Global Patient Access Solutions Market Size, Share & Industry Trends Analysis Report By Offering, By Deployment Mode (Web & Cloud-based Solutions and On-premises), By End User (Healthcare Providers, HCIT Outsourcing Companies), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Patient Access Solutions Market
Market Report Description
The Global Patient Access Solutions Market size is expected to reach $3.3 billion by 2028, rising at a market growth of 9.1% CAGR during the forecast period.
By utilizing patient access technologies, healthcare professionals can provide better purchasing experiences to their customers. The systems allow customers to search for, schedule and subscribe to the online services that are supplied. The patient access solutions, which connect hospitals with their clients up until the billing stage, address the medical claim processing system. The solution allows hospital staff members more patient interaction freedom and financial responsibility. These techniques reduce manual work in general and claim rejections, improving the patients’ financial experiences.
"Patient access" is a key idea in contemporary healthcare and life science developments, and it's one that businessmen are likely to hear about frequently. However, different people's interpretations of the phrase vary. The term "patient access" is most simply defined as "access to patients." It speaks to the accessibility of healthcare and the accessibility of care and treatment for customers.
The Affordable Healthcare Act includes patient access as a crucial component. Several elements for "improving access to inexpensive care" and "affordable health insurance options" are included in the program's four-year rollout. Beyond this currently required minimum, however, the idea of patient access has additional connotations and poses new problems for both consumers and providers. Patient access is a notion that has a significant impact on all significant players and many aspects of healthcare.
COVID-19 Impact Analysis
The COVID-19 outbreak has made doctors and other health care providers more socially isolated, which has increased the demand for patient access solutions as well as the necessity for comprehensive and quick exchange of patient health information and damage policies for chronically ill patients. Software and systems may offer a platform for more secure transmission, access, and retrieval of electronic health records. Due to these technologies that enable the exchange and analysis of patient data, patients and healthcare professionals can both make wise operational and financial decisions.
Market Growth Factors
The increasing significance of managing rejection
Insurance organizations are increasingly refusing claims and coverage to individuals who are being treated for chronic or persistent illnesses to save costs and increase profits. Healthcare providers now have additional responsibility for controlling operating expenses. In order to correctly examine denied claims, healthcare providers can employ healthcare IT solutions like patient access solutions due to these characteristics. The presence of regulatory compliances and governmental directives that promote the expansion of the patient access solutions market in the next years are anticipated to provide the market pace.
Expanding Opportunities in New Healthcare IT Markets
Due to several government efforts aimed at HCIT solution adoption, increased government healthcare spending, and technology improvements in the healthcare industry. The emerging market offers tremendous opportunities for the development and application of patient access solutions, including systems for managing claims denials and necessity. The emerging government's HCIT efforts are aiding in the adoption of these HCIT solutions on a state and national level. One of the global industries with the fastest growth is healthcare. Medical care is provided to individuals globally by professionals working in these fields.
Market Restraining Factors
High expenses for the deployment of patient access solutions
Software solutions for patient access are generally quite expensive. These tools may cost more to maintain and upgrade their software than the program itself. Software updates are part of the support and maintenance services that make up a recurrent cost that accounts for over 30% of the total cost of ownership. Additionally, a lack of internal IT competence needs end-user training, which raises the cost of ownership. New technological platforms now enable patients to obtain the care they require at a cost they can afford by providing a complete perspective of prescription fees, limitations, and availability.
Based on the Offering, the Patient Access Solutions Market is segmented into Software and Services. The service segment acquired the highest revenue share in the patient access solutions market in 2021. Services that form the face of a healthcare provider's office are represented by the front-end healthcare revenue cycle. Patient scheduling, qualification and authorization checks, registration of patients, and, where practical, the best upfront collection of patient dues are all tasks performed in the front office.
