Overview: What is SaaS healthcare?
Undeniably, healthcare is a vital sector, and the pandemic has only highlighted its important role further. With new technologies rolling out regularly, the future of the healthcare industry is anticipated to be bright. Technology equips healthcare facilities not only to raise efficiency levels but also to improve their care processes.
On-site solutions that healthcare facilities once used are now considered obsolete, replaced by cloud-based SaaS platforms. The increasing growth of SaaS benefits the medical sector in several ways.
But what is SaaS healthcare?
In simple words, it is software designed for the healthcare sector that is licensed on a subscription basis. When it was first introduced, it was known as software plus service, and despite the innovation, it brought to the healthcare sector, it was initially met with backlash.
Today, several medical facilities are benefitting from this healthcare software. This includes clinical decision support systems and EHRs, which are now considered a highly trustworthy method of improving healthcare across organizations.
Most hospitals are now employing SaaS in every department to facilitate seamless operations in their healthcare services.
Which healthcare SaaS companies are public?
The healthcare SaaS solutions operated by third-party vendors are designed to streamline workflow and raise revenues. In addition to this, compliance with HIPAA allows healthcare facilities to obtain invaluable medical data.
The low cost of SaaS solutions and the benefits of scalability are factors that contribute to the popularity of SaaS. Here are some of the best healthcare SaaS companies that are public:
Allscripts is one of the top solutions widely adopted by several healthcare facilities worldwide. It offers several healthcare-related services to its clients, including EMRs, patient engagement, population health management, financial management, operational management, and much more.
EMRs are a necessity of every healthcare facility, no matter what scale they are operating at. Allscripts has designed its EMR solutions to support medical facilities of every size, from small independent practices to large-scale health systems.
Explicitly designed for clinics, Cerner provides several patient-focused solutions that equip facilities to raise the standards of care. The cloud-based platform enables businesses to access crucial medical information, providing analytics at the enterprise level leading to more efficient employment of EHRs across every department at the clinic.
Tailored to meet the requirements of every individual healthcare facility, Cerner focuses on several aspects of the healthcare industry such as Patient engagement, pharmacy, laboratory, ambulatory, data analytics, and even medical research.
Athenahealth offers numerous cloud-based solutions to healthcare facilities focusing primarily on EHRs, Revenue cycles, telehealth, patient engagement, and population management. Through their advanced EHR solutions, clinics can access vital patient information, which enables them to make more accurate diagnoses, and order lab tests and scans simply with the click of a button.
The advanced medical facilities, including revenue cycle solutions, are designed to increase efficiency throughout organizations and raise revenues.
Greenway Medical is one of the best SaaS Healthcare Companies that is available for public trading. The cloud-based SaaS solution focuses primarily on EHRs, enabling businesses to put patient care first while leading to financial success at the same time.
Plus, it helps lead healthcare organizations towards optimal revenue performance through their Revenue Cycle Management solutions. It allows organizations to control their finances fully and medical billing. Full assistance is offered to clinics, helping them manage their finances which gives them more time to focus on patients while the essential financial areas are taken care of.
What is the SaaS healthcare companies’ growth level?
The IT industry has grown remarkably quickly over the past decade, particularly SaaS solutions. When SaaS solutions first made their way into the world of healthcare, they were met with criticism from many.
But over the past decade, they have been widely adopted by several healthcare providers because of the countless benefits they bring. Although several industries have faced obstacles since the beginning of the pandemic, cloud-based industries experienced a higher growth rate.
Since the 2011 to 2012 period, the rate of SaaS in healthcare has increased by 20% every year. By 2024, SaaS solutions are anticipated to reach approximately $51.9 billion. SaaS solutions continue to dominate the healthcare industry and are predicted to experience a consistent growth rate in the healthcare industry.
The growth rate of a medical software company is defined by the stage of development of the company. The revenue generated by SaaS solutions increases from a minimum of 15% to 45% each year. Until a company matures, the age of the company and its growth rates are inversely correlated. As for the mature companies, the increase goes up to 20% every year. The secret behind high growth rates is customer engagement.
What are SaaS healthcare companies’ market size and market share?
The pandemic has led to the growing realization of the importance of cloud-based solutions for the healthcare industry. Since SaaS solutions such as EHRs are needed to fight against the pandemic, this has led to increased development and adoption of cloud-based solutions in the healthcare industry.
Most organizations use Electronic Health Record systems to develop programs to tackle the virus, thanks to the advanced capabilities that enable companies to gather detailed health-related data.
