Healthcare Claims Management Market worth 13.93 billion USD by 2023

PUNE, India, 2020-Jul-01 — /EPR Network/ —

The healthcare claims management market is expected to reach USD 13.93 billion by 2023 from an estimated USD 10.77 billion in 2018, at a CAGR of 5.3%. Healthcare Claims Management Market by Component (Software, and Services), Delivery Mode (On-Premise, and Cloud Based), Type (Integrated, and Standalone), End User (Healthcare Payers, Providers) – Global Forecast to 2023″ The key factors driving the growth of this market are increasing patient volumes, expanding health insurance market, growing importance of denials management, and declining reimbursement rates.

By type, integrated solutions are expected to account for the largest share of the market in 2018

On the basis of type, the healthcare claims management market is broadly segmented into integrated solutions and standalone solutions. In 2018, the integrated solutions segment is expected to account for the largest share of this market. The high growth in this segment can be attributed to increasing demand for integrated solutions, which play an integral role in improving process efficiency and reducing costs.

By end user, the healthcare payers segment is expected to command the largest share of the market in 2018

On the basis of end user, the market has been segmented into healthcare payers, healthcare providers, and other end users. The payers segment is expected to command the largest share of the market in 2018. The large share of this segment can be attributed to the mandate for insurance companies to meet the regulatory requirements and reduce unnecessary penalties and punishments.

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North America to dominate the market in 2018

North America is expected to account for the largest share of the healthcare claims management market in 2018, followed by Europe. The large share of North America can be attributed to the high and growing HCIT investments in the region and the presence of regulatory mandates favoring the implementation of healthcare claims management solutions. Also, several major global players are based in the US, owing to which the US has become a center for innovation in the healthcare claims management solutions market.

Cerner Corporation (US), McKesson Corporation (US), athenahealth (US), eClinicalWorks (US), Optum, Inc, (US), Conifer Health Solutions (US), and nThrive (US) are the key players in the healthcare claims management solutions market. Other players involved in this market are DST Systems (US), Cognizant Technology Solutions (US), Allscripts Healthcare Solutions, Inc. (US), Context 4 Healthcare (US), Health Solutions Plus (US), GE Healthcare (US), RAM Technologies (US), Quest Diagnostics (US), The SSI Group (US), PLEXIS Healthcare Systems (US), and GeBBS Healthcare Solutions (US).

Product deployments, product launches, & approvals; acquisitions; and partnerships, agreements, and collaborations were the key strategies adopted by key players between 2015 and 2018. The players that adopted these strategies are Cerner Corporation (US), McKesson Corporation (US), athenahealth (US), eClinicalWorks (US), Optum, Inc, (US), Conifer Health Solutions (US), and nThrive (US).

athenahealth is one of the major players in the global healthcare claims management market. The company focuses on product deployments, partnerships, and acquisitions to expand its business operations. athenahealth also offers qualitative software tools by adopting advanced technologies. In line with this strategy, athenahealth deployed its products at several universities, medical centers, and non-profit organization to enhance its capabilities and competency in the healthcare claim management market.

Cerner is another major player in the global healthcare claims management. The company caters to the healthcare technology and financial management needs of its global customers. Cerner focuses on research and development activities, product deployments, and acquisitions to enhance its market presence. For instance, in the past three years, the company deployed more than 15 healthcare claims management solutions across various hospitals, care centers, and medical centers. The acquisition of Siemens Health Services in January 2015 further strengthened its healthcare claim management portfolio.

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