Software Type Outlook
On the basis of Software type, the Patient Access Solutions Market is divided into Eligibility verification software, Medical necessity management software, Precertification & authorization software, Claims denial & appeal management, Payment estimation software, Claims payment assessment & processing software, and Other Software. The eligibility verification software segment procured the largest revenue share in the patient access solutions market in 2021. To guarantee correct and prompt receipt of info concerning insurance coverage, eligibility and insurance confirmation are essential. A healthcare institution may be losing money if there aren't adequate balances and checks in place. If eligibility is not verified and prior authorization is not obtained, payments may be delayed or denied, which lowers collections and income.
Deployment Mode Outlook
By Deployment Mode, the Patient Access Solutions Market is classified into Web & Cloud-based solutions and On-premise solutions. The on-premise segment registered a significant revenue share in the patient access solutions market in 2021. Due to the on-premise solutions, the business purchases a server and takes full control of its management. This means that it is the responsibility of the company to guarantee that the server has the necessary security technologies and that it is routinely updated and maintained.
End Users Outlook
On the basis of End Users, the Patient Access Solutions Market is segmented into Healthcare Providers, HCIT Outsourcing Companies, and Others. The healthcare providers segment acquired the largest revenue share in the patient access solutions market in 2021. Due to the growing need to standardize patient data, the demand for patient access solutions services is likely to increase in the coming years. Healthcare data generation has increased dramatically, patient safety has increased, healthcare spending has increased significantly, medical errors have increased, insurance denials have increased, and healthcare costs have increased.
|Market size value in 2021||USD 1.8 Billion|
|Market size forecast in 2028||USD 3.3 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 9.1% from 2022 to 2028|
|Number of Pages||296|
|Number of Tables||453|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Offering, Deployment Mode, End User, 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|
Region-wise, the Patient Access Solutions Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe segment procured a significant revenue share in the patient access solutions market in 2021. It is due to factors such as the availability of a high-quality healthcare system, the availability of innovative medical technology, and increasing government funding. Due to factors like improved healthcare infrastructure and attractive reimbursement practices, among others, the European region is expected to grow its market share.
Free Valuable Insights: Global Patient Access Solutions Market size to reach USD 3.3 Billion by 2028
KBV Cardinal Matrix - Patient Access Solutions Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; UnitedHealth Group, Inc. and McKesson Corporation are the forerunners in the Patient Access Solutions Market. Companies such as Cognizant Technology Solutions Corporation, Oracle Corporation and 3M Company are some of the key innovators in Patient Access Solutions Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include UnitedHealth Group, Inc. (Optum, Inc.), Cognizant Technology Solutions Corporation, McKesson Corporation, Oracle Corporation (Cerner Corporation), Experian PLC, 3M Company, Epic Systems Corporation, AllScripts Healthcare Solutions, Inc., F. Hoffmann-La Roche Ltd. (Genentech, Inc.), and Tenet Healthcare Corporation (Conifer Health Solutions, LLC).
Strategies deployed in Patient Access Solutions Market
» Partnerships, Collaborations and Agreements:
- Sep-2022: UnitedHealth Group joined hands with Walmart, a retailer that operates grocery stores, supermarkets, and hypermarket stores. The companies aimed to bring together the joint expertise of both organizations in helping millions of people with affordable, high-quality, health services that enhance health results and the patient experience. Moreover, the companies transfer a deep dedication to high-quality and affordable primary care-led benefits that handle all of a patient’s health requirements in ways that are suitable for them and enhance health results.
- Jul-2022: Cognizant signed an agreement with Organon, a global women's health organization. This agreement aimed to enhance the organization's delivery of healthcare products and important medicinal supply chain management. Additionally, Cognizant would help propel Organon's healthcare enterprise by providing full-stack industrial technology support for the organization's global pharmaceutical manufacturing locations in the United Kingdom, Belgium, Netherlands, and Indonesia.