In 2020, the USA’s market for healthcare computing was valued at US$16.9 Billion. This is about 50.9% of the global market.
What is the revenue of SaaS healthcare companies?
Managed by external service providers, healthcare SaaS technologies serve as the best examples of excellent customer service in healthcare because of how they improve the healthcare industry’s accuracy, safety, and efficiency. In 2020, the value of cloud computing solutions for healthcare was approximated to be USD 23,749 million, and by 2026, it is predicted to top USD 52,303.35 million in 2026.
The rise in the number of organizations adopting cloud-based solutions and the increased access to advanced technology are the two main catalysts that lead to increased growth and elevated revenues.
SaaS healthcare information technology companies growth stage
Ever since the pandemic, the world has experienced an economic recession, with several industries being adversely affected and facing a decline in revenues and growth rates. But that has not been the case with the cloud computing industry, which has become a dominant part of the IT industry. The pandemic has resulted in an increased understanding of the capabilities of cloud technologies.
The global market for SaaS was valued at US$11.9 Billion in 2020 and is predicted to grow at a rate of 20.5%, reaching US$37.3 Billion by 2026. USA is the world’s largest SaaS market, while China boasts the fastest growth rate.
How to choose a healthcare SaaS company for your business
Running a healthcare organization is expensive, not just in terms of monetary value, but also because the organizations are accountable for the welfare of both their employees and their patients. These organizations must adopt every method that streamlines their workflow and increases customer satisfaction because this will raise revenues and lead them to success.
When it comes to adopting solutions to boost efficiency, most healthcare providers opt for SaaS solutions. Although SaaS solutions are cost-effective and scalable, selecting the right healthcare SaaS company for your business is not easy.
Here are some features to consider before selecting a cloud-based solution for your institution:
Usability and Ease:
Each user has different requirements, and not every solution can provide what you’re looking for. Every vendor will claim ease of use, but it is ideal to ask for a free trial or a demo to choose from the host of SaaS solutions. This allows you to gauge which cloud-based solution is optimal for your facility and caters to your unique requirements.
Your employees must get a chance to put the solution to use, so they can get accustomed to its interface.
Every facility operates in unique ways, and not every healthcare organization has the same requirements. This means, taking into account the specific kind of practice of individual healthcare providers is essential for selecting a SaaS company.
There is a vast number of solutions available in the SaaS market, designed for specific practices. Since specialty-specific solutions have been designed for particular practices, they are bound to perform optimally compared to general solutions. It all comes down to which solution offers the features that you are in search of.
The best SaaS healthcare companies boast appointment scheduling capabilities that allow scheduling appointments and stay updated with the number of appointments made by each patient and other appointment-related data. This increases patient engagement, which is a result of increased patient satisfaction. The intuitive patient portal further contributes to elevated patient contentment. This translates to raised revenues for facilities.
HIPAA Compliance and Protection:
Every healthcare solution must comply with HIPAA. Healthcare providers looking for a reliable vendor must request necessary certifications and ensure that their chosen service is HIPAA-compliant. Since several healthcare solutions involve the sharing and receiving of patient information, security measures are necessary to protect the patients. This is where Health Level 7 (HL7) steps in.
Top healthcare SaaS companies
Today, the top healthcare SaaS companies offer scalable solutions to healthcare facilities. Healthcare administration has now changed its shape completely, thanks to innovation and new cloud-based technological solutions rolling out regularly. Here are some of the best healthcare SaaS companies that you need to consider when on the lookout for the best solutions for your organization:
Cerner specializes in IT solutions for healthcare facilities, offering many advanced features and capabilities that organizations can benefit from. This includes data analytics, device connectivity, patient engagement, performance improvement, and much more. The enterprise-level analytics offered by Cerner enable providers to improve the utilization of EHRs across their organization, leading to improved performance. Through the integration of devices, practitioners can stay connected and acquire crucial medical information when required, regardless of where they are.
Thanks to the platform’s revenue cycle management, managing finances is much more simplified than before.
Medtronic aims to minimize wastage of resources, seize every financial opportunity, and raise efficiency levels of healthcare providers. Medtronic offers advanced solutions, considering the specific requirements of each healthcare provider. By streamlining operations and improving patient care, the platform helps organizations stay ahead of the competition. Their main aim is to improve and facilitate seamless operations in healthcare facilities.
By eliminating supply chain waste, optimizing customer care, reducing inefficient workflows, and streamlining operations, CardinalHealth takes the lead in the top healthcare SaaS solutions. Their IT solutions and system management features are designed to address rising expenses, facilitate patient safety, and streamline the hospital’s supply chain, ensuring costs are minimized, and income is not wasted.
