Growing burden to minimize the healthcare cost will drive patient flow management market. For instance, there is an increasing burden of rising healthcare costs on providers with the new regulations like Medicare moving to the value-based system through its Medicare Shared Savings Program (MSSP) and through Value-Based Purchasing (VBP) schemes. Hospitals are striving to reduce costs and improve the efficiency of care. Other factors which are driving the Patient Flow Management Solutions Market growth are high ROI, an impetus to install patient flow management solutions, and shortage of nursing staff & doctors will increase the need for solutions. However, the security of data storage from unauthorized access to health records is of primary concern and lack of skilled IT professionals is also restraining the market growth.
Key Market Trends
Integrated Patient Flow Management Solution holds largest share
The integrated patient flow management solution helps hospitals to plan and take actions according to the ever-changing hospital situation. It provides complete control over the patient flow from arrival to discharge. With real-time data, hospitals can optimize staff better and utilize resources to make the best decisions. It also promotes better communication within each department, by centralizing real-time patient, ward, and interdepartmental information. It increases patient focus and allows hospital staff to communicate accurately with patients and their relatives. In emergency departments, patient flow management solutions provide the staff with the data on complete inbound and outbound patient flows, undergoing surgeries, and other resources, such as beds, staffing, and current capacity. This increases the department efficiency, and results in higher department utilization rate, while also saving the working hours of the staff. The integrated patient flow management solution provides the highest level of transparency, coordination, and accountability for departments, and helps healthcare facilities to take timely actions.
North America dominates the Patient Flow Management Solutions market
In North America, hospitals are facing financial challenges with shrinking margins of occupied beds. Hospitals need to increase their capacity by improving the patient movement from admission to earlier discharge. Hospitals that use patient flow management solutions were able to improve their quality of care by tracking the patient flow from admission to discharge, and thereby, reducing wait time wastage. At every point of care, hospitals can reduce wait time and ensure optimal patient-to-staff ratios. As per the GE healthcare estimated data, Americans waste about 1.1 million hours in emergency departments, every year. Real-time location systems (RTLS) are used to review the process and optimize workflows. These systems use tags, which are deployed to each person or item. They are then tracked in real-time, with the help of sensors and transceivers installed throughout the hospital.
Major market players in the patient flow management solutions market are actively participating in the development of new platform for the patient records. Key developments in the market are Jan 2018: McKesson Corporation completed the previously announced acquisition of Medical Specialties Distributors.
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