Healthcare Claims Management Solution Market Scope
Healthcare claims management software is used to simplify the medical claims process, easing the relationship between the provider and the insurance firm while also accelerating the patient's payment lifecycle. These technologies make use of automation features to help hospitals and clinics overcome or avoid roadblocks in the claims processing and billing workflow. It is a two-way mechanism involving patients, healthcare providers, billing companies, and insurance companies. Due to the rapid growth of the healthcare insurance industry, the demand for healthcare claims management is increasingly growing.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Kareo (United States), EClinicalWorks (United States), Waystar Health (United States), Athenahealth (United States), AdvancedMD (United States), Optum (United States), CareCloud (United States), Cognizant (United States), Health Solutions Plus (United States), LexisNexis (United States), Henry Schein (United States) and OSPLabs (United States) |
CAGR | 20.3% |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Healthcare Claims Management Solution market throughout the predicted period.
Kareo (United States), EClinicalWorks (United States), Waystar Health (United States), Athenahealth (United States), AdvancedMD (United States), Optum (United States), CareCloud (United States), Cognizant (United States), Health Solutions Plus (United States), LexisNexis (United States), Henry Schein (United States) and OSPLabs (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Allscripts Healthcare (United States), Harris Healthcare (United States) and ISalus (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Healthcare Claims Management Solution market by Type , by Application (Hospitals, Speciality Clinics and Others) and Region with country level break-up.
On the basis of geography, the market of Healthcare Claims Management Solution has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In February 2019, Athenahealth, Inc., a leading provider of network-enabled services for hospital and ambulatory customers nationwide, announced that it has completed its previously announced sale to an affiliate of Veritas Capital and Evergreen Coast Capital.
In October 2023, US-based tech firm CoreLogic has launched a new solution that will simplify claims resource management for insurance carriers
Influencing Trend:
Government Initiatives Supporting the Health Insurance Market
Market Growth Drivers:
Increase in Ageing Population, Rise in Incidence of Chronic Disease and Improved Focus on Healthcare Quality Services
Challenges:
Lack of Skilled IT Professionals in Healthcare and Data Confidentiality
Restraints:
Increasing Concerns regarding the Patient Data Safety and Security Limit and data breaches and loss of and High Deployment Costs
Opportunities:
Rising Awareness of Medical Claims across the Countries and Increasing Investments by Governments to Modernize the Healthcare Infrastructure and to Adopt Healthcare IT Solutions
Key Target Audience
Healthcare Claims Management Solution Provider, Healthcare Claims Management Solution Industry Associations, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others