Westford, USA, March 09, 2023 (GLOBE NEWSWIRE) -- The patient referral management software market is experiencing significant growth, primarily driven by North America's advancements in healthcare technology and the increasing adoption of management software by hospitals and clinics. With real-time data access and the ability to provide proper care cycles and specialist referrals, these software solutions are poised to impact the market's growth positively. Another contributing factor to the market's success is the rise in research and development investments, along with the collaboration of key players to develop and enhance management software with robust security features consistently.
According to SkyQuest, the United States is home to over 56 million adults aged 65 and above, representing 14.7% of the country's population. This number is predicted to rise significantly in the coming years, with estimates projecting that by 2050, there will be 82.4 million older adults, constituting around 18% of the total population. This trend has positive implications for the patient referral management software market, poised to benefit from the growing demand for healthcare services among older adults.
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Patient referral management software is crucial for healthcare providers and institutions in streamlining the referral process. Referrals are essential to healthcare, allowing patients to access specialized care and expertise beyond the primary care setting. Patient referral management software automates the referral process, allowing providers to quickly and efficiently manage referrals from start to finish. The software can help providers to identify appropriate specialists, send referrals electronically, track the referral status, and receive feedback on the patient's care.
Prominent Players in Patient Referral Management Software Market
- Allscripts Healthcare
- Conifer Health Solutions LLC.
- Change Healthcare
- Persistent Systems
- Fibroblast, Inc.
- Cerner Corporation
- Referwell
- eHealth Technologies
- Optum Inc.
- L3Harris Technologies Inc.
- Arcadia
- HealthViewX
- Athena Health
- EZ Referral
- Unblockitnow Inc.
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Cloud Segment to Witness Higher Traction as Healthcare Providers Increases Adoption of Cloud Technology to Improve Patient Outcomes
The patient referral management software market witnessed exponential growth in the cloud segment in 2022, and this trend is projected to continue through 2030. The digital health industry is rapidly growing and is expected to reach USD 738.8 billion by 2028, as projected by SkyQuest. As the demand for digital health solutions rises, healthcare providers increasingly turn to cloud-based technologies for patient referral management. Cloud-based software offers numerous benefits, including scalability, flexibility, and accessibility, which make it an attractive option for healthcare providers looking to streamline their operations.
In 2022, the patient referral management software market was dominated by North America, with Europe following closely behind. Experts predict North America will maintain its position in the market until 2030. This market growth is due to the increasing adoption of technology in the healthcare sector and the need for efficient patient referral management systems. North America has a mature healthcare system with advanced technological infrastructure, which has led to the early adoption of patient referral management software. In addition, the region's healthcare providers are increasingly implementing digital solutions to improve patient care, reduce costs, and enhance operational efficiency.
Inbound Referrals Segment to Garner Tremendous Growth Thanks to Advances in Technology Making These Solutions More Accessible and User-Friendly
According to market research, the patient referral management software market saw a significant share in the inbound referrals segment in 2022. It is projected to maintain its dominant position from 2023 to 2030. This is because inbound referrals are crucial in improving communication with referring professionals and patients, resulting in better patient outcomes. Inbound referrals are an essential component of patient referral management software. It allows healthcare providers to consolidate multiple referral sources into a single queue, making it easier to manage patient referrals. Moreover, inbound referrals enable healthcare providers to communicate effectively with referring physicians and specialists, leading to better collaboration and coordination of patient care.
The Asia Pacific region showed tremendous potential as a thriving patient referral management software market in 2022. Furthermore, it is anticipated to witness significant growth in its market share by 2030. This trend can be attributed to the region's rapid advancements in healthcare technology, the aging population, and the increasing prevalence of chronic diseases. With the growing demand for healthcare services in the Asia Pacific, healthcare providers are turning to patient referral management software to manage referrals more efficiently and improve patient outcomes.
The patient referral management software market report has recently been published, offering an extensive analysis of the industry's major players. The report covers various aspects, including collaborations, mergers, innovative business policies, and strategies, providing readers with valuable insights into the key trends and major breakthrough developments in the market. Furthermore, the report delves into the market share of the top segments and provides a detailed geographic analysis of the market.
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Key Developments in Patient Referral Management Software Market
- The American Medical Group Association (AMGA) and ReferralPoint have joined forces to improve referral management solutions for medical groups, health systems, and payers. ReferralPoint will now serve as an AMGA Premier Corporate Partner, working to help providers reduce network costs and leakage, increase efficiency, and enhance patient satisfaction. With ReferralPoint's expertise in referral management solutions, AMGA members can access cutting-edge tools and strategies to help them achieve their goals while improving patient outcomes.
- Southwestern Health Resources (SWHR) has partnered with LeadingReach, a connected referral network for healthcare, to streamline its referral management process. This collaboration will enable SWHR to send and receive referrals seamlessly, connecting providers, specialists, clinicians, and care coordinators to create a more efficient and effective healthcare system. LeadingReach's platform allows easy and secure communication between healthcare providers, streamlining the referral process and improving patient outcomes.
- Axxess, a leading home healthcare technology company, has announced a new integration with Trella Health to help clients manage patient and referral source relationship data more efficiently. This partnership will allow hospice organizations to streamline referral management processes using insightful data. In addition, the integration with Trella Health will enable Axxess clients to access meaningful data, which will help them to make informed decisions about their patient care and referral sources.
Key Questions Answered in Patient Referral Management Software Market Report
- What are the factors projected to drive the market's growth, and what is the expected CAGR during the forecast period?
- Who are the leading companies in the market, and what competitive advantages have they developed to attain their influential positions?
- How do trends and patterns in the global market vary by region, and what impact are they likely to have on the market's future trajectory?
- What strategies have successful companies used to attain their leading market positions, and how have these strategies evolved?
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