The global healthcare reimbursement market has been witnessing an exciting growth outlook as the reimbursement scenario has been improving consistently across the various fast-growing economies.
Market Analysis in Brief
This study intends to analyse diverse aspects of the global healthcare reimbursement market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline. In 2021, the market reflected modest growth and per industry figures, it stood at over US$4 Tn in terms of value. According to preliminary study carried out by Fairfield Market Research, the market will continue to grow at a promising pace in the next eight years.
Key Report Findings
Rising Chronic Disease Prevalence, and Ascending Healthcare Spending
Increasing prevalence of chronic ailments continues to influence the growth of the healthcare reimbursement market. Chronic ailments such as cardiovascular disorders, cancers, diabetes, and respiratory diseases are one of the leading causes of death on the global front. For instance, as per Global Burden of Disease, the Institute for Health Metrics and Evaluation (IHME), death rate globally due to chronic ailments was high since past several years and is expected to increase going forward.
According to the report published by Global Burden of Disease, around 75% mortalities were registered in 2010 due to chronic diseases and this statistic increased to touch 79% in 2020 and is expected to further grow to cross 84% by end of 2030. This has led to an increase in the rate of hospital visits, medical checkups, and the need for advanced imaging techniques to carry out effective diagnosis. Consequently, rise in healthcare costs has resulted in increased economical burden on patients, thus fuelling the need for favorable reimbursement programs. Thus, rise in healthcare spending including costs of medicines, doctor consultation and medical examinations has complemented the growth of the healthcare reimbursement market.
The healthcare reimbursement space has faced the critical need to evolve with advancing technology over the recent past. From the patient facing tech to electronic health records (EHRs), the reimbursement, medical billing, and revenue cycle domains have witnessed advances in technology. The healthcare domain has been facing modern day challenges apropos to the significance of technology and its impact on healthcare reimbursement. By leveraging new-age technologies, healthcare leaders can better address challenges thus shaping the outlook of healthcare reimbursement market.
The poor healthcare reimbursement system can result in loss of revenue. Also, medical professionals face challenges with regards to payer policies and government regulations. Technological and digital revolutions have the potential to significantly transform the healthcare reimbursement space thus coping up with the regulatory challenges. For instance, automation of manual reimbursement is possible which considerably reduces errors, labor costs while avoiding denials of claims. Processing of claims in healthcare reimbursement can fasten medical billing process along with entire revenue cycle.
Technologies such as healthcare automation, revenue cycle management (RCM) in medical billing, integration of electronic health records with clearing houses, real time claims processing and online patient portal have transformed the healthcare reimbursement market. This has led to a shift in healthcare reimbursement model towards value-based care. Value-based care has played a vital role in motivating healthcare reimbursement providers to analyze and explore new quality solutions. This mainly is intended towards lowering healthcare expenses while improving patient health and patient success.
Recently, new trends in payment systems have been witnessed. These include prioritizing paperless billing, optimization of revenue cycle, contactless payment process and registration, stricter vigilance on security risks, and innovative payment plans. Thus, technological advances in the medical sector have embossed a positive fruitful impact on the growth of the healthcare reimbursement market.
Overview of Key Segments
Hospitals Remain the Largest Revenue Contributors
With respect to service providers of healthcare reimbursement, hospitals accounted for a major share in the market and are expected to maintain status quo in the forthcoming years. This can be attributed towards increased surgical procedures, growing patient pool affected by chronic ailments and rising geriatric population worldwide.
On the other hand, diagnostic labs and physician office as service providers are also gaining traction in the healthcare reimbursement market. This is mainly owing to increased norms and reforms of governments regarding adoption of improved healthcare infrastructure, apart from rising patient footfall in private physician offices. This is expected to complement the revenue growth of the market in the forthcoming years.
Growth Opportunities Across Regions
North America Poised to Slate Dominance
The healthcare reimbursement market in North America is likely to witness an unprecedented revenue growth in the years to follow. The presence of robust reimbursement framework coupled with increasing presence of insurance companies remains instrumental in driving the growth of market in the region.
Furthermore, being a technology-led region, the healthcare reimbursement scenario in North America has been transforming and is shifting towards a value-based system than volume-based. This is expected to augur well for the market in the region. Also, rising geriatric population and growing burden of chronic ailments continue to complement the healthcare reimbursement market growth in North America.
As per the National Center for Chronic Disease Prevention and Health Promotion, about 4 in 10 individuals in the United States suffer from minimum two chronic ailments and around 6 in 10 individuals live with one chronic disease. This has resulted in increased healthcare burden, in turn fueling the growth of the region’s healthcare reimbursement industry.
Healthcare Reimbursement Market: Competitive Landscape
A few of the major players in the healthcare reimbursement market include United Health Group, Allianz, Nippon Life Insurance, Aviva, CVS Health, The Blue Cross Blue Shield Association, Agile Health Insurance, Aetna, Wellcare, BNP Paribas, and Centern Corporation.
Regional Classification of the Global Healthcare Reimbursement Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Healthcare Reimbursement Market
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