Healthcare Claims Management Market - Major Factors Driving the Industry

Healthcare care claim is a system which includes pharmaceutical companies, pharmacies, medical equipment manufacturers, and medical care facilities. The healthcare medical claim industry is responsible for running a day-to-day basis relies on specialized professionals tasked and operations. This specialized task is known as medical claims process. The claim can also be processed from the most important parts of the healthcare system such as healthcare providers and medical insurance companies. Major claims are covered by the healthcare management system which provides facility or practices for the patient who can receive or billed for a product or service related to personal health. Healthcare providers include hospitals, private clinics, pharmacies, etc. that provides healthcare claim management facility for patients. New developments in pharmacological software and healthcare information technological approaches allow healthcare providers to obtain optimized medical services, which is paving the way for easy claiming facility for the patients.

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Increasing adoption of digital health products by health care providers, increasing government initiatives in providing funding, advanced practical sharing of effective clinical decision support interventions across health care settings, improved efficiency, cost benefits, and patient satisfaction offered by clinical decision support system are key factors driving the healthcare claims management market. In November 2016, the Ministry of Health and Prevention (MOHAP) of the UAE renewed and expanded its strategic alignment with Cerner Corporation for the continued implementation of its Wareed project, an enterprise-wide health care IT system. In September 2016, Wise Health System selected Allscripts Sunrise and CareInMotion to improve patient care and population health, the partnership of companies is an important factor which can drive the healthcare claims management market in near future. The adoption of digital health and facility in healthcare claim management system reduces the complex revenue cycle challenges. It helps to understand importance of patient satisfaction, even during the financial exchange for their care. Patient satisfaction, minimizing patient complaints, and providing the same high-quality services are few factors which is likely to fuel the healthcare claim management market. However, factors such as software inaccuracy, and presence of low regulatory mandates are expected to hamper the healthcare claims management market.

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The global healthcare claims management market can be segmented based on type, delivery mode, components, end-user, and region. In terms of type, the market can be classified into integrated and standalone. In terms of delivery mode, the market can be classified into on-premise, cloud based, and others. In terms of component, the market can be divided into software and services. Integrated solution is a rapidly expanding segment owing to the increase in improving process efficiency and reducing costs, globally. In terms of end-user, the market can be segregated into healthcare payers, healthcare providers, and other. In terms of region, the healthcare claims management market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

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Geographically, North America dominates the global healthcare claims management market due to the increase in funding for the development of research and health care infrastructure. Rising investment in healthcare IT and partnership with key players for software development are driving the segments growth, which in turn is expected to boost the healthcare claims management market in North America. Europe is the second largest market for healthcare claim management market, as there are favorable government policies regarding the development of health care infrastructure and IT companies. The healthcare claims management market in Asia Pacific is expected to expand at a high growth rate during the forecast period due to rising population, changing lifestyle, increasing awareness among patients, and rising per capita expenditure. Additionally, the economic growth in India and China is supporting the health care infrastructure as well as healthcare IT systems to collaborate with pharmaceutical companies and biotech labs to develop new strategy for healthcare claim facility. Moreover, this type of enhancing facilities is likely to fuel the growth rate of healthcare claims management market in Asia Pacific region in near future.

Major players operating in the global healthcare claims management market include Cerner Corporation, McKesson Corporation, Optum, Inc, Context 4 Healthcare, Quest Diagnostics, GE Healthcare, Conifer Health Solutions, nThrive and others.