The healthcare fraud analytics market has been projected to experience significant growth opportunities in the forthcoming years. This increasing market growth is attributed to the growing count of pharmacy claims-related frauds, high return of investment, and growing fraudulent activities in the healthcare industry. In addition to this, there has been a significant increase in the count of patients that seek health insurance.
In the healthcare industry, physicians, doctors, patients, and other medical specialists are involved in fraudulent activities to get profit. Evasion of medical charges, prescription fraud, and fraudulent procurement of the sickness certificates are some of the fraudulent activities that are done by the patients. Owing to these factors, the healthcare fraud analytics market is likely to experience significant growth opportunities in the market.
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The healthcare fraud analytics market is also encountering a plethora of challenges. Supply-demand fluctuations, temporary shutdown of the business operations, halt of outdoor/indoor activities, and travel bans and quarantines are some of the crucial factors that are putting a negative impact on the growth prospects in the market. Further, falling business assurance and stock market volatility also impact the business dynamics in the healthcare fraud analytics market.
Healthcare Fraud Analytics Market: Key Trends
During the past few years, a significant count of people are getting benefits from different healthcare schemes. Increased burden of diseases, growth in healthcare expenditure, and rising number of the geriatric population have been contributing to the growth prospects in the forthcoming years.
The emerging economies around the world are creating significant growth opportunities due to growing income levels, rising government initiatives, and increasing private and government investment to promote medical insurance. This market growth is estimated to increase with affordable health insurance for the people from middle class families in the region. In addition to this, people are also gaining awareness about the different benefits of health insurance. Owing to these factors, the healthcare fraud analytics market has been likely to experience significant growth avenues in the forthcoming years.
Healthcare Fraud Analytics Market: Competitive Dynamics and Key Developments
The key players operating in the healthcare fraud analytics market have been adopting various strategies to boost growth opportunities in the upcoming years. Collaborations, mergers, partnerships, acquisitions, product approvals, and novel product launches are some of the major strategies that are incorporated by the key companies to create expansion avenues in the market.
For instance, LexisNexis Risk Solutions has established a collaboration with Quadramed in January 2019. This collaboration aims to reduce the count of fraudulent claims & duplicate identities and to enable different patient identification capabilities.
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Some prominent players in the global healthcare fraud analytics market include:
- IBM Corporation
- Change Healthcare
- SAS Institute Inc.
- Wipro Limited
- HCL Technologies Limited
- DXC Technology
- Healthcare Fraud Shield
- Northrop Grumman Corporation
- Pondera Solutions, Inc.
Healthcare Fraud Analytics Market: Regional Assessment
The healthcare fraud analytics market is spread across various geographical locations around the globe including North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among these, the North America region has been estimated to account for a significant share in the market during the forecast period. This market dominance is on the back of favorable government anti-fraud initiatives, growing healthcare fraud, and increasing adoption of health insurance among people. In addition to this, technological advancements, rising pressure for reduction of healthcare costs, and increasing service and product availability in the region are also contributing to the market growth. In addition to this, the headquarters of some of the leading players from the healthcare fraud analytics market are in the North America region. So, based on these regions, the market has been estimated to experience significant expansion avenues in the upcoming years.
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5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
- Current and Future Threats
- Accurate Trend Analysis
- Regional Assessment
- Industrial Analogy
- COVID-19 Impact
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