Healthcare Claims Management Market to be Worth $136.67 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, July 28, 2022 /PRNewswire/ -- The global healthcare claims management market size is expected to reach USD 136.67 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 23.4% from 2022 to 2030. The rising complexity of claims administration and the medical billing process is one of the most immediate concerns confronting health insurance companies and other private payers. The capacity to digitize every stage of the claims process, implying process improvement, from data entry to claims management and billing processing, holds enormous promise for increasing medical billing and claims management efficiency and accuracy. When done correctly, the result may be cheaper expenses and a better customer experience. Thus, improvements to the overall healthcare organization's process are expected to propel industry growth
Key Industry Insights & Findings from the report:
Read 150-page full market research report, "Healthcare Claims Management Market Size, Share & Trends Analysis Report By Product (Medical Billing, Claims Processing), By Component, By Solution Type, By Deployment Mode, By End-use, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Healthcare Claims Managemnt Market Growth & Trends
Furthermore, the growing importance of denial management is expected to further boost industry growth. According to a Kaiser Family Foundation recent analysis, around 17% of in-network claims were refused across HealthCare.gov issuers in 2019 and approximately 14% were denied in 2018. Specific issuer rates differed greatly from these averages. As a result, financial strategists who are truly focused on the transition from volume to value undervalue it. This is a mistake since dealing with rejections is as important now as it was decades ago.
The global COVID-19 pandemic has had a mixed impact on the overall market. Furthermore, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was designed in developed countries such as the U.S. to provide healthcare resources required to combat COVID-19. The CARES Act incorporated medical billing rules, which increased claim denials and their management. This will further boost the overall market for medical billing and healthcare claims management.
Despite the expected rise in the market, there have been rising concerns in terms of data privacy. For instance, modern technologies such as cloud, mobile, and next-generation databases are increasingly being used to manage, store, and retrieve such claims data as technology advances. These elements have conspired to form healthcare data security an ongoing concern for the overall healthcare industry. To guarantee that patients have the data protection they need and deserve, rules and regulations governing healthcare data are always evolving.
Due to the clear nascent nature of technology innovation in the medical billing and claims processing market, the share is widely distributed across various competitors. This is bolstered by the fact that a large number of businesses have joined the market due to the minimum capital requirements for establishing and maintaining technological infrastructure. However, there has been a reduced risk of entry to some extent due to the complexity in the healthcare medical billing and claims processing market dynamics.
Larger, established players and well-known players have a credibility advantage, which reduces the threat of entry from smaller, less established players with minimal IT experience in healthcare. However, due to the expanding number of advanced solution providers, such as CareCloud, Inc., and AdvancedMD, who are increasingly focusing on lowering claim denial rates and improving the medical billing rates, the industry is set to experience a higher new entrant rate
Healthcare Claims Management Market Segmentation
Grand View Research has segmented the global healthcare claims management market by product, component, solution type, deployment mode, end-use, and region:
Healthcare Claims Management Market - Product Outlook (Revenue, USD Million, 2017 - 2030)
Healthcare Claims Management Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
Healthcare Claims Management Market - Solution Type Outlook (Revenue, USD Million, 2017 - 2030)
Healthcare Claims Management Market - Deployment Mode Outlook (Revenue, USD Million, 2017 - 2030)
Healthcare Claims Management Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)
Healthcare Claims Management Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players in the Healthcare Claims Management Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.