According to a new report published by Allied Market Research, titled, “Healthcare Claims Management Solutions Market," The healthcare claims management solutions market size was valued at $12.7 billion in 2020, and is estimated to reach $20.3 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030.
Healthcare claim management system involves the different tasks such as organization, billing, filling, updating, and processing of the medical claims related to treatment, diagnosis, and medication of the patient. It is easy to implement and make whole procedure of claims creation, claim processing, and claims submission by electronic claim management system by using claim management software. Different types of claim management software are available for patients to encourage loyalty by allowing quick and accurate process to resolve claims as fast as possible. Healthcare claims management software is used to streamline the medical claims process, which eases the relationship between providers and insurance companies and efficiently and quickly improves the patient payment lifecycle. Medical billing software, revenue cycle management software, and medical practice management software are some of the healthcare claim software that are available for customers and are applicable for payers, healthcare providers, and insurance providers for management system.
The key factor responsible for healthcare claims management solutions market growth include, increase in geriatric population, rise in incidence of chronic diseases, growth in awareness for care provision, proactive government initiatives to improve insurance coverage among citizens, and surge in use of cloud-based services. Increase in concerns regarding the patient data safety & security owing to increase in threat of cyber-attacks and the potential misuse of patient related confidential data hinders the growth of healthcare claims management solution market growth. Increase in investment in the Asia-Pacific region offers advanced claim management solutions techniques, which are expected to offer growth opportunities in the future. Thus, rise in investments in emerging markets to improve healthcare IT infrastructure from various government agencies is expected to create opportunities in the healthcare claims management solutions market.
The healthcare claims management solutions industry is segmented on the basis of type, deployment mode, and geography. By type, the market is segmented into software and services. On the basis of deployment mode, the market is segmented into web-based mode, cloud-based mode, and on-premise mode. By geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Key players with healthcare claims management solutions market share profiled in the report are Oracle Corporation, ALLISCRIPTS HEALTHCARE SOLUTIONS, ATHENAHEALTH INC. COGNIZANT Technology Solution Corporation, Quest Diagnostics, McKesson Corporation, eClinicalWorks LLC, Optum, Inc., The SSI Group, Inc., and GE Healthcare.
By type, the market is segmented into software, and services. The software segment dominated the global healthcare claims management solutions market in 2020. This software provides an easy solution for all the tedious and time consuming claims management activities, such as eligibility crosschecking, benefit administration, premium billing, care management, claims processing, overpayment recovery, capitation, subrogation, customer service/contact management, fulfillment, reporting, and more.
By deployment mode, the healthcare claims management solutions market size is segmented into web-based mode, cloud-based mode, and on-premise deployment mode. The web-based deployment mode dominated the global healthcare claims management solutions market in 2020. It is provides the flexibility and can be accessed anywhere, anytime. Due to these benefits, the web-based deployment mode is highly adopted and preferred.
The report provides comprehensive healthcare claims management solutions market analysis. By geography, it is segmented as North America, Europe, Asia-Pacific and LAMEA. North America was the highest contributor to the global market in 2020. Asia-Pacific is projected to grow at a significant CAGR of 5.7% during the healthcare claims management solutions market forecast. However, Asia-Pacific is expected to emerge as the region with maximum growth potential due to focus of key players in emerging economies, improving healthcare infrastructure, and rising disposable income of middle class population in the region.
KEY FINDINGS OF STUDY
- The study provides an in-depth analysis of the healthcare claims management solutions industry, and the current trends & future estimations to elucidate imminent investment pockets.
- By type, the software segment was the highest contributor to the market in 2020.
- By deployment mode, the web-based segment dominated the market in 2020 and is expected to continue this trend during the forecast period.
- Region-wise, North America garnered the largest revenue share in 2020. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.