COVID 19 Impact on Healthcare Market: Ken Research

Healthcare Market: The developing country like India has developed as a high prospective healthcare destination around the globe, owing to its large pool of well-trained medical professionals, remarkable cost advantages, and collaborative research & development environment. The healthcare industry constituting hospitals, pharmaceuticals, medical equipment and supplies, medical insurance and diagnostics has been examining significant growth rates over the decades.

Medical institutes such as hospitals and other health care centers are generating high revenue from the inpatient sector and outpatient sector. Whereas, in most of the hospitals, the share of inpatient and outpatient is usually in the proportion of 1:9, however, in terms of profit generation, the proportion is more weighted towards inpatients which on an average account for approximately 70-80% of the total turnover of a hospital in a year. Whereas, this share can differ relying on the various types of facilities offered and the ailment mix.

Ken Research Hospital Healthcare Market Analysis involves complete coverage which elaborates on the technological advancements and development in the technologies, increasing number of beds, number of patients, availability of specialized hospitals and other health care centers, government healthcare reforms, upcoming projects on global and country basis and more. In addition, the healthcare market is growing rapidly with the more revenue generation and the financial support of the new entrants in the advancement of the technology furthermore, the more advancement in the specifications of the specialized hospitals.

Changing the environment and developments in the hospital industry globally is largely determined by the framework developments and increasing need for inpatient and outpatient facilities. This industry moves over a country’s budgetary stability bearing heavy hospital expenditures which are born mainly by the insurance companies. The increasing occurrence of chronic illness requires specialized medical practices, more developed surgical technologies and services, and other health care facilities that have been enabling a pathway for new entrants and investors in the hospital industry. Hospital category advantage of inpatient and outpatient facilities, operating room services, pharmacy services, and more.

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Covid 19 Impact on Healthcare Industry

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Increasing Demand of Cloud Computing In Health Care Industry Market Outlook: Ken Research

Healthcare industry is prevailing with the efficient development in the technology of treatment and this technological change, totally enhanced the culture of treatment. Moreover, significant development in the technology and present scenario signify the high growth in this industry. No doubt, the healthcare industry is a multi-billion dollar industry whose outlook is supposed to rise in the forecast period with the significant innovation in the technology. This industry is not only associated with the technology of treatment but it also has those technology which can ensure huge data of patients and other important information related to doctors, about the treatment procedure and all. According to the report analysis, ‘Market Research Reports For Health Care’ suggests that healthcare industry has been moved to digital platform today where it collects plenty of data. Whereas, many companies offering the cloud computing services that mainly focused on healthcare data to transform it into meaningful information.

With the technology of cloud computing technology the healthcare centers are make it possible to share large data files with the convenience that not only store or saves healthcare data or cost respectively but boosts efficiency too. In addition, the cloud computing is changing the way of doctors, clinics, hospitals deliver quality, nurses and cost-effective services to their patients. The cloud computing technology improved patient care services as different health services are moved from a physical environment to a digital environment. Users can share, store, and view their records in the cloud whereas, the doctors can process and hide them remotely as well. Moreover, the Amazon’s Web Services (AWS) are currently in the process of analyzing genomic data, which can majorly help medical practitioners take a deep dive into the causes of ovarian cancer and breast cancer. It also allows safe exchange to make between two parties and also transform data into meaningful information to make valuable decision in future. According to the report analysis, ‘Health Care Market Research Reports’ states that the cloud computing technology has become a vital tool in the healthcare field for better collaboration and allows everyone easy storage and remote access of healthcare data to professionals. In addition, cloud computing also performs vital functions in patients billing and reduces capital expenditure which is linked with the conventional mode of billing and others.

The market of healthcare in North America is expected to dominate the handsome amount of share in the recent trends whereas, the Asia Pacific region is doing more innovations in the cloud computing technology and lead to significant growth in the forecasted period. Europe and other regions are also welcoming the new investors which are making the market more competitive and support the market financially in an efficient manner. The other regions are also evaluating the applications and cloud computing and make it ensure in the process of storage of data and sharing with the trustworthy people.

Carestream Corporation, Dell Inc., DICOM Grid Inc., Athenahealth, Cerner Corporation, ClearData Networks Inc., Siemens Healthineers, NTT DATA Corporation, Epic System Corporation are the major key players across the globe who are currently functioning in the global healthcare cloud computing market whereas, Dell Inc. is the leading player who are currently dominating the major portion of share in the market. Moreover, Sectra AB and Merge Healthcare Inc. are also expected to acquire handsome amount of share in the market in the coming years.

With the more innovations in the applications of cloud computing technology the market of health care is going to grow rapidly. Moreover, the US is making development in the technology and changing the trend of healthcare industry. Therefore, the industry of health care is going to increase globally over the decades.

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Focus Towards Medical Tourism In Health Care Industry Market Outlook-Ken Research

The present scenario and significant development in the healthcare industry forecast that this industry will never suffer with the dull days. With this positive point, healthcare is among the most lucrative jobs options. Not only has this, with the increase in the growth of healthcare industry more developments are done in this field which make the treatment of affected person more effective and smooth. Asia-Pacific region is the fastest-growing region in the global medtech market. Whereas, most of the association of Southeast Asian nations countries, medical tourism represents a third or more of private hospital revenue. According to the report analysis, ‘Healthcare Industry Research Report’ suggests that in the coming years the medical tourism is going increase rapidly in the coming years with more development in the economy.