- Jun-2022: Epic Systems came into a partnership with Myriad Genetics, genetic testing, and accuracy medicine company. With this partnership, more than 250 million patients with a history in Epic would now have access to a broad range of genetic testing. Moreover, patients would be capable to access their Myriad test outcomes and other health information instantly within their EHR portal.
- May-2022: Tenet Healthcare Corporation signed an agreement with Brookwood Baptist Health, the biggest healthcare network in Central Alabama. Through this agreement, Conifer would provide complete revenue cycle services to four different hospitals within Brookwood Baptist Health. Moreover, these services would include patient access, eligibility registration services, and accounts receivable administration.
- Jan-2022: UnitedHealth Group came into a partnership with MarinHealth Medical Center, a 327-bed independent hospital. This partnership would extend its operational objectives in the revenue cycle and reduce the patient experience for individuals living in Marin County, California. Moreover, MarinHealth would operate Optum technology to simplify the nonclinical administrative procedure and streamline experiences for patients and suppliers whereas Optum would deliver revenue cycle management services and sustaining technologies.
- Oct-2021: UnitedHealth Group teamed up with SSM Health, a Catholic, not-for-profit health system. Under this collaboration, the companies would partner across specific functions such as digital transformation, inpatient care management, and revenue cycle management to enhance health results and patients’ healthcare experiences. Moreover, the organizations would redefine the customer health care journey via the design and development of a unified digital experience to streamline patient entry to the care and services they require.
- Jul-2021: Cognizant came into a partnership with Royal Philips, a global leader in health technology. This partnership aimed to generate end-to-end digital health solutions that would allow healthcare organizations and life sciences companies to enhance patient care and boost clinical trials. Moreover, the strategic alliance obtains Philips HealthSuite, a cloud-based platform, and Cognizant’s digital engineering expertise to supply and support leading-edge digital health solutions at scale, delivering refined connectivity and utilizing big data to produce actionable insights.
- Feb-2021: Tenet Healthcare Corporation came into a partnership with LCMC Health, a nonprofit network of healthcare providers. Together, the companies aimed to deliver physician accounts receivable (AR) management small-balance help and COVID-19 vaccine administration assistance. Moreover, Conifer can resume to seamlessly sustain LCMC’s day-to-day operations while also developing additional possibilities to donate to the health system’s prevailing success.
- Dec-2020: McKesson joined hands with TailorMed, a healthcare technology company. This collaboration aimed to deliver a best-in-class financial navigation platform to McKesson Onmark consumers, which contains community practices with expertise in rheumatology, oncology, neurology, gastroenterology, and retina.
- Feb-2020: Allscripts Healthcare Solutions came into a partnership with Manorama Infosolutions, a healthcare IT business located in India. Through this partnership, the companies aimed to provide a combined Healthcare Management Information System and Health Information Exchange platform. Moreover, this partnership would boost the organization's reach to under-served regions in India and other arising markets, donate to Allscripts more extensive reseller strategy and showcase the enterprise continued expansion internationally.
» Product Launches and Product Expansions:
- Dec-2021: Genentech, subsidiary of F. Hoffmann-La Roche Ltd. introduced NAVIFY Oncology Hub, its latest digital solution to improve clinical decision support. With the NAVIFY, clinicians can effectively qualify for patient talks, concisely and quickly share information, and conform care within the group. Additionally, NAVIFY Oncology Hub also supports conversations between oncologists and patients about complicated treatment possibilities and next actions.
- Oct-2021: Allscripts Guided Scheduling unveiled Allscripts Practice Management, an artificial intelligence scheduling application. The Allscripts Practice Management delivers an improved pace of high-need patients obtaining care, the enhanced utilization of all resources across a company, and the deduction of the effect of schedule churn.
- Oct-2021: Oracle Corporation introduced Cerner RevElate, new and improved abilities to the Cerner revenue cycle management offering. The Cerner RevElate advances patient accounting abilities and enterprise broad technology integration in an effort to best align Cerner’s powerful development and research resources with those solutions most required by caregivers across the globe.
