Dublin, May 02, 2023 (GLOBE NEWSWIRE) — The “Global Healthcare Compliance Software Market Size, Share & Industry Trends Analysis Report by End-use, Product Type, Category, Regional Outlook and Forecast, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Healthcare Compliance Software Market size is expected to reach $5 billion by 2028, rising at a market growth of 10.5% CAGR during the forecast period.
Key Market Players
Atlantic. Net, Inc.
Healthicity, LLC (SixSails)
Beacon Healthcare Systems, Inc.
Complinity Technologies Pvt. Ltd.
Sprinto Technology Private Limited
Panacea Healthcare Solutions, Inc. (Besler & Co., Inc.)
Smartgate Solutions Ltd. (Radar Healthcare)
Healthcare organizations and doctors can monitor, review, and manage compliance and risk with healthcare compliance software. The healthcare compliance software supports the Occupational Safety and Health Administration (OSHA), HIPAA regulations, and human resource compliance. The program organizes, tracks, and shares compliance using a single dashboard.
Some key features offered by the platform include document management, online document distribution & attestation, an anonymous hotline, URL reporting, incident reporting, and real-time updates.
It also includes weekly email reports, database checks of the LEIE (List of Excluded Individuals/ Entities), and reminders. With logs, data, and time stamps to support audit processes, the healthcare compliance software aids in maintaining crucial data.
Also, the software automatically updates a collection of online sample documents. Software for managing compliance in the healthcare industry accelerates compliance-related tasks such as risk assessment, medical billing, testing, coding, and control evaluation.
The demand for these software solutions is predicted to increase due to the transition from manual healthcare compliance methods to automated compliance software and the advantages associated with healthcare compliance software.
With manual processes, mistakes by humans are unavoidable. As a result, businesses are turning to automated software to reduce the number of legal and regulatory infractions in the healthcare sector. Firms are moving toward automating HIPAA compliance to further prevent data breaches and identity theft in the healthcare sector.
COVID-19 Impact Analysis
The COVID-19 outbreak has caused a sharp increase in the demand for healthcare-related software. The adoption of health information exchange during the pandemic is being driven by a number of factors, such as a greater emphasis on the use of healthcare I.T. infrastructure for usability, data transfer, and cost reduction. The need for EMR and EHR platforms for managing complex medical data has increased along with the patient load, driving market expansion throughout the pandemic. After the pandemic, the market growth is anticipated to be fueled by the demand for and advancements in healthcare-based software, such as healthcare compliance.
Market Growth Factors
Growing trend of automation in healthcare
Automation, supported by information technology and control systems, reduces personal effort in several processes. To improve job productivity and streamline numerous tasks, well-known vendors invest in healthcare automation.
Automation is considered a crucial aspect of shortening lab process cycle times, improving the quality of experimental data, and boosting overall productivity in healthcare facilities. With the growing automation of the healthcare sector, the adoption of healthcare compliance software is estimated to rise.
Growing need of healthcare compliance
Non-compliance has severe repercussions in the healthcare industry and may result in legal action. Non-compliance poses a risk to patient safety or privacy. Hence the repercussions are severe. If a healthcare organization is non-compliant, it will risk penalties, legal charges, and a tarnished reputation.
People prefer high-quality care; if they seek a new healthcare provider, they are much more likely to choose one who hasn’t been engaged in a lawsuit or complaint. Thus, the need for healthcare compliance is rising. This is further predicted to support the expansion of the healthcare compliance software market.
Market Restraining Factors
Significant obstacles in digitalization of healthcare sector
The introduction and rapid growth of the BYOD (Bring Your Own Device) trend is causing one of the greatest difficulties. Because smartphones and other devices offer enhanced functionality & operability, healthcare organizations are gradually adopting BYOD. This has resulted in an improvement in the efficiency of healthcare institutions. However, until now, these portable devices’ vast array of services is not without risk.
For example, a lack of experience or incapacity to adapt to different duties might risk a system and expose it to the possibility of theft and duplication. Owing to this, the digitalization of healthcare may be slowed down, thereby impeding market growth.
Scope of the Study
By Product Type
Policy & Procedure Management
Medical Billing & Coding
License, Certificate, & Contract Tracking
Training Management & Tracking
For more information about this report visit https://www.researchandmarkets.com/r/ryvbgt
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