The referral management is a system which allows the healthcare providers to track and organise the patient referrals during the treatment period. The primary objective of the referral management system is to improvise and have smooth communication among the physicians, surgeons, doctors and other healthcare professionals. Referral management platform ensures quick completion of services and facilitates efficient information sharing. The referral management system provides many advantages such as less lead time, good operational efficiency, low latency time, which enables monitoring of more number of patients. The global referral management market is expected to rise at a CAGR of 22% during the forecast period 2016-2023. Centralized referral management solutions are being extensively used in order to combat the challenges prevailing in the healthcare sector, such as limited revenue growth, inefficient transmission and admission process, patent acquisition issues etc. Centralized referral management provides many benefits such as broad referral networks, provides fast and smart method to grow top line revenue, well organized interaction with the community providers etc.
The key factor driving the growth of global referral management market is the deployment of automated referral processes. Automated referral management systems such as e-referral management and web based referral management system provides automatic notification to the doctors and physicians when any patient is admitted or discharged. Moreover, e-referral management system facilitates error-free transfer of information of the patient from primary to secondary client management system of the treating practitioner. It facilitates fast communication speed and removes the delays, thereby increases the response rate. , Automated referral management prevents the confidential patient information from getting leaked. Another key driving factor is the increasing geriatric population. Old aged people are prone to get affected by diseases. The global geriatric population is increasing at a very fast rate. As per, National Institute of Health (NIH), in 2015, it was recorded that 8.5 % of global population i.e. 617 million people are of age 65 and above. However, it is expected that the ageing population will reach approximately 1.6 billion by the end of 2050. According to world health organization (WHO), in 2015, 125 million people were found to be of age of 80 years and above. As per the Help age organization, more than 75% of the Indian population are aged between 80-84 years. Moreover, 20.8% of the population in India are of age between 85-90 years and approximately 3.8% of the population in India is found to be above the age of 90. Therefore, the increased deployment of automated referral management platforms and the rising number of geriatric population are the key factors driving the global referral management market.
Source: OBRC Analysis.
The report on global referral management market includes type, component, delivery mode and end users.
Types included in the global referral management market are:
- Self-referrals
- Professional referrals
- Third-party referrals
Components included in the global referral management market are:
- Software
- Services
Delivery modes included in the global referral management market are:
- Web-based
- Cloud-based
- On-premise
The end users of referral management include:
- Providers
- Payers
- Patients
- Others
The report scope is widely categorized on the basis of its type which includes self-referrals, professional referrals and third-party referrals.
The global referral management market report has been geographically segmented in:
- North America (U.S. & Canada)
- Asia Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of the World
North America is the leading market region for global referral management market in terms of market revenue share and had accounted for largest revenue in 2016. The key factor driving the growth of North American referral management market is the supportive government initiatives in order to encourage adoption of referral management services and solutions, directly and indirectly. Moreover, the constant requirement for the reduction of healthcare expenditure has led to increased adoption of referral management platforms in North America. However, Asia Pacific is expected to emerge as the fastest growing market region owing to the increased adoption of the Human-Computer Interaction Technology (HCIT) technology, availability of skilled IT professionals etc. Global referral management market report covers segmentation analysis of type, components, delivery modes and end users. Report further covers segments of type, which includes self-referrals, professional referrals and third-party referrals. The professional referral is the leading type segment due to its increased adoption in the small and medium enterprises. Report further covers segments of component which includes software and services. The software is the leading component segment as referral management software are being extensively used due to its advantages such as reduced referral leakage, enhanced completion rates etc. Report further covers segments of delivery modes, which includes web-based, cloud-based and on-premise. The cloud based delivery mode is the leading segment due to the increased adoption of cloud platforms and services in the organisations. Whereas, the end users of referral management includes providers, payers, patients etc
The major market players of the global referral management market are:
- ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.
- CERNER CORPORATION
- ECEPTIONIST INC.
- KYRUUS, INC.
- MCKESSON CORPORATION
- OTHERS
These companies are using various strategies such as merger & acquisition, collaboration, partnership and product launch. Product and service launches is the key strategy adopted by the companies in the referral management market.
For Example, In January 2015, Kyruus Inc. announced that Steward Health Care System had selected Kyruus to provide referral management services and improvise patient access.
In August 2017, Eceptionist announced that its products named Triage & E-Referral Manager and Telehealth Manager would be used by dermatologists in order to provide Teledermatology services.
The report covers detailed analysis of companies which comprises overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in referral management market.
Key reason to buy the report:
- The report includes market estimation, forecast and analysis for the year 2016-2023.
- Report includes detailed analysis of different segments such as type, component, delivery mode and end users of referral management.
- Identify and understand the strength, opportunities, challenges and threat of the referral management market.
- Covers detailed analysis of Porters 5 force model and other strategic models, it also covers revenues, market share analysis, and competitive landscape analysis of major players of referral management market.
- Detailed analysis of various regulatory policies that are affecting the global referral management market.
How we are different from others:
At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global referral management market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the referral management market, with giving extensive SCOT analysis of key companies.
Key findings of the global referral management market:
- The global referral management market is expected to rise at a CAGR of 22% during the forecast period 2016-2023.
- North America is the leading market region for global referral management market in terms of market revenue share and had accounted for largest revenue in 2016.
- The professional referral is the leading type segment due to its increased adoption in the small and medium enterprises.
- Product and service launch is the key strategy adopted by the companies in the referral management market.