About Referral Management Software
Referral management software is used in the healthcare sector by the healthcare providers and physicians in hospitals and clinics as it helps reduce and manage operational expenses, streamline administrative tasks, and improve the overall quality of treatment and care of the patients. It also enables efficient management of patient revenue cycle and claims processing. Referral management software is used to monitor, direct, or control patient referrals.
Technavio’s analysts forecast the global referral management software market to grow at a CAGR of 21.65% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global referral management software market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of referral management software licenses, maintenance and support, installation, customization, and training.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Referral Management Software Market 2017-2021
Technavio recognizes the following companies as the key players in the global referral management software market: Cerner, Eceptionist, eHealth Technologies, The Advisory Board Company, and Persistent Systems.
Other Prominent Vendors in the market are: Axixe, AxSys Technology, Brightree, Clarity Health, Conifer Health Solutions, Docman, Etransmedia Technology, InnovAccer, InteliChart, KYRUUS, Medicalis, MyHealthDirect, Napier Healthcare, Patient Placement Systems, Streamlined Medical Solutions, TELUS, Treatspace, and Vantage Referral Management.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is integration of analytics into healthcare services. The healthcare service providers need extensive referral management solutions to align the cost of care to the high-quality patient outcome. The healthcare billing service companies play an important role in the healthcare sector, but these companies struggle to provide services in accordance with the ever-changing government regulations, which make medical billing more complex.”
According to the report, one driver in the market is increased adoption of cloud-based referral management software. Cloud systems allow companies to use the software on a pay-per-use basis, which makes it cost-effective. Factors that drive the adoption of cloud-based referral management software are limited requirements for hardware infrastructure, easier and faster implementation of IT solutions, low maintenance costs, less dependency on in-house IT personnel, and no licensing costs. These factors enable organizations to focus on developing their core competencies.
Further, the report states that one challenge in the market is high implementation and maintenance cost. The high cost of deploying the on-premises referral management software is one of the major challenges in the market for small healthcare organizations. The price of referral management software includes the cost of software licensing, system design and customization, implementation, training, and maintenance. The implementation of the software in an organization requires IT staff with the relevant skill set.
Cerner, Eceptionist, eHealth Technologies, The Advisory Board Company, and Persistent Systems.Axixe, AxSys Technology, Brightree, Clarity Health, Conifer Health Solutions, Docman, Etransmedia Technology, InnovAccer, InteliChart, KYRUUS, Medicalis, MyHealthDirect, Napier Healthcare, Patient Placement Systems, Streamlined Medical Solutions, TELUS, Treatspace, and Vantage Referral Management.
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