REFERRAL MANAGEMENT MARKET TO REACH USD 5.3 BILLION BY 2027 | CAGR 9.1% – FORENCIS RESEARCH

Global Referral Management Market: Key Highlights

• According to the new market research report “Referral Management Market by Type (Self-Referral, Professional-Referral, Third Party-Referral), by Component (Software, Service), by Mode of Delivery (Web-Based Delivery Mode, Cloud-Based Delivery Mode, On-Premise Delivery Mode), by End User (Providers, Payers, Patients, Others) by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global referral management market is estimated to reach USD 5.3 Billion by 2027 at a CAGR of around 9.1% during the review period.
• Referral management is system tool for healthcare industry which can track their patients referral throughout the care continuum
• Improved streamline communication amongst primary care physician, specialist, and another health provider throughout patients care is the main objective of referral management
• Referral management helps to effectively manage the patients' revenue cycle and processing the claims effectively

Global Referral Management Market: Key Market Dynamics

• Increasing government initiative to incorporate IT solution in healthcare due to increasing need to access patients data and history for treatment has expected to drive the growth of product market
• Increasing adoption of cloud-based models in developing countries has posed a growth opportunity for the product market
• Increasing and widespread of cyber threats such as ransomware, malware, cloud threat, misleading website, and others may hamper the growth of referral management market  

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Global Referral Management Market: Regional Overview

• North America  

North America is anticipated to witness prominent growth in referral management market owing to technological advancement, increasing healthcare spending, the higher penetration rate of such healthcare practice, and well-established healthcare infrastructure. According to Centres for Medicare & Medicaid Services, in 2018 the U.S. healthcare spending grew by 4.6% reaching USD 3.6 trillion. Referral management helps to increase operational efficiency, referral completion, and improved patients satisfaction owing to which it is gaining popularity in the region.

• Asia Pacific

The Asia Pacific is anticipated to witness the highest growth in referral management market during the forecasted period due to improving healthcare access in developing countries to tackle rising disease prevalence. According to the World Health Organization, the noncommunicable diseases (NCDs) – mainly chronic respiratory diseases, cancer, diabetes, and cardiovascular diseases has accounted for 8.5 million deaths in the Asia Pacific in 2018. Thus, in order to track the rising number of diseases and provide patients with appropriate treatment will boost the demand for referral management.

Global Referral Management Market: Key Players Overview

• Forcura:

Forcura is a U.S. based company engaged in providing the solution to manage healthcare organizational information. The company operates through three business segments including workflow, care coordination. Forcura has partnered with leading HER and consulting groups to provide a total solution for home health and hospice market. In May 2019, the company launched digital forms, live video and new user experience to improve digital communication in referral management systems.

• McKesson Corporation:

McKesson Corporation is a U.S. based company is one of the global leaders in healthcare supply chain management solution, retail pharmacy, healthcare technology, and specialty care. The company has 4th largest pharmacy chain across the globe with more than 5,000 retail pharmaceuticals. The Company operates through business segments including U.S. Pharmaceutical, medical-surgical, specialty health solution, pharmacy system, high volume solution, RelayHealth, and RxCrossroads by McKesson.

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