Patient safety is a new health care discipline that highlights and
helps in prevention, reduction, analyzing and reporting of medical
errors that frequently leads to adverse health care events and risk
management. The risk management and patient safety team work closely
with clinical teams and other corporate areas in finding the risks,
acting as a resource and giving support on all aspects of risk
management. Since patient safety is new area for emphasis in health
care, awareness to reduce occurrence of medical errors is gaining
impetus. Quality up gradation in health care organizations are
emphasizing more on patient safety and risk management and finding
means to work efficiently and effectively and also to ensure that
they deliver fine-quality patient care.
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The patient safety and risk management software market is segmented
on the basis of its mode of delivery, by product type, by its
end-users and by geography. On the basis of mode of delivery the
patient safety and risk management software market is segmented into
cloud based software, on-premise and web based software. On the basis
of product type it is segmented as standalone software and integrated
software. By end users, it is segmented into hospitals, long term
care centers and health care firms.
Due to rise in need to follow regulatory guidelines, increasing need
to curb growing health care costs, frequencies of medical errors and
various government edges to encourage the use of health care IT
across has given a boost to the patient safety and risk management
software market. WHO and several governments globally are taking
initiatives in leading the patient safety campaigns so as to increase
awareness among the patient population. Also, several health care IT
companies have come up with innovative IT solutions that ensure
patient safety. But high implementation cost and lack of in house IT
domain knowledge and data security are some of the issues that are
restricting the growth of this market during the forecast period from
2016-2024. In addition, lack of skilled IT professionals in
hospitals, use of old technologies and poor regulatory standards are
also some the reasons that might hamper the growth of patient safety
and risk management software market.
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Geographically, patient safety and risk management software market is
segmented as North America, Europe, Asia Pacific, Latin America and
Middle East & Africa. North America and Europe dominates the
global patient safety and risk management in healthcare, followed by
Latin America, Asia-Pacific and Middle East & Africa. Developing
markets in Asia Pacific and Latin America are awakening to this
concept as one of the major focus areas. The necessity to improve
quality management and outcomes in care delivery environments, have
strengthened the health care providers to gauge and select more
sophisticated IT solutions in the region. Thus, owing to the above
mentioned factors the patient safety and risk management software
market is expected to grow in Asia Pacific and Latin American
region.
The major companies having presence in the global patient safety and
risk management software market are CareFusion Corporation, Datix
Limited, Health Catalyst, MetricStream, Inc., MRM Group LLC, RL
Solutions, Salus Global Corporation, Quintiles, Inc. and The Patient
Safety Company. To sustain in the market companies are spending more
on the software development and in creating a more sophisticated IT
health care. Some of the organizations are integrating their patient
safety, quality functions and risks into department or institute.
Some are taking advantages of using the legal protections allowed by
the Patient Safety and Quality Improvement Act and also from existing
state protections. These protections offer a structure to distinguish
between overlapping and common patient safety activities of quality
and risk which is carried within a legally safe environment.
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