2024 Patient Referral Tracking Systems Market Report : Market Size, Growth Drivers, And Key Trends

"The Business Research Company recently released a comprehensive report on the Global Patient Referral Tracking Systems Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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 growth in the historic period can be attributed to fleet modernization in the navy, growing tensions in geopolitics, an emphasis on preparing for underwater warfare, the creation of unmanned systems, and cooperative defense projects.

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 growth in the forecast period can be attributed to rising defense budgets, increasing investments in maritime surveillance capabilities, an increase in government funding, the increasing proliferation of submarines worldwide, and increasing risks to submarines. Major trends in the forecast period include increasing adoption of AI-driven referral optimization, the expansion of virtual care platforms, an emphasis on patient engagement and communication, integration with population health management strategies, and enhanced data analytics and reporting capabilities.

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Market Drivers and Trends:

The increasing adoption of electronic health records is expected to propel the growth of the patient referral tracking system market going forward. An electronic health record (EHR) is a digital version of a patient's medical history containing comprehensive health information that healthcare providers can access and share securely. The adoption of electronic health records is increasing due to the growing recognition of their benefits in improving healthcare efficiency, patient safety, and care coordination. Electronic health records are used in patient referral tracking systems to facilitate seamless communication and coordination between healthcare providers by documenting referral information, tracking patient progress, and ensuring continuity of care. For instance, in 2021, according to HealthIT.gov, a US-based official website for health information technology, a certified EHR was adopted by virtually all non-federal acute care hospitals (96%) and nearly 4 in 5 office-based physicians (78%) in the United States, compared to 72% in 2019. Therefore, the increasing adoption of electronic health records is driving the growth of the patient referral tracking system market.

Major companies operating in the patient referral tracking systems market are developing centralized referral management solutions such as enterprise referral managers, to improve efficiency and coordination in healthcare settings. Enterprise referral manager is a referral management software that provides various benefits to healthcare organizations, including reduced referral leakage, decreased lead times, automatic reminders, secure patient information exchange, and others. For instance, in October 2023, WellSky, a US-based technology company, launched the WellSky enterprise referral manager. This purpose-built software solution aims to revolutionize referral, intake, and customer relationship management processes for home health, hospice, and other home-based care agencies. The solution promises to enhance staff efficiency, expand referral sources, and accelerate the start of care for patients. Its features include digital connectivity to multiple electronic health record systems, CRM capabilities for marketing liaisons, and seamless transitions between care settings.

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Major Key Players of the Market:

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.

Patient Referral Tracking Systems Market 2024 Key Insights:

• 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%.
• Electronic Health Record Adoption Fueling Growth In Patient Referral Tracking Systems Market
• Centralized Referral Management Solutions Revolutionizing Home-Based Care
• North America was the largest region in the patient referral tracking systems market in 2023

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