Market Scenario
Global healthcare claims management market is expected to grow significantly over the forecast period. It is estimated that the global healthcare claims processing market is expected to register a CAGR ~ 5.37% during the forecast period of 2018–2023. Healthcare claims management process comprises of various tasks such as organization, billing, filling, updating, and processing of medical claims related to the diagnosis, treatment, and medication of patients.
The global market is driven by factors such as increase in ageing population, rise in incidence of chronic diseases, improved focus on healthcare quality services and advent of innovative treatments & technologies.
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Factors such as increasing concerns regarding the patient data safety and security limit and data breaches and loss of confidentiality, lack of skilled IT professionals in healthcare are restraining the growth of medical claims management solutions market. According to the National Health Insurer Report Card published in 2011 by American Medical Association (AMA), around $17 billion a year (on an average) could be saved by eliminating errors in claims.
Segmentation
The global healthcare claims management market has been segmented into component, delivery mode type and end-user. The market, based on component, has been segmented into software and services. The market, by delivery mode, has been segmented into on-premise and cloud based. The market, by type, has been segmented into integrated and standalone. The market, by end-user has been segmented into healthcare payers and providers.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The healthcare claims management market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada. The European healthcare claims management market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The healthcare claims management market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The healthcare claims management market in the Middle East & Africa has been segmented into the Middle East and Africa.
Key players
Cerner Corporation (US), McKesson Corporation (US), Athenahealth (US), eClinicalWorks (US), Optum, Inc. (US), Conifer Health Solutions (US), nThrive (US), Avaya Inc. (USA), Oracle Corporation (US), Infor Inc. (US), Allscripts Healthcare Solutions, Inc. (US), Accenture plc. (Ireland), IBM Corporation (US), Cognizant Technology Solutions Corporation (US) and Genpact Limited (US) are some of the key players in the global healthcare claims management market.
Regional Market Summary
Geographically, the Americas is expected to dominate the global healthcare claims management market due to the growing HCIT investments in the region and the presence of regulatory mandates favouring the implementation of healthcare claims management solutions.
Europe is expected to hold the second largest position in the global healthcare claims management market. The market growth in this region is because of the rise in prevalence of chronic diseases, presence of well-established healthcare system and increase in insurance coverage.
Asia-Pacific is estimated to be the fastest growing region in the market due to the improved healthcare infrastructure and increasing geriatric population.
On the other hand, the Middle East & Africa has the least share of the market. This is due to low technological advancements in the field of healthcare IT.
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