Healthcare Claims Management Market Size by Investment to Reach USD 11.80 Billion by 2027 - Arizton

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Dec 06, 2021, 11:00 ET

CHICAGO, Dec. 6, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this healthcare claims management market report.

The healthcare claims management market is expected to grow at a CAGR of over 4.79% during the period 2021−2027.

Key Highlights Offered in the Report:

The global healthcare claims management market is anticipated to witness incremental and absolute growth of around USD 2.9 billion and more than 32.40%, respectively during the forecast period.
The software segment is expected to grow at the highest incremental and absolute of more than USD 2.05 billion and around 34% respectively during the forecast period.
Integrated segment is expected to grow at the highest incremental and absolute of about USD 1.85 billion and more than 34% respectively in the upcoming years.
Web & cloud-based segment is expected to grow at the highest incremental and absolute of more than USD 2.4 billion and around 35.7% respectively during the forecast period.
Healthcare providers segment is expected to grow at the highest incremental and absolute of more than USD 1.80 billion and around 31% respectively during the forecast period.

Key Offerings:

Market Size & Forecast by Revenue | 2021−2027
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by component, claim type, delivery mode, end-user, and geography
Competitive Landscape – 5 key vendors, and 47 other vendors are profiled in the report

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Healthcare Claim Management Market – Segmentation

Medical claims management software offers a wide range of features that can streamline and automate the healthcare claim processing workflow. With the rise in physician visits, the number of medical claims has witnessed a considerable surge and accelerated the demand for healthcare claims management systems.
Over the next decade, the medical insurance industry will continuously witness an evolution in health insurance products and processes. This trend to move the in-house claim function can also be easily adopted by many insurers, thereby creating a unique opportunity for claims management system vendors.
An integrated claims management solution includes workflow automation tools that can improve the claims handling process by driving informed decisions and productivity and contributing to rapid, cost-effective closure of claims.

Healthcare Claim Management Market by Component

Software
Services

Healthcare Claim Management Market by Type

Integrated
Standalone

Healthcare Claim Management Market by Delivery Mode

Web and cloud-based
On-premises

Healthcare Claim Management Market by End User

Healthcare payers
Healthcare providers

Healthcare Claim Management Market – Dynamics

The growing trends for increase in healthcare data over the years and merging data from multiple sources is pushing payers for greater digitization in healthcare claims management. The application of AI in the claims management process would at least increase one percentage in the reduction of false claims. The first estimate indicated that a mid-size German insurer had an additional savings of USD 600 million. In a long-term vision, digital solutions can cover all the steps in a medical claims management process as it is fully digital without human intervention. Moreover, the integration of e-prescribing in claims data can help in getting full information of the prescribed and unprescribed drugs required by a patient. Thereby, incorporating electronic health records and electronic prescribing software can increase the adoption of healthcare claims management solutions and contribute to market growth.

Key Drivers and Trends fueling Market Growth:

Growing Importance of Denials Management
Linking EHR & E-prescription with Claims Management
High Cost of Claims Processing & Lack of Skilled Professionals
Security Concerns & Data Privacy Issues

Healthcare Claim Management Market – Geography

North America is expected to dominate the global healthcare claims management market due to a rise in the number of patients with medical insurance, patient volume, and the adoption of EHRs and e-prescribing services. with the rise in the adoption of healthcare IT services, the adoption of claims management systems in Canada is likely to grow. With the COVID-19 outbreak, the number of Americans having some form of health insurance increased by 1.6 million, that helped in the rise in enrollment in government-sponsored healthcare plans, which in turn, is expected to fuel the demand for healthcare claim management market. In 2021, the Canadian healthcare claims management market was valued at USD 0.38 billion. The healthcare system in North America majorly relies on the government to provide healthcare services and insurance coverage, which is encouraging the government to upgrade technology and accelerating the growth of the market.

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Healthcare Claim Management Market by Geography

North America

US
Canada

Europe

Germany
UK
France
Italy
Spain

APAC

China
India
Japan
Australia
South Korea

Latin America

Brazil
Mexico
Argentina

Middle East and Africa

South Africa
Turkey
Saudi Arabia

Prominent Vendors

Cerner
McKesson Corporation
UnitedHealth Group
eClinicalWorks
Cegedim

Other Prominent Vendors

Advanced Billing
AdvancedMD
Allscripts Healthcare
Athenahealth
Availity
Bizmatics
Brightree
CareCloud
Clearwave
Cognizant
Comindware
Conduent
Conifer Health Solutions
DataGenix
eMD technologies
Epic Systems
Experian Information Solutions
Flatworld Solutions
GeBBS Healthcare Solutions
Genpact
Global Excel Management
Healix
IBM
Kareo
Majesco
Manorama Infosolutions
Milliman
Modernizing Medicine
Nextech Systems
NXGN Management
nThrive Revenue Systems
Damar Software
Oracle
OSP Labs
PayerFusion Holdings
Pegasystems
PLEXIS Healthcare Systems
Proclaim
Pulse Systems
SS&C Technologies
Quest Diagnostics
RAM Technologies
RXNT
SequelMed
SSI Group
TotalMD
Waystar

Explore our healthcare and lifesciences profile to know more about the industry.

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

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