From EMRs and population health management to patient engagement and precision medicine, Allscripts offers institutions all healthcare-related solutions to raise efficiency and productivity levels. The healthcare environment is becoming increasingly fast-paced. Electronic Medical Records offered by Allscripts are designed to cater to the requirements of large health systems, independent practices, and all medium-sized providers.
Allscripts make obtaining data much more accessible. This includes crucial medical information required to make an accurate diagnosis. Overall, the platform increases patient engagement and efficiency levels.
SaaS healthcare companies in the UK
The UK houses several SaaS healthcare companies, and numbers have spiked, especially during the past decade. The UK has funded several SaaS healthcare startups, which have attracted several investors. Some of the SaaS healthcare companies that have sprung up in the UK include:
Babylon health is a symptom checker that relies on Artificial Intelligence diagnostic software, providing its users with a plethora of healthcare services. The platform boasts the Ask Babylon feature, where users enter the symptoms they are experiencing and receive information on what to do next.
Babylon also features video call capabilities that allow users to connect with CQC-registered doctors to obtain electronic prescriptions. It is a valuable tool to make healthcare more accessible to everyone.
Digital health insights can be obtained through Huma, which collaborates with the top providers, healthcare professionals, and technology. Connected wearable technology enables Huma to collect biomarkers from patients, providing its partners with details required to tailor digital health processes.
Patients can also benefit from the symptom checker that the platform features, offering advanced features, including questionnaires that allow professionals to track their patients’ progress.
The online platform offers advanced capabilities that allow its users to book appointments. Thanks to its advanced features, patients can also access medical prescriptions. Patient symptoms are evaluated through AI, which provides them with information on what they should do next. Their video consultation feature enables businesses to book appointments with doctors online and get online video consultations.
How Folio3 is the best Healthcare SaaS company in California?
The California-based software solution partner offers advanced healthcare software solutions to organizations tailored to meet their specific demands. From remote patient monitoring capabilities to EMR and EHR solutions, Folio3 is the best healthcare SaaS company for healthcare organizations.
Their EMR solutions are explicitly developed to ensure data stays organized, making it easily accessible to physicians when required. Through their mental health solutions, patients can be sent reminders for appointments and alerts for medication, ensuring patients are getting the care they require. This enhances patient satisfaction, which facilitates success.
Their HL7 compliance and standards ensure maximum interoperability by digitizing healthcare facilities in your organization. Folio3 also caters to the payment requirements of organizations by offering advanced revenue management features to users. The easy integration and HIPAA compliance make Folio3 an ideal option for healthcare facilities.
Which consumer healthcare SaaS companies are there?
Just like with every other industry, healthcare industries also require organizations to put their patients first. By offering innovative healthcare solutions to consumers, healthcare providers can earn huge profits. Consumer health solutions are designed to focus primarily on consumers and their requirements.
Several consumer health platforms are currently under development, allowing patients to electronically stay in touch with their healthcare needs. One such example is the self-management systems that help users measure blood pressure levels, allowing both patients and physicians to stay updated with the patient’s progress.
PHRs or Electronic personal health records are sometimes developed as independent applications that allow patients to view EHRs of providers. However, modification on the patient’s end is restricted. Another type of consumer health solution is Peer Interaction Systems, which allow patients to get peer support and enhance social results.
What are healthcare vertical SaaS companies?
Healthcare solutions designed for specific industries are referred to as Vertical SaaS. Compared to horizontal SaaS, vertical SaaS is highly preferable and less costly.
Vertical SaaS companies offer several advantages to the healthcare industry. This includes increased accessibility to patient information and the ability to analyze patient insights in a better way. It allows facilities to tailor the software according to their needs which equips organizations to cater to the needs of their patients more efficiently.
How Folio3 is the big name in the US Healthcare SaaS market?
Folio3’s groundbreaking technology and years of experience make it one of the top healthcare SaaS companies in the USA.
Thanks to their expertise, the organization has provided digital solutions to several healthcare companies. Their digital health solutions are designed to cater to the needs of various stakeholders in the healthcare industry, including physicians, patients, and providers. Health data can be tracked more efficiently and optimally using Folio3’s advanced analyzing capabilities.
There is a lot of responsibility on SaaS companies that deal with the healthcare sector. Apart from taking care of compliances, they also have to pay attention to details such as the 10 Components of medical records in a hospital.
Choosing the right SaaS healthcare company depends on several factors. But keeping your needs and goals at the top means, you’re good to go!