Healthcare Claims Management Market Opportunities, Challenges, Statistics, Industry Share, Size Analysis, Services and New Development by Leading Players Overview to 2023

September 01 17:58 2019
Global Healthcare Claims Management Market is expected to register a CAGR ~ 5.37% during the forecast period of 2019 – 2023.Global Healthcare Claims Management Market Research Report: By Component (Software and Services), by Delivery Mode (On-Premise and Cloud Based), by Type (Integrated and Standalone), and by End-User (Healthcare Payers and Providers) – Forecast Till 2023.

Global Healthcare Claims Management Market Report by Market Research Future provide detailed analysis of the market structure along with forecast for the next 5 years of the various segments and sub-segments of the Healthcare Claims Management Market and provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.

Healthcare Claims Management Market – Outlook

The Healthcare Claims Management Market is expected to demonstrate a CAGR of 5.37% during the forecast period (2018–2023), as per the latest analysis by Market Research Future (MRFR).

Healthcare claims management software is used for managing medical claims as well as reimbursement processes, allowing the healthcare providers to elevate their revenues by efficient claim management. In essence, healthcare claims management refers to a bilateral process between healthcare providers, patients, insurance provider, and the billing company. On account of the quick rate of expansion of the healthcare insurance sector in recent years, the healthcare claims management market is expanding rapidly.

Across the world, the healthcare claims management market is expanding at a significant pace predominantly owing to the burgeoning geriatric population, growing incidences of chronic diseases, elevated focus on healthcare quality services, and the emergence of inventive treatments as well as technologies. The increasing digitization coupled with the booming healthcare information technology (IT) market contributes considerably to the mounting market credentials. The expanding population mandates the need for high quality of coordinated care. The ever-expanding administrative as well as operational expenses in the healthcare industry leads to the need for cost-effective management of claims. As claims management provide practical solutions, compared to the traditional paper-based systems, the demand is set to escalate and influence the market positively in the future.

Some other crucial factors deciding the success rate of the market include the quickly growing healthcare infrastructure along with the increasing uptake of solutions that help manage the rising claims in the healthcare industry. On top of this, the technological advancements brought on by enhanced funding and favorable economic conditions are nurturing the growth of the healthcare claims management market.

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Key Players

Market Research Future (MRFR) recognizes the following companies as the key players in Healthcare Claims Management Market: There are plenty of large and small market players which operate in this market all over the globe.

Some of the key players in the Global Healthcare Claims Management Market are Cerner Corporation, McKesson Corporation, athenahealth, Inc., eClinicalWorks, Optum, Inc., Conifer Health Solutions, nThrive, Inc, Avaya Inc., Oracle Corporation, Infor Inc., Allscripts Healthcare Solutions, Inc., Accenture plc., IBM Corporation, Cognizant Technology Solutions Corporation and Genpact Limited.

Industry News:

February 2019   Providence Health & Services (US) has acquired Lumedic Inc. (US), which provides platform for revenue cycle management on the basis of machine learning, patient-centric design and blockchain for claims processing.

February 28, 2019 — QRails, Inc. (the US), a financial technology company offers processing services and other solutions to Health Insurer, banks, and the digital payments industry announced the acquisition of Rete+Pay Inc. (the US), a provider of integrated electronic healthcare and insurance payments solutions.

Rete+Pay has a range of innovative payments solution that enable, faster, more efficient and cost-effective management of medical claims between insurance companies, patients and healthcare providers, offering a secure, HIPAA, and ACA compliant environment. Rete+Pay has been providing insurance companies and healthcare providers innovative ways of reducing or eliminating inefficient billing and payments processes.

The acquisition deal is a significant strategic step for Q-Rails to curtail the huge administration costs of approximately USD 1.2 TN which the Q-Rails healthcare spends annually. 

February 28, 2019 — Providence Health & Services (the US) is a non-profit health care system operating multiple hospitals announced acquisition of Lumedic Inc. (the US), a next-generation platform for revenue cycle management built on blockchain, machine learning, and patient-centric design to build a blockchain platform for claims processing.

