Healthcare Claims Management Market – Outlook
The global market for healthcare claims management is finding growth with the high inclusion of IT management sector. The market is all set to score 5.37% CAGR between 2018 and 2023 that has been considered as the forecast period by Market Research Future (MRFR). The process of the healthcare claims management includes organizing various segments, updating, filling, billing, and processing of various medical claims that has a connection with treatment, diagnosis, and medication of several patients.
The global market for the healthcare claims management can get bolstered by the surge in ageing population, high rise of the recording of chronic diseases, improved healthcare quality services, better reimbursement policies, and inclusion of innovative treatments & technologies. However, the global market has several procedures that can detract the growth. For instance, data breach of sensitive issues, lack of skilled professionals in the IT sector, better infrastructure in several sectors, and others can hold back the growth of the market. However, its ability to provide seamless flow of the work can provide traction to the market and steer the market back to the growth track.
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Data security and privacy protection are likely to remain important themes for the healthcare claims management market in the coming years. As the usage of digital data management technology has increased in the healthcare sector, the number of agencies trying to breach the walls and acquire confidential patient information has also grown. An increasing number of data breaches have hit the healthcare sector in recent years, leading to widespread concern among regulatory bodies and patients. Growing demand for secure data management platforms is likely to be a key driver for the global healthcare claims management market over the forecast period.
Competitive Analysis:
McKesson Corporation (US), Cerner Corporation (US), Optum, Inc. (US), Athenahealth (US), eClinicalWorks (US), Avaya Inc. (USA), Conifer Health Solutions (US), nThrive (US), Allscripts Healthcare Solutions, Inc. (US), Oracle Corporation (US), Infor Inc. (US), Cognizant Technology Solutions Corporation (US), Accenture plc. (Ireland), IBM Corporation (US), and Genpact Limited (US) are impacting the global healthcare claims management market.
In November 2019, Sentry Data Systems, Inc. has launched a new software like Claims Manager Plus that can be taken into consideration as an innovative new solution for the market for healthcare claims management .
In September 2019, the United Claim Solutions family of companies announced that the wide range of healthcare companies operating under the family will now operate under the unified brand name of Valenz, providing users with a comfortable, unified experience.
Regional Analysis – Healthcare Claims Management Market
The global market for healthcare claims management is all set to get dominated by the Americas where various regulatory mandates are going to provide thrust to the regional market. The market in this region is going to leverage the superlative IT structure, also, several other factors like the influx of investment, participation of both government and private bodies, and others can play better role to influence growth in the coming years.
Europe’s market would be the second largest global market for healthcare claims management. This market growth is all set to prosper from the diagnosis of various chronic diseases, better integration of IT infrastructure, well-established healthcare system, and several other factors can establish the regional market.
The Asia Pacific region would be the fastest to record sizeable growth. The regional healthcare sector is improving fast as governments and various private bodies are showing significant interest in taking the industry further ahead. The region is trying to establish a seamless patient care management owing to which the growth would be superlative.
The Middle East & Africa (MEA) market can register only a sluggish growth owing to the presence of several poor economies. Technological advantages are getting implemented in countries like Qatar, Saudi Arabia, Dubai, and others.
Segmentations – Healthcare Claims Management Market
The Global Healthcare Claims Management Solutions Market can be segmented by component, delivery mode type, and end-user. These segments have significant amount of details regarding various factors that can inspire better market growth.
By component, the global market for healthcare claims management can be segmented into software and services. The software segment is all set to benefit significant growth in the coming years.
By delivery mode, the global market for healthcare claims management can be segmented into on-premise and cloud-based. The cloud-based segment is all set to score better growth in the coming years.
By type, the global market for healthcare claims management can be segmented into integrated and standalone.
By end-user, the global market for healthcare claims management can be segmented into healthcare payers and providers. Various healthcare payers are going to provide much traction to the global market.
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