Expected Revenue Growth:
The global healthcare claims management market is projected to reach USD 13.93 billion by 2023 from an estimated USD 10.77 billion in 2018, at a CAGR of 5.3%. The healthcare claims management market is rapidly emerging with many regional as well as international companies.
Players in this market compete with each other to deploy claims management solutions which are of superior quality. In 2017, the healthcare claims management market was dominated by a few large players, namely, Cerner Corporation (US), McKesson Corporation (US), athenahealth (US), eClinicalWorks (US), Optum, Inc, (US), Conifer Health Solutions (US), and nThrive (US).
Product deployments, product launches, & approvals; acquisitions; and partnerships, agreements, and collaborations were the key strategies adopted by key players between 2015 and 2018. The players that adopted these strategies are Cerner Corporation (US), McKesson Corporation (US), athenahealth (US), eClinicalWorks (US), Optum, Inc, (US), Conifer Health Solutions (US), and nThrive (US).
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athenahealth is one of the major players in the global healthcare claims management market. The company focuses on product deployments, partnerships, and acquisitions to expand its business operations. athenahealth also offers qualitative software tools by adopting advanced technologies. In line with this strategy, athenahealth deployed its products at several universities, medical centers, and non-profit organization to enhance its capabilities and competency in the healthcare claim management market.
For instance, in 2016, Michigan State University’s (MSU) HealthTeam (US), a multispecialty faculty group deployed athenahealth’s athenaOne suite with an aim to support HealthTeams 260 providers. Moreover, in 2015, The Florida Cancer Specialists & Research Institute (FCS) (US), a privately held medical oncology/hematology clinic deployed athenahealth’s athenaCollector revenue cycle and practice management services with an aim to reduce work and improve financial results.
Cerner is another major player in the global healthcare claims management. The company caters to the healthcare technology and financial management needs of its global customers. Cerner focuses on research and development activities, product deployments, and acquisitions to enhance its market presence. For instance, in the past three years, the company deployed more than 15 healthcare claims management solutions across various hospitals, care centers, and medical centers. The acquisition of Siemens Health Services in January 2015 further strengthened its healthcare claim management portfolio.
Some of the other players competing in this market are DST Systems (US), Cognizant Technology Solutions (US), Allscripts Healthcare Solutions, Inc. (US), Context 4 Healthcare (US), Health Solutions Plus (US), GE Healthcare (US), RAM Technologies (US), Quest Diagnostics (US), The SSI Group (US), PLEXIS Healthcare Systems (US), and GeBBS Healthcare Solutions (US).
North America to dominate the market in 2018
North America is expected to account for the largest share of the healthcare claims management market in 2018, followed by Europe. The large share of North America can be attributed to the high and growing HCIT investments in the region and the presence of regulatory mandates favoring the implementation of healthcare claims management solutions. Also, several major global players are based in the US, owing to which the US has become a center for innovation in the healthcare claims management solutions market.
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