The global Healthcare Claims Management market is anticipated to grow at a CAGR of 5.2% during the forecast period (2023-2030). As the global population grows and ages, the number of people seeking healthcare services is also increasing. Hence the market demand for better and improved system is rising and market players are focusing on introducing new software in the market. For instance, In April 2023, Google Cloud announced a new AI-enabled Claims Acceleration Suite that streamlines health insurance prior authorization and claims processing. The solution, leveraging the newly created Claims Data Activator, will help health plans and providers reduce administrative burdens and costs by converting unstructured data into structured data, enabling experts to make faster, more informed decisions that improve patient care. AI-enabled prior authorization is available to Google Cloud customers, and other features of the Claims Acceleration Suite will be available soon. The current prior authorization process takes 10 days on average, according to the Centers for Medicare & Medicaid Services (CMS). During this process, healthcare providers check the benefit coverage of their patients to see if prior authorization is required for a recommended procedure, medication or device, and submit the supporting information required.
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Healthcare denials are becoming increasingly common, as payers are becoming more scrutiny of claims, according to a report KFF health, In May 2023, Millions of Americans in the past few years have run into this experience, filing a health care insurance claim that once might have been paid immediately but instead is just as quickly denied. If the experience and the insurer’s explanation often seem arbitrary and absurd, that might be because companies appear increasingly likely to employ computer algorithms or people with little relevant experience to issue rapid-fire denials of claims sometimes bundles at a time without reviewing the patient’s medical chart.
Market Coverage
- The market number available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
- Segment Covered-
o By Component
o By Type
o By Delivery Mode
o By End User
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- includes, Accenture plc., CareCloud, Cerner Corp, Cognizant Technology Solutions Corp, Conifer Health Solutions, eClinicalWorks, Genpact Limited, IBM Corp, McKesson Corp, Optum, Inc, Oracle Corp, and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Healthcare Claims Management Market Report Segment
By Component
- Software
- Services
By Type
- Integrated Solutions
- Standalone Solutions
By Delivery Mode
- On-premise
- Cloud-based
By End User
- Healthcare Payers
- Healthcare Providers
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Global Healthcare Claims Management Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
Company Profiles
- Accenture plc.
- CareCloud
- Cognizant Technology Solutions Corp
- Conifer Health Solutions
- eClinicalWorks
- Genpact Limited
- Kareo
- McKesson Corp
- Optum, Inc
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