PUBLISHER: The Business Research Company | PRODUCT CODE: 1499896
PUBLISHER: The Business Research Company | PRODUCT CODE: 1499896
A patient referral tracking system is a software solution that manages and oversees the patient referral process within a healthcare organization or network. It streamlines the referral process, facilitating the transfer of patients from one healthcare provider to another, such as from a primary care physician to a specialist or from a clinic to a hospital.
The primary types of patient referral tracking systems include inbound and outbound systems. Inbound systems manage the receipt and documentation of referral information from external sources, such as healthcare providers or specialists, enabling efficient management of patient referrals within the system. These systems can be deployed in various modes, including cloud-based and on-premise solutions, and are utilized by healthcare providers, healthcare payers, patients, and other stakeholders within the healthcare ecosystem.
The patient referral tracking system market research report is one of a series of new reports from The Business Research Company that provides patient referral tracking system market statistics, including patient referral tracking system industry global market size, regional shares, competitors with a patient referral tracking system market share, detailed patient referral tracking system market segments, market trends and opportunities, and any further data you may need to thrive in the patient referral tracking system industry. This patient referral tracking system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The patient referral tracking system market size has grown rapidly in recent years. It will grow from $7.39 billion in 2023 to $8.58 billion in 2024 at a compound annual growth rate (CAGR) of 16.1%. The expansion observed during the historical period can be credited to the modernization of naval fleets, escalating geopolitical tensions, a focus on enhancing capabilities for underwater warfare, the development of unmanned systems, and collaborative initiatives in defense.
The patient referral tracking system market size is expected to see rapid growth in the next few years. It will grow to $15.7 billion in 2028 at a compound annual growth rate (CAGR) of 16.3%. The projected expansion in the upcoming period is anticipated due to heightened defense budgets, greater investments in maritime surveillance capacities, augmented government funding, the global surge in submarine proliferation, and mounting risks to submarine operations. Key trends expected in the forecast period encompass the wider adoption of AI-driven referral optimization, the growth of virtual care platforms, a stronger focus on patient engagement and communication, integration with population health management strategies, and advancements in data analytics and reporting capabilities.
The anticipated surge in electronic health record (EHR) adoption is set to drive growth in the patient referral tracking system market. EHRs, digital archives of patients' medical histories, are gaining popularity due to their efficacy in enhancing healthcare efficiency, patient safety, and care coordination. These records play a pivotal role in patient referral tracking systems by enabling seamless communication and coordination among healthcare providers, documenting referral details, monitoring patient progress, and ensuring continuity of care. For instance, as of 2021, HealthIT.gov reported that nearly all non-federal acute care hospitals (96%) and about four in five office-based physicians (78%) in the United States had adopted certified EHRs, compared to 72% in 2019. This uptrend in EHR adoption is directly propelling the expansion of the patient referral tracking system market.
Key players in the patient referral tracking systems market are developing centralized referral management solutions like enterprise referral managers to enhance efficiency and coordination in healthcare environments. An enterprise referral manager is specialized software that offers various benefits to healthcare organizations, including reduced referral leakage, shorter lead times, automated reminders, secure patient data exchange, and more. For instance, in October 2023, WellSky, a US-based tech company, introduced the WellSky enterprise referral manager, designed to optimize referral, intake, and customer relationship management processes for home health, hospice, and other home-based care providers. This solution is poised to boost staff efficiency, broaden referral sources, and expedite patient care initiation, boasting features like digital integration with multiple EHR systems, CRM capabilities for marketing liaisons, and smooth care setting transitions.
In January 2022, AristaMD Inc., a US-based healthcare firm, acquired Preferral for an undisclosed sum. This strategic move expanded AristaMD's capabilities to offer a comprehensive solution for managing patient referrals, integrating Preferral's platform with its eConsult solutions to streamline the referral process, improve patient access to specialty care, and ultimately enhance patient outcomes. Preferral, a US-based referral management firm, specializes in assisting primary care practices with online management, customization, and analysis of patient referrals.
Major companies operating in the patient referral tracking systems market are UnitedHealth Group Incorporated, McKesson Corporation, International Business Machines Corporation, Oracle Corporation, Medtronic plc, GE Healthcare, Cerner Corporation, Epic Systems Corporation, Athenahealth Inc., eClinicalWorks LLC, Persistent Systems Limited, Allscripts Healthcare Solutions Inc., NextGen Healthcare Inc., Netsmart Technologies Inc., Greenway Health LLC, Surescripts LLC, CareCloud Corporation, Kareo Inc., PracticeSuite LLC, Practice Fusion Inc., AdvancedMD Inc., Insync Healthcare Solutions, eHealth Technologies Inc., Blockitnow Inc., Eceptionist Inc.
North America was the largest region in the patient referral tracking systems market in 2023. The regions covered in the patient referral tracking systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the patient referral tracking systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The patient referral tracking system market consists of revenues earned by entities by providing services such as custom development services, integration services, security services, and database management services. The market value includes the value of related goods sold by the service provider or included within the service offering. The patient referral tracking systems market also includes sales of servers, networking equipment, workstations, and security devices that are used in providing the services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Patient Referral Tracking Systems Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on patient referral tracking systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for patient referral tracking systems? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The patient referral tracking systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.