Transparency Market Research (TMR) delivers key insights on the global technology spending on core administration in healthcare in its latest report titled, “Technology Spending on Core Administration in Healthcare”: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024”. In terms of value, the global technology spending on core administration in healthcare is projected to increase at a CAGR of over 5.7% during the forecast period (2016–2024) owing to various factors, regarding which TMR offers vital insights in detail in this report.
Core administration or core administrative applications are those solutions used by the payer organizations for administrative management and transactions like enrollment, billing, claims settlement and contracting. Core administration helps to provide flexibility to administer various plan designs, integrate with third-party solutions, enhance efficiency and automate business processes, and adapt rapidly to changes in the healthcare system. Since healthcare reform is aimed at improving the access of care, it has a significant impact on how the health plans design the provider network, contract with them and reimburse for the services rendered. Core administration supports payers’ day to day functions as payers are focused on improving their efficiency in claims processing and operations and driving down administrative costs, which represent 10 to 12 percent of the health benefit dollar.
Factors such as increased demand for cost-effective IT administrative services, growing government interventions to encourage technology-driven affordable healthcare services, improving healthcare infrastructure are some of the reasons leading to the growth of technology spending on core administration in healthcare. Moreover, rising patient base across the globe and increasing healthcare spending is driving the need to outsource IT solutions for optimal healthcare management and a greater focus on core administrative operations.
The global technology spending on core administration in healthcare is segmented on the basis of solution into in-house solution and outsource solution. The in-house solution is further segmented into hardware, software, and services. Outsource solution segment accounts for a significant share in terms of revenue of the total technology spending on core administration in healthcare; however, services solution segment is anticipated to witness an impressive CAGR over the forecast period.
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On the basis of deployment, the global technology spending on core administration in healthcare is segmented into cloud-based and on-premise model. On the basis of end users, the global technology spending on core administration in healthcare is segmented into payers and providers. The payer segment is further divided into insurance companies, government and others whereas the provider segment is further divided into hospitals and other providers.
On the basis of region, the technology spending on core administration in healthcare is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America is the leading technology spender on core administration in healthcare. It accounts for the largest share and high growth rate in global technology spending on core administration in healthcare due to increasing health insurance coverage triggered by the Affordable Care Act leading to escalating healthcare costs. Followed by North America is Europe and Asia-Pacific. The technology spending on core administration in healthcare is broadly analyzed on the basis of various regional factors such as gross domestic product (GDP), demographics, acceptance, inflation rate, government regulations and others.
Leading vendors in core administration are looking at offering highly converged and customized solutions to healthcare payers and providers across the globe.
Some of the players in the global core administration system in healthcare include Plexis Healthcare Systems, DST Systems, Inc., HealthEdge Software, Inc., ikaSystems Corporation, TriZetto Corporation, Health Solutions Plus, Inc., Aldera Holdings, Inc., Wonderbox Technologies, UPP Technology, Inc., and HealthAxis Group, LLC. The companies in this market are adopting various strategies like partnerships, collaboration, agreements, mergers and acquisitions, expansions, and product deployment to increase their share and create a strong position in the global core administration systems in healthcare.
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