Global Medical Referral Management Software Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Rapid innovation with the integration of AI-driven automation, enhancing efficiency and accuracy in the referral process

• Referral Management systems, inclusive of hospitals and clinics, are broadly used inside the healthcare sector to track patient referral information at some stage in their treatment period. This system focuses on enhancing communication among diverse healthcare providers involved in patient care. This system also aids in the management of the patient's revenue cycle and the efficient processing of claims.
• The patient referral software program combines structured and unstructured patient data and tracks patient referrals at some point in their treatment span. Healthcare experts frequently rent referral control systems to enhance communication among healthcare companies and patients. The referral management software additionally aids in keeping records of patient treatment. Moreover, the rise in the aging population coupled with a boom in the number of projects undertaken with the aid of government authorities to enhance the adoption of healthcare IT solutions is predicted to drive the market demand.
• In the initial levels, the COVID-19 pandemic affected clinical practices of all sizes due to the disruption of care provision to a high extent of patients. In many countries, the demand for particular diagnoses and treatments has increased with the growing COVID-19 patients. The growing need for virtual care has extended owing to the need for social distance among doctors and patients. It has reinforced the usage of telehealth and referral management tools and services.
• The huge patient volumes visiting healthcare facilities create massive pressure on healthcare providers. The rapid unfolding of this sickness has resulted in a shortage of healthcare employees, which has driven the demand for referral management solutions and services for ensuring cease-to-cease affected person care to make certain whole restoration. The crucial want for social distancing has expanded the demand for virtual care. Various players operating on this marketplace have added COVID-19-related functions into their present referral management solutions or advanced transient structures, which are being made to be free to users. The growing need to gain higher affected patient access and avoid loss of referrals will boost the referral management market growth.
• Several healthcare companies increasingly adopt referral management solutions to enhance their daily business. In addition, supportive projects from governments globally are expected to pressure the adoption of applicable IT solutions to improve the healthcare scenario.
• The growth within the market can be attributed to the growing demand for referral management software through hospitals and clinics across the globe. Additionally, the developing trend of third-party referrals is likewise contributing to the boom of this market. However, a lack of knowledge about referral management amongst healthcare organizations may restrain the growth of this market at some point in the forecast period.

Market Segmentations

• The Global Medical Referral Management Software Market is segmented based Type, Delivery Mode, Component, End User, and Geography.
• By Type, the market is classified into Inbound and Outbound.
• The inbound phase accounted for the largest sales proportion and is expected to expand at the fastest CAGR over the forecast period. In a single try, the inbound referrals are acquired from multiple sources, including fax, emails, phone, and walk-ins. The supporting analytical tools offer metrics of the patient’s ongoing method and historical data, which may be re-focused on including the patients, enhancing their satisfaction, and alluring new clients. The developing need for decreased referral processing time, improved communication amongst healthcare companies, and digitalization are expected to pressure the adoption of inbound referrals. Continuously bringing in new patients is important for increasing the sales of medical practices. Building a trustworthy referral network is a great strategy to attract new clients, similar to advertising and networking with insurance companies. Referral patients are happier and more profitable than ordinary patients. It implies that a referral application needs to be part of any medical practice's marketing plan. The most critical advantage of a medical doctor referral scheme is that it generates a steady flow of new patients.
• By Component, the market is classified into Services and Software.
• The software segment, which includes both integrated and standalone software, accounted for the largest share of the market. This segment is anticipated to grow at the highest CAGR in the upcoming years. One of the main drivers of this market's expansion is the rising use of integrated or standalone referral management software in various healthcare facilities for enhancing the effectiveness and caliber of systems for delivering medical care.
• By Delivery Mode, the market is classified into On-premises, Cloud-based, and Web-based.
• The web-based segment ruled the market with the highest revenue and is likely to grow at the fastest rate over the forecast period due to its flexible deployment and its capacity to reduce the costs related to IT infrastructure. The referral marketing software program uses smartphone applications and social conversation tools, which can be easily collaborated with the cloud system. In addition, the growing availability of cloud solutions will likely drive the cloud and web-based segment in the market.
• The cloud-based solutions provide on-demand self-serving insights, minimum premature capital investment for hardware, and outstanding capacity flexibility. This sector has witnessed rapid enlargement. A database in the cloud is an actual-time database that synchronizes data to each connected client. Using a cloud-based referral platform enables two-way communication among healthcare practitioners and the healthcare community.
• By End User, the market is classified into Providers and Payers
• The provider segment held the largest market share because of the growing burden of patient referrals. Healthcare providers attend to the bulk of patients as they offer the first point of consultation for a range of general and specialized health problems. Therefore, providers maintain a huge pool of patients with them for referring to different hospitals and segments.
• By Geography, the market is classified into the Americas, Europe, Middle-East & Africa, and Asia-Pacific.
• Americas dominated the market because of rising technological advancements in healthcare IT and the developing adoption of patient referral software systems. The COVID-19 pandemic has sparked improvements in cloud computing and patient monitoring. Due to the region's rapidly aging population base, rising demand for affordable healthcare, and rise in the prevalence of chronic diseases, Asia Pacific is predicted to grow at the fastest rate over the forecast period. The need for better patient management has also increased as a result of the pandemic. Government programs that encourage the use of healthcare IT are likely to fuel growth. The referral system will help raise patient expectations and develop the local healthcare IT infrastructure.

Recent Development

• AristaMD, a US-based company that provides e-consult, or online medical consultation and referral management services, acquired Preferral for an undisclosed sum. This acquisition will aid AristaMD in the development of new referral management technologies. It would also help to improve care and provide services at a lower cost. Preferral is a US-based company that creates software and referral management systems for referral analytics and online referral forms. - 2021
• ReferralMD announced the most recent version of its Customer Relationship Management (CRM) alternative for healthcare. ReferralMD's PRM/CRM solution helps marketing departments and referral organizers organize their insurance companies, document outreach activity, improve customer service, and continue driving increased referral volume. - 2022

Company Profiles

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Medical Referral Management Software Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Medical Referral Management Software Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• ● The report offers a comprehensive evaluation of the Global Medical Referral Management Software Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• ● The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• ● Excel data sheet for the market size will also be provided with the report.
• ● The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• ● The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
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Report Highlights:

• ● A complete analysis of the market, including the parent industry
• ● Important market dynamics and trends
• ● Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• ● Market segmentation
• ● Competitive Analysis: Comparative analysis of competitor
• ● Historical, current, and projected size of the market based on value and volume
• ● Market size of the US states
• ● Market shares and strategies of key players
• ● Recommendations to companies for strengthening their foothold in the market