Healthcare Claims Management Market anticipates revenue will hit up to 5.1% CAGR by 2023: Segmentation by Top Companies, Major Applications, Key Regions, Product Demand | 360 Research Reports
The data collected in the “Global Healthcare Claims Management Market – Segmented by Solution Type (Integrated and Standalone), by Component (Services and Software), by Delivery Mode, End User, and Geography – Growth, Trends, and Forecast (2019 – 2023)” report (Sample Copy Here) offers detailed insights on the market dynamic forces to enable informed business decision making and development strategy formulation supported on the opportunities present in the market. Healthcare Claims Management Market report delivers the most up-to-date industry data on the actual and potential market situation, and outlook.
The Global Healthcare Claims Management Market 2019 is bifurcated into multiple segments [Product, Applications, End-Users, and Major Regions]. The global Healthcare Claims Management Market report represents the market’s data in a better-analyzed way by fragmenting the market in several multiple segments product, its end-users, applications, and others of the market segments. A review of the impact of the administrative regulations and policies on the Healthcare Claims Management Market operations is also included in this report. The Healthcare Claims Management Market report offers a complete analysis of competitive dynamics that are modifying and places the patrons ahead of competitors.
Healthcare Claims Management Market Segmentation by Major Players:
Accenture, Athenahealth Inc, Cerner Corporation, Gebbs healthcare solutions, Genpact limited, Health solutions plus, IBM corporation, Mckesson corporation, Optum, Inc, and Oracle corporation among others.
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Overview of Healthcare Claims Management Market Report:
The Global Healthcare Claims Management Market is expected to register a CAGR of nearly 5.1 % during the forecast period, 2019-2023. United States healthcare claims management market will increase due to introduction of Patient Protection and Affordable Care Act (PPACA). North America is expected to have largest market share and Asia is also grow at highest CAGR due to advancements in healthcare IT solutions.
Rising Importance Of Denials Management
Denial of claims by insurers are very common and is the main cause for revenue loss for many healthcare providers. On first submission more than 30% of the healthcare claims are denied. Most hospitals fail to resubmit the claims. Denials Management has an important role to play in hospital revenue generation. Most hospitals are now dependent on third party providers for denials management service as they lack the expert knowledge and the time to manage the reimbursement process. Third party providers with dedicated and skilled professionals are able to handle the denied claim and resubmit them. With their expertise these providers are able to increase the cash flow of their clients which were otherwise neglected by the hospitals to resubmit the denied claims. It is estimated that over 90% of the claim denials can be prevented with support from providers who have systems and knowledge experts in this field. Denials management team maximize revenue collection by understanding the cause for claim denial along with helping the hospitals provide better patient satisfaction. These teams have become back bone for hospitals as they have rich experience in appealing to insurer for approval as per their filing process, thus contributing to the growth of healthcare claims management market. Other factors that drive this market include government initiatives supporting health insurance market and growing aging population with chronic diseases.
Patient Data Privacy and Security Concerns
Healthcare being the most personal services provided in our society, for safer and appropriate delivery of care to patients and management of Healthcare Claims Management activities, most providers collect various data points on patient personal information such as: medication history, disease history and surgical procedures undergone etc. There is an increasing concern over how healthcare providers use these patient’s information and protect its confidentiality. The loss of privacy of patient data is common when healthcare staff shares the information with other organizations despite the mandatory requirements in place to provide assurance to patients. The above factors may hinder the growth of healthcare claims management market in the forecast period. Other factor impeding the growth of this market include high deployment costs.
The US is the Chief Region for Healthcare Claims Management Market
Most hospitals in United States serving patients who are covered under Medicare or any privates insurances are facing difficulty in processing and submitting claims. Hospitals face challenge in accurately billing patients for a procedure or surgery done. This has created a huge opportunity for companies that provide Healthcare Claims Management to bridge the gap. Healthcare payers face the challenge of managing complex provider networks. In United States most providers and payers are dependent on third party companies that are efficient and pioneer in claims management services eg: PokitDok’s Healthcare Claims Management suite automates claims processing thereby increase clean claim rates, and minimize revenue leakages. All the above factors may propel the Healthcare Claims Management market in United States over the forecasted period.
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Further, in the Healthcare Claims Management Market research reports, the following points are included along with an in-depth study of each point:
Production Analysis – Production of the Healthcare Claims Management is analyzed with respect to different regions, types, and applications. Here, price analysis of various Healthcare Claims Management Market key companies is also covered.
Competitors – In this section, various Healthcare Claims Management industry-leading players are studied with respect to their company profile, product portfolio, capacity, price, cost, and revenue.
Sales and Revenue Analysis – Both, sales and revenue are studied for the different regions of the Healthcare Claims Management Market. Another major aspect, price, which plays an important part in the revenue generation, is also measured in this section for the numerous regions.
Supply and Consumption – In continuation with sales, this section studies supply and consumption for the Healthcare Claims Management Market. This part also shelters light on the gap between supply and consumption. Import and export statistics are also given in this part.
Other analyses – Apart from the above-mentioned information, trade and distribution analysis for the Healthcare Claims Management Market, the contact information of major manufacturers, suppliers and key consumers is also given. In addition, SWOT analysis for new projects and viability analysis for new investment are included.
Lastly, with a team of vivacious industry professionals, we offer our clients with high-value market research that, in turn, would aid them to decipher new market avenues together with new strategies to take hold of the market share.