What is the size of the global healthcare claims management market?
The global healthcare claims management market is expected to reach USD 15.82 billion by 2027.
What is health claims management?
Healthcare claims management refers to patient claims management software and systems. Claims Management helps organize, bill, fill, update and process patient’s health insurance claims for all kinds of health services such as drugs, hospital admissions, operations, etc. Healthcare claims management helps reduce the number of claim denials for patients and streamlines the claims process through proper medical history and eligibility calculations. Healthcare claims management systems make it easier for healthcare professionals to process billing without errors, denials, and rebills, making the patient experience more enjoyable.
How is COVID-19 impacting the dynamics of the Global Healthcare Claims Management Market?
The COVID-19 pandemic has brought difficult times to many parts of the world. Due to restrictions on production and supply of raw materials, all businesses suffered losses due to strict quarantines and shutdowns. As a result, access to even the essentials of daily life has become quite difficult. The epidemic has also had a significant impact on the health sector and hospitals have completely turned to caring for covid patients. Other activities of the health service have thus been frequently postponed.
But the pandemic has had a positive effect on the healthcare claims management options market. Medical bills were skyrocketing, making it difficult for many patients to afford them. More patients have been hospitalized and placed in intensive care units with 24/7 hospital services, oxygen cylinders and ventilators. As healthcare costs increased, the demand for proper claims management also increased, which helped the market grow. Additionally, claims management technologies have enabled faster and more streamlined data transfers, which has helped the situation. The psychological effects of the pandemic have also led people to demand refunds, further favoring the market.
Hence, the pandemic has had a positive impact on the global healthcare claims management market.
What are the factors driving the Healthcare Claims Management market?
The annual growth of the aging population and the number of chronic diseases in the world lead to more hospital admissions and high healthcare costs. The claims management system helps reduce burning healthcare costs and provides quality care for affordable capabilities. In addition, increasing medical insurance coverages among populations and increasing awareness about the benefits of healthcare claims management are expected to support the growth of the healthcare claims management market. Additionally, advancements in technology and government initiatives such as improved insurance and reimbursement plans and financing systems are driving the growth of the market.
The Benefits of Healthcare Claims Management and Increasing Efficiency to Drive Market Growth
As healthcare systems embrace IT innovations, the complaint management system is an excellent support for the initiative. Healthcare complaint management systems help increase patient satisfaction and reduce complaints to health centers, thus initiating better services. There have been many initiatives and partnerships between the government and several companies to ensure the best patient care and improve people’s health in the claims management market. For example, in 2016, the Ministry of Health and Prevention (MOHAP) renewed its partnership with Cerner Corporation to pursue Project Wareed, an enterprise-wide health information system.
What are the factors impeding the growth rate of the Healthcare Claims Management market?
The expansion of the healthcare claims management market is hampered by the high deployment costs of healthcare claims management, the risk of data breaches, and unproduced patient personal data. Also, a barrier to market development can be the scarcity of qualified specialists in the sector.
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Which segment by type dominated the healthcare claims management market in 2021?
The software segment accounted for the largest share in 2020 and is expected to continue growing during the forecast period. The dominance of the segment is due to the convenience and various functions of the software. For example, the software assists with premium billing, eligibility cross-checking, overpayment recovery, capitation, subrogation, and more, contributing to total patient satisfaction. Hence, the user-friendliness of the software segment has made it the segment with the largest market share.
Which segment by deployment is expected to experience lucrative growth during the forecast period?
The web-based deployment mode is expected to contribute significantly to revenue over the forecast period. This dominance is due to the popularity and ease of use of web technologies. Additionally, the affordability, ease of use, and rapid adoption of new technologies by web-based systems, along with their flexibility and adaptability, are driving the expansion of this market. Moreover, the web mode is easily accessible anytime, anywhere, making it a favorable segment.
What is the Healthcare Claims Management market growing across different regions?
The North American market is expected to hold the largest share in the industry during the forecast period. The large market share of North America is driven by the region’s high and growing HCIT investments and the existence of legislative requirements that encourage the adoption of healthcare claims management solutions. Additionally, the United States has several significant international competitors, which has made it a hub of innovation in the healthcare claims management solutions industry. Because more money is allocated to building infrastructure for research and health care. The North America Healthcare Claims Management Market is expected to rise owing to increasing investments in healthcare IT and partnerships with major players for software development.
Due to favorable government policies for the growth of healthcare infrastructure and IT companies in countries like UK, Italy, France, Germany, etc., Europe is expected to experience lucrative growth during of the forecast period.
The market is expected to have the fastest growing CAGR throughout the forecast period 2022-2027 in Asia. The strong growth in Asia over the forecast period is attributed to investments in modernizing healthcare infrastructure and increasing adoption of healthcare IT solutions in China, actions to improve the quality of health care delivery in Japan and the rapid growth of the health care sector in India.
Who are the key players in the Healthcare Claims Management Market?
Accenture PLC, Allscripts Healthcare Solutions, Inc., Athenahealth Inc., Cerner Corporation, Genpact Limited, Health Solutions Plus, IBM Corporation, McKesson Corporation, Optum, Inc., and Oracle Corporation are some of the prominent players in the healthcare claims management market Health care. .
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