- Mar-2021: McKesson introduced ScriptPAS, a pharmacy administration solution. The ScriptPAS is a fee-for-service portfolio developed to support Medically Integrated Dispensing (MID)-equipped practices that deliver quick access to care by decreasing obstacles that hinder treatment.
» Acquisition & Mergers:
- Jun-2022: McKesson Corporation formed a joint venture with HCA Healthcare. Through this joint venture, the companies aimed to integrate McKesson’s US Oncology Research (USOR) and HCA Healthcare’s Sarah Cannon Research Institute (SCRI). Additionally, the joint venture is an essential step forward in improving access to clinical trials, especially within the community setting, where the bulk of all cancer patients is originally cured. Moreover, the joint venture directly aligns with McKesson’s strategic growth preferences by further developing a differentiated oncology ecosystem and enhancing the worth request for biopharma and provider partners.
- Mar-2022: UnitedHealth Group took over Refresh Mental Health, a rapidly growing outpatient mental health provider. This acquisition would propel a deeper combination between medical and behavioral health care and advance personalized maintenance to patients via value-based care.
- Apr-2021: Oracle Corporation completed the acquisition of Kantar Health, a department of Kantar Group. Under this acquisition, Kantar Health’s rich life sciences expertise would be integrated with Cerner’s robust collection of real-world data and technology and is expected to boost innovation in life sciences research and enhance patient results across the world.
- Jan-2021: UnitedHealth Group's completed the acquisition of Change Healthcare, a leading healthcare technology business. This acquisition would simplify and disclose the important administrative, clinical, and payment procedures on which healthcare payers and providers depend to help patients.
Scope of the Study
Market Segments Covered in the Report:
- Eligibility Verification Software
- Medical Necessity Management Software
- Precertification & Authorization Software
- Claims Denial & Appeal Management
- Payment Estimation Software
- Claims Payment Assessment, Processing Software & Others
By Deployment Mode
- Web & Cloud-based Solutions
By End User
- Healthcare Providers
- HCIT Outsourcing Companies
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- UnitedHealth Group, Inc. (Optum, Inc.)
- Cognizant Technology Solutions Corporation
- McKesson Corporation
- Oracle Corporation (Cerner Corporation)
- Experian PLC
- 3M Company
- Epic Systems Corporation
- AllScripts Healthcare Solutions, Inc.
- F. Hoffmann-La Roche Ltd. (Genentech, Inc.)
- Tenet Healthcare Corporation (Conifer Health Solutions, LLC)
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What would be the size of the Patient Access Solutions Market by 2028?
The global Patient Access Solutions Market size is expected to reach $3.3 billion by 2028.
What are the key driving factors and challenges in the Patient Access Solutions Market?
The increasing significance of managing rejection are driving the market in coming years, however, High expenses for the deployment of patient access solutions restraints the growth of the market.
What are the major top companies in the competitive landscape?
UnitedHealth Group, Inc. (Optum, Inc.), Cognizant Technology Solutions Corporation, McKesson Corporation, Oracle Corporation (Cerner Corporation), Experian PLC, 3M Company, Epic Systems Corporation, AllScripts Healthcare Solutions, Inc., F. Hoffmann-La Roche Ltd. (Genentech, Inc.), and Tenet Healthcare Corporation (Conifer Health Solutions, LLC).
Which segment shows a high revenue share of the Patient Access Solutions Market in 2021?
The Web & Cloud-based Solutions market acquired the highest revenue share in the Global Patient Access Solutions Market by Deployment Mode in 2021, thereby, achieving a market value of $2.1 billion by 2028.
Which segment shows the high growth rate of the Patient Access Solutions Market over the forecast period?
The HCIT Outsourcing Companies market has shown the high growth rate of 9.8% during (2022 - 2028).
Which region dominated the Patient Access Solutions Market in 2021?
The North America market dominated the Global Patient Access Solutions Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.2 billion by 2028.