Global Healthcare Claims Software Market Overview:
Healthcare Claims Software is used to streamline the medical claims process, which eases the relationship between the provider and insurance company and efficiently speeds up the patient's payment lifecycle. These softwares provide a detailed invoice that a health care provider sends to the health insurer, exactly showing the services that have been rendered by the providers to the patient. The adoption of healthcare claims software is used to reduce costs associated with the processing of claims, workflows for routing claims for review, and approval processes. The demand to manage healthcare claims reimbursement process is increasing the global healthcare claims software market size.
As per latest study released by AMA Research, the Global Healthcare Claims Software market is expected to see growth rate of 20.3%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Adoption of Cloud-Based Healthcare Claims Software
Market Growth Drivers:
Increasing Patient Volumes and Growing Importance of Denials Management
Challenges:
Lack of Skilled IT Professionals in Healthcare
Restraints:
Data Privacy Concerns
Opportunities:
Expanding Health Insurance Market and Declining Reimbursement Rates
Competitive Landscape:
Some of the key players profiled in the report are Kareo (United States), athenaCollector (United States), NextGen Office (United States), Availity, LLC (United States), NextGen Enterprise (United States), Waystar Health (United States), AdvancedMD, Inc. (United States), Epic Systems Corporation (United States) and CureMD Healthcare (United States). Additionally, following companies can also be profiled that are part of our coverage like DrChrono Inc. (United States) and Navicure Inc. (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Healthcare Claims Software market by 2030. Considering Market by Software Subscription, the sub-segment i.e. Monthly will boost the Healthcare Claims Software market. Considering Market by Pricing, the sub-segment i.e. Premium will boost the Healthcare Claims Software market. Considering Market by Software Version , the sub-segment i.e. Basic Software will boost the Healthcare Claims Software market.
Latest Market Insights:
In October 2018, Waystar acquired Ovation Revenue Cycle Services company’s transaction services business. This acquisition transaction services business added enhanced claims monitoring capabilities to Waystar’s platform.
In September 2023, Partners Life, one of New Zealand’s largest private life and health insurance companies, has become the first insurer to successfully launch medical claims on the FINEOS Platform, as outlined in a new case study. The move to the cloud-native purpose-built FINEOS Platform enables Partners Life to provide enhanced claims processing, reduced claims leakage, and streamlined user experience to 300,000 Kiwis.
What Can be Explored with the Healthcare Claims Software Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Healthcare Claims Software Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Healthcare Claims Software
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Healthcare Claims Software market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Healthcare Claims Software market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Healthcare Claims Software Providers, Cloud Providers, Venture Capitalists and Private Equity Firms and Government Regulatory and Research Organizations.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.