Providence plans to form a new company using Lunedic’s assets and team, which will maintain the Lumedic brand. Lunedic’s end-to-end revenue cycle management platform which is based on blockchain technology deploys distributed ledger technology, smart contracts, and machine learning.

Regional Analysis

Asia Pacific, Europe, North America, and the Rest-of-the-World are among the prominent regions where the global healthcare claims management market is set to expand in the near future.

The North America heads the global healthcare claims management market, backed by the sophisticated healthcare industry and favorable government policies. Also, the growing adoption of claim management solutions to avail growth in incentives is expected to stimulate the market growth in the region. In addition to this, the increasing investments within healthcare information technology (HCIT) combined with the presence of regulatory mandates encouraging the use of healthcare claims management solutions also lays a strong foundation for the market. The United States (US) and Canada are among the most profitable countries within the region, successfully implementing healthcare IT, as a result of which the regional market has advanced to considerable heights in recent years. Furthermore, surge in favorable government initiatives, regulatory framework, and innovations in this field have driven the market expansion to a large extent.

Europe has bagged the second position in the global healthcare claims management market, owing to the increase in digitization in conjunction with the rising focus on data integration as well as data governance for the elevated number of claims within the healthcare industry.

The claims management market in Asia Pacific benefits largely by the advancements in technology as well as the healthcare infrastructure. Besides, the mounting adoption rate of claims management systems as a result of the rising number of healthcare facilities within the area has transformed the regional market dynamics. Emerging nations such as India, Japan and China are accountable for the strong adoption of healthcare claims management products and services, contributing immensely to the regional market expansion.

Segments

The global market for healthcare claims management is segmented on the basis of component, delivery mode type and end-user.

The component-based segments in the market are software and services.

The modes of delivery covered by the report are on-premise and cloud based.

Type-wise, the market is considered for integrated and standalone.

The market, depending on the end-user, has been segmented based on healthcare payers and providers.

Some Brief Table of Contents of Report

Chapter 1. Report Prologue

Chapter 2. Market Introduction

2.1 Definition

2.2 Scope Of The Study

2.2.1 Research Objective

2.2.2 Assumptions

2.2.3 Limitations

Chapter 3. Research Methodology

3.1 Introduction

3.2 Primary Research

3.3 Secondary Research

3.4 Market Size Estimation

Chapter 4. Market Dynamics

4.1 Drivers

4.2 Restrains

4.3 Opportunities

4.4 Challenges

4.5 Macroeconomic Indicators

4.6 Technology Trends & Assessment

Chapter 5. Market Factor Analysis

5.1 Porters Five Forces Analysis

5.1.1 Bargaining Power Of Suppliers

TOC Continued…

LIST OF TABLES

Table 1 Global Healthcare Claims Management Market Synopsis, 2018–2023

Table 2 Global Healthcare Claims Management Market Estimates And Forecast, 2018–2023 (USD Million)

Table 3 Global Healthcare Claims Management Market, By Component, 2018–2023 (USD Million)

Table 4 Global Healthcare Claims Management Market, By Delivery Mode, 2018–2023 (USD Million)

Table 5 Global Healthcare Claims Management Market, By Type, 2018–2023 (USD Million)

Table 6 Global Healthcare Claims Management Market, By End-User, 2018–2023 (USD Million)

Table 7 Global Healthcare Claims Management Market, By Region, 2018–2023 (USD Million)

Continued…

LIST OF FIGURES

Figure 1 Research Process

Figure 2 Segmentation For Global Healthcare Claims Management Market

Figure 3 Segmentation Market Dynamics For Global Healthcare Claims Management Market

Figure 4 Global Healthcare Claims Management Market Share, By Component, 2017 (%)

Figure 5 Global Healthcare Claims Management Market Share, By Delivery Mode, 2017 (%)

Figure 6 Global Healthcare Claims Management Market Share, By Type, 2017 (%)

Figure 7 Global Healthcare Claims Management Market Share, By End-User, 2017 (%)

Continued…

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