About Healthcare Financial Analytics
Financial analytics and business intelligence tools are data analytics tools, including revenue cycle management, fraud detection, risk adjustment, and claim processing. As hospitals and physicians deeper into value-based care and risk-based reimbursements, actionable insights from the financial side of their organizations, financial analytics tools are widely used in various hospitals, clinics, rehabilitation centers, and other healthcare facilities. In recent times, rapidly changing technologies and innovations have created a positive impact on the healthcare financial analytics market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 20.3% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Healthcare Financial Analytics market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM (United States), Oracle Corporation (United States), Cerner (United States), McKesson Corporation (United States), Health Catalyst (United States), Optum (United States), Allscripts (Unite States), Vizient, Inc. (United States) and Sutherland (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Sisense (United States) and Innovaccer (United States).
Segmentation Overview
AMA Research has segmented the market of Global Healthcare Financial Analytics market by , Application (Revenue Cycle Management, Risk Management, Claim Management and Others) and Region.
On the basis of geography, the market of Healthcare Financial Analytics 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). If we see Market by Deployment, the sub-segment i.e. Cloud will boost the Healthcare Financial Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-user, the sub-segment i.e. Hospitals will boost the Healthcare Financial Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Type, the sub-segment i.e. Profit Oriented will boost the Healthcare Financial Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Software will boost the Healthcare Financial Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Adoption of Cloud-based Software and Advanced Technologies like AI and Big Data Analytics
Market Growth Drivers:
Increasing Demand for Cutting-Edge Business Intelligence Solutions Solutions for Better Revenue Cycle Management and Reporting Hospital Financial Information
Challenges:
Slow Adoption of Healthcare Financial Analytics Software in Some Developing and Underdeveloped Countries and Lack of Skilled Staff
Restraints:
Data Security Concerns Due to Rapidly Increasing Cyber-attacks in Healthcare Industry
Opportunities:
High Adoption of Advanced Technologies in Developed Countries Due to Presence of a Large Number of Vendors in the Market
Market Leaders and their expansionary development strategies
In January 2021, Optum announced the acquisition of Change Healthcare. The acquisition of Change Healthcare will bring software and data analytics, technology-enabled services and research, advisory, and revenue cycle management offerings to Optum’s portfolio. With this acquisition, Optum will help streamline and inform the vital clinical, administrative, and payment processes on which healthcare providers and payers depend to serve patients.
In June 2018, Innovaccer, a San Francisco-based healthcare data platform company announced the launch of its financial analytics solution for hospitals and health systems. The new platform has been built on top of its cutting-edge healthcare data platform, InData, and will be a part of the analytics module, graph. It will gather data from disparate data sources including clinical, claims and billing, financial, and human resources management systems (HRMS) to deliver insights into financial performance.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Healthcare Financial Analytics Software Providers, Healthcare Financial Analytics Service Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.