In the recent few years, 120+ million medical tourists traveled abroad to entreat health care services. Moreover, in the forecasted period this number will grow significantly with the more development in the vaccination of patients. If we talk related to the revenue of worldwide tourism then it will generate billion tons of revenue in the recent few years and expected to grow more in the forecasted period in an efficient manner. In the Asia Pacific region foreign patients are the major revenue generator for private hospitals in this region. In India, Medical Tourism accounts for handsome percent of revenue and in South Korea and other regions accounts less percent of revenue as compared to India. In the recent few years, millions of patients treated in Asia-Pacific region and generated billion euros in revenue therefore the medical tourism sector is growing in the Asia Pacific region which further lead to significant growth in the healthcare industry. However, the Southeast Asian Healthcare market is expanding faster than in other region whereas; it is especially driven by the private sector and, notable, medical tourism. Therefore, this sector will grow extensively with more development in the technology and development in the economy. According to the report analysis, ‘Health Care Industry Research and Market Reports’ suggests that the Asia-Pacific region is dominating the huge share in the healthcare industry followed by South Korea, Taiwan, Philippines and others.

Due to the extensive competition in the healthcare industry, the private sector in the Asia-Pacific region are upgrading their technology regularly and recruiting more experienced doctors for doing successful treatment. Moreover, with the more development in the technology, in the recent trend this sector has started attracting more international hospital investors and groups for entreating the market. Key players such as Mayo Clinic, John Hopkins Singapore and Anadolo Medical center and others are teaming up with other multinational players and seeking to develop countries medical tourism. Moreover, the increasing number of private hospitals and investors ensuring global health care services create extensive competition between the countries and key players of the health care industry. Moreover, the growth of this industry is also depend on the how government and private sector can work together and creates a productive medical tourism ecosystem.

Increase in the disposable income of the patient seeks high-quality care in high-standard settings, which can offer medical tourism destinations. The people who are insured their healthcare insures motivate patients to seek more cost-effective medical provision outside their home countries. Additionally, private hospitals chains and investors perceive medical tourism in Asia-Pacific as attractive business opportunities and invest in staff and services.

With the more development and extensive interference of government promoting medical tourism in their countries and many nations in the Asia-Pacific region regarding medical tourism as a resource for economic development. Therefore, it is expected that the health care industry will grow in the coming years over the decades with the increase in the tourism and wealth of the patients.

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Transforming Patient Access Solutions Market Outlook-Ken Research

The term ‘Patient Access’ is broadly used to define as barriers to healthcare as lack of insurance coverage. High deductable health plans and financial limitations. However, these are traditionally termed as front end operations of revenue cycle. Patient access begins with the first point of contact that begins with initial encounter where the staff confirms patient identity, verify insurance coverage provide estimates of ordered services and more. Healthcare industry is currently focusing on streamlining and improving the performance of patient access as accuracy on the front end has proven to reduce bad debts and denials after the patient is either in process or completed the treatment. Technology is a key factor that allows visibility into insurance benefits and other essential sources of information. Patient access solutions comprise web based platforms that deals with electronic medical verification and claims processing system. This system allows the healthcare providers to manage their patient information, access the information in-house/remotely. This service expands beyond traditional healthcare to home, dental, veterinary and chiropractic industries. HealthCare Industry Research Report reveals that the global patient access solutions market is expected to grow at a CAGR of 7.7% for the period 2018-2022 and reaching approximately USD 2 Billion by the period end.

As patients engage first with the healthcare system, easy access to all the key information is what he or she looks forwards to. With introduction of healthcare reforms, rising patient bad debt, patient access has become the first line of defense to proactively provide patient access solutions and reach a healthcare bottom line. Health Care Industry Analysis suggests that the Patient Access staff is responsible for 80 cents of every dollar coming into a hospital facility. The features and advantages to these solutions are innumerable. Appointments can be scheduled into a single interface to improve workflows and enable patient workflows. Patient access solutions allow patients to fill open appointment slots by enabling patients to easily search for opportunities and to self schedule. These solutions allow healthcare providers to move payment cycle to the front of the revenue cycle. It allows patient to determine out of pocket expenses by comparing cash prices with real time specific member eligibility and other information. The goal is to holistically integrate patient access within the revenue cycle for optimal performance and better servicing the needs of the client. This includes human resources, education as well as integration of scheduling within the billing cycle to create personalized care for patients.

The patient access solution market is dominant in the developed countries with high disposable income and technological access. This industry has its roots in the US. Prominent players in the patient access solutions market are The Advisory Board Company (US), McKesson (US), Epic Systems (US), Cerner (US), Cognizant (US), Experian plc (Ireland), Optum, Inc. (US), Conifer (US), Craneware, Inc. (UK), The 3M Company (US), The SSI Group, LLC (US), ZirMed, Inc. (US), Cirius Group, Inc. (US), and AccuReg Software (US). These services are not yet provided actively in India but with recent technological upsurge, this might set its foot in the country in the near future.

As technology further expands to the other developing nations, this market shall see an overall increasing growth rate, globally. The goal of Patient Access is to educate and support individuals – patients, staff and providers – on their journey to deliver comprehensive, quality health care services. Accessing quality care can yield many benefits, including improved physical, social and mental health status through prevention of disease and disability, detection and treatment of health conditions, higher quality of life, preventable death and longer life expectancy.

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Ankur Gupta, Head Marketing & Communications

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+91-9015378249