Global Patient Access Solution Market Is Estimated To Witness High Growth Owing To Increasing Healthcare Costs

  • Ronak Shah
  • U.S.A
  • January 23, 2025

The global Patient Access Solution Market is estimated to be valued at US$ 2.18 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights’ The global Patient Access Solution market is witnessing high growth owing to increasing healthcare costs across the globe and growing demand for reducing billing errors and enhancing revenue cycle management.

Patient access solutions help in streamlining workflows and automating various administrative and clinical processes, thus improving operational efficiency for healthcare providers while minimizing revenue leakage. This in turn is fueling adoption of these solutions among hospitals and private practices.

Key Market Trends: Growing Acceptance of Cloud-Based Models: Cloud-based patient access solutions are gaining increased acceptance among end-users as they enable access to patient data anytime and from anywhere. Moreover, cloud deployment helps reduce infrastructure and maintenance costs for healthcare organizations. Increasing Investments in Healthcare IT

Governments across countries are undertaking various initiatives and offering favorable regulations to promote adoption of healthcare IT systems such as patient access solutions. This is expected to create new opportunities for players operating in the global patient access solutions market over the forecast period.

Global Patient Access Solution Market Opportunities: Patient portals offer consumers direct online access to their personal health information through computer or mobile devices. This allows patients to view lab results, appointment schedules, medication lists and complete tasks such as request medication refills online. Patient portals improve communication between healthcare providers and patients which leads to better healthcare experiences and outcomes. They empower patients to actively engage in their own healthcare. The growing trend of digital health is driving more healthcare organizations to adopt and promote patient portals.

Eligibility and benefit verification systems help providers verify a patient’s insurance coverage and plan benefits in real-time. This enables checking things like copay amounts, covered services and remaining deductibles. By verifying insurance details upfront, healthcare organizations can reduce denied claims, timely collect accurate patient payments and improve the revenue cycle management process. The complexity of the current healthcare billing and insurance systems is fuelling demand for tools that simplify and streamline verification of patient insurance eligibility and coverage details.

Key Market Takeaways: The global patient access solution market is anticipated to witness a CAGR of 8.2% during the forecast period 2024-2031, owing to the rising healthcare costs and implementation of favorable government reforms supporting healthcare IT adoption.

On the basis of type, services segment is expected to hold a dominant position, owing to the growing need for outsourcing revenue cycle management functions and technical support among healthcare providers.

By delivery model, web & cloud-based solutions are expected to grow at a higher rate during the forecast period due to the advancing telehealth trend and shift towards digital healthcare amidst COVID-19.

On the basis of region, North America is expected to hold a dominant position over the forecast period, due to the presence of advanced healthcare infrastructure and high adoption rate of healthcare IT solutions in the region.

Competitor Insights: Key players operating in the global patient access solution market include Cognizant Technology Solutions Corporation, Epic Systems Corporation, McKesson Corporation, Experian plc and 3M. In addition, Allscripts Healthcare Solutions, and GE Healthcare are some of the prominent players in the market.

Recent Developments: In June 2023, McKesson launched a new prior authorization module within its AccessCare platform. Leveraging AI and machine learning, the module aims to reduce manual touches by up to 80% through automated eligibility checks, verification of medical necessity, and form population. McKesson claims this will help eliminate nearly 500 hours spent per month on prior authorizations by its customer pharmacies and providers. More information in full report.

Summary

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