The global healthcare financial analytics market is estimated to be USD XX billion in 2016 and is projected to reach USD XX billion by 2021, growing at a CAGR of XX% during the forecast period from 2016 to 2021.
Financial analytics holds the largest share of the healthcare analytics market and is one of the strongest emerging applications. It provides organizations with better visibility into the factors that drive revenues, costs, and shareholder value.
It generally requires using sophisticated software technology and specialized billing knowledge to keep track of the claims processed and revenue collected.
Global Healthcare Financial Analytics Market-Market Dynamics
The report details several factors that drive and restrain the market. In addition, it discusses the opportunities that players in this market face. Some of these are discussed below.
Some of the factors driving the market are:
Integration of big data in healthcare
Growing awareness of digital technologies
Expansion of healthcare IT
Increasing investment from public and private organizations
Rising need for effective financial management system in order to maximize claim conversion rate and also making this process faster
Some of the key restraining factors the market faces are:
Data security concerns
High initial investment
Lack of proper trained IT professionals
Lack of coordination among different departments and also among staff of the same department
The industry has several opportunities as well. These include:
Growing economies with huge population base
Emerging cloud vendors
Increasing participation from smaller and innovative players in the IT sector
The global healthcare financial analytics market is segmented on the basis of type (claims analytics, revenue cycle management, risk management analytics), component (software, hardware and services), deployment (cloud-based model, web- based model and on-premise model), end-user (private organization (hospitals, physicians, clinics), government organization, insurance companies and others), and geography (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America).
The primary stakeholders of this technology are healthcare IT firms, cloud vendors, care organizations, health insurance providers, healthcare payers, healthcare providers and venture capitalists.
Key Deliverables in the Study
Market analysis for the healthcare financial analytics market, with region-specific assessments and competition analysis on the global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the healthcare financial analytics market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
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