device) trend is causing one of the greatest difficulties. Because smartphones and other devices offer enhanced functionality & operability, healthcare organizations are gradually adopting BYOD. This has resulted in an improvement in the efficiency of healthcare institutions. However, until now, these portable devices' vast array of services is not without risk. For example, a lack of experience or incapacity to adapt to different duties might risk a system and expose it to the possibility of theft and duplication. Owing to this, the digitalization of healthcare may be slowed down, thereby impeding market growth.
Based on product type, the healthcare compliance software market is segmented into on-premise and cloud-based. The on-premise segment covered a considerable revenue share in the healthcare compliance software market in 2021. The fewer operational & ownership expenses involved with on-premise solutions are anticipated to propel the market's growth throughout the forecast period. On-premise server administration may be contracted out to a third party or may continue to be handled internally.
On the basis of category, the healthcare compliance software market is divided into policy & procedure management, auditing tools, training management & tracking, medical billing & coding, license, certificate, & contract tracking, incident management and accreditation management. In 2021, the policy & procedure management segment witnessed the largest revenue share in the healthcare compliance software market. This is due to the software's benefits, which include increased patient safety, enhanced internal communication & processes, and decreased liability. The system can be programmed to send staff automatic emails with directions for accessing important documents; other types of notifications, including text messaging, are also feasible.
By end-use, the healthcare compliance software market is classified into hospitals, specialty clinics and others. In 2021, the hospitals segment dominated the healthcare compliance software market with the maximum revenue share. The segment's growth is attributable to the difficulties associated with keeping up with regulatory changes and the limited resources and time available in hospital settings for manual compliance. In addition, significant penalties are more likely to be enforced due to the complexity of changing regulations. To ensure compliance and prevent penalties, hospitals are embracing these solutions.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 2.5 Billion |
| Market size forecast in 2028 | USD 5 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 10.5% from 2022 to 2028 |
| Number of Pages | 226 |
| Number of Table | 380 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Category, End-use, Product Type, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the healthcare compliance software market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region led the healthcare compliance software market by generating the largest revenue share in 2021. This is a result of the region's growing need for healthcare compliance software for medical billing & coding and the rules and policies governing healthcare that are always changing. Additionally, it is anticipated that the presence of significant competitors in the region will increase demand for the market.
Free Valuable Insights: Global Healthcare Compliance Software Market size to reach USD 5 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include RLDatix, HealthStream, Inc., Atlantic.Net, Inc., Healthicity, LLC (SixSails), ConvergePoint, Inc., Beacon Healthcare Systems, Inc., Complinity Technologies Pvt. Ltd., Sprinto Technology Private Limited, Panacea Healthcare Solutions, Inc. (Besler & Co., Inc.), and Smartgate Solutions Ltd. (Radar Healthcare).
By End-use
By Product Type
By Category
By Geography
The global Healthcare Compliance Software Market size is expected to reach $5 billion by 2028.
Growing need of healthcare compliance are driving the market in coming years, however, Significant obstacles in digitalization of healthcare sector restraints the growth of the market.
RLDatix, HealthStream, Inc., Atlantic.Net, Inc., Healthicity, LLC (SixSails), ConvergePoint, Inc., Beacon Healthcare Systems, Inc., Complinity Technologies Pvt. Ltd., Sprinto Technology Private Limited, Panacea Healthcare Solutions, Inc. (Besler & Co., Inc.), and Smartgate Solutions Ltd. (Radar Healthcare).
The expected CAGR of the Healthcare Compliance Software Market is 10.5% from 2022 to 2028.
The Cloud segment acquired maximum revenue share in the Global Healthcare Compliance Software Market by Product Type in 2021 thereby, achieving a market value of $2.9 billion by 2028.
The North America market dominated the Global Healthcare Compliance Software Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.1 billion by 2028.
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