Healthcare Compliance Software Market

Global Healthcare Compliance Software Market Size, Share & Industry Trends Analysis Report By End-use (Hospitals, Specialty Clinics and Others), By Product Type (Cloud and On-premise), By Category, By Regional Outlook and Forecast, 2022 - 2028

Report Id: KBV-14456 Publication Date: March-2023 Number of Pages: 226
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Market Report Description

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.

Healthcare Compliance Software Market Size - Global Opportunities and Trends Analysis Report 2018-2028

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.

COVID-19 Impact Analysis

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.

Market Growth Factors

Growing trend of automation in healthcare

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.

Growing need of healthcare compliance

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.

Market Restraining Factors

Significant obstacles in digitalization of healthcare sector

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.

Product Type Outlook

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.

Healthcare Compliance Software Market Share and Industry Analysis Report 2021

Category Outlook

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.

End - Use Outlook

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.

Healthcare Compliance Software Market Report Coverage
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
  • Growing trend of automation in healthcare
  • Growing need of healthcare compliance
Restraints
  • Significant obstacles in digitalization of healthcare sector

Regional Outlook

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).

Strategies deployed in Healthcare Compliance Software Market

  • Mar-2023: RLDatix came into partnership with Steward Health Care, a US-based operator of a community-based hospital network. The partnership includes deploying RLDatix's enterprise software solutions across Steward Health Care's 39 hospitals. Further, through this partnership, both companies aim to work jointly as partners to bring positive modifications and provide safer healthcare.
  • Jan-2023: Radar Healthcare came into partnership with Circle Health Group, a UK-based operator of rehabilitation centers, health service centers, and hospitals. The partnership focuses on providing Cirle Health with Radar's compliance and risk management software.
  • Sep-2022: RLDatix introduced Catali, a platform intended to enhance core operational processes and to link compliance, workforce, and risk data to enable healthcare organizations to drive improved outcomes. The new enterprise platform is powered by AWS.
  • Aug-2022: Panacea Healthcare Solutions took over Holliday & Associates, a US-based developer of healthcare software. The addition of Holliday & Associates broadens the acquiring company's customer reach to 600+ hospitals, physician practices, accountable care organizations, and health systems. Further, this acquisition benefits the acquirer's clients through access to a full-fledged suite of software tools from a single provider.
  • May-2022: RLDatix completed the acquisition of Quality Compliance Systems (QCS), a UK-based developer of SaaS compliance software. The addition of QCS expands the acquirer's market presence in the care market including social care, etc.
  • Sep-2021: RLDatix took over Allocate Software, a UK-based developer of SaaS-based workforce management software. The acquisition integrates RLDatix's proficiency in providing patient safety, risk, and compliance management, with Allocate’s workforce management solutions, thereby strengthening the acquiring company's market position in the healthcare governance, risk, and compliance (GRC) market.
  • Oct-2020: RLDatix acquired Verge Health, a US-based developer of governance, compliance, and risk software platform. The addition of Verge Health strengthens the acquiring company's market position in the patient safety software market.
  • Oct-2019: RLDatix took over Milpitas, Calif., based Quantros Inc.'s patient safety business. This acquisition expanded the company's horizon into governance, risk and compliance (GRC) along with the company's commitment to patient safety. It also stimulated company's data and analytics strategy with their new datasets from variety of healthcare organizations.
  • Mar-2018: Healthicity partnered with Athenahealth, a US-based developer of medical practice automation and claims management software. The partnership focuses on making the healthcare compliance and auditing process less complex.

Scope of the Study

Market Segments Covered in the Report:

By End-use

  • Hospitals
  • Specialty Clinics
  • Others

By Product Type

  • Cloud
  • On-premise

By Category

  • Policy & Procedure Management
  • Medical Billing & Coding
  • License, Certificate, & Contract Tracking
  • Training Management & Tracking
  • Auditing Tools
  • Incident Management
  • Accreditation Management

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • 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.)
  • Smartgate Solutions Ltd. (Radar Healthcare)
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Frequently Asked Questions About This Report

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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