Financial analytics is expected to become the next major area of investment for healthcare providers and payers in the coming years. The financial analytics are required for claims processing; revenue cycle management (RCM); payment integrity and fraud, waste, and abuse (FWA); risk adjustment; and risk assessment. It generally works with the help of sophisticated software technology and specialized billing knowledge to keep track of the claims processed and revenue collected.
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Healthcare Financial Analytics empower hospital and CFOs by providing the complete picture of profitability from various service lines - outpatient services, surgery, or labs - as well as by the doctor, or by practice. It provides the data that helps the company to make better investment decisions based on concrete costs and profits for common services. It also enables the company to better leverage their data for effective budgeting and forecasting.
Some of the major factors driving this market are the integration of big data in healthcare owing to the transition from paper charts to real-time monitoring systems, growing awareness of digital technologies, expansion of healthcare IT, technological investments, increasing investment from public and private organizations. Growing need for an effective financial management system in order to maximize claim conversion rate, reduce healthcare cost and to make the process faster will also drive the industry growth. Federal healthcare mandates, advancements in analytical technologies, digitalization of healthcare, personalized medicine will propel the growth further.
Some of the restraining factors this market faces are data security concerns, high initial investment, lack of proper trained IT professionals, lack of coordination among different departments and also among staff of the same department, lack of patient data confidentiality and transparency, lack of interoperability, functional gap between payers and providers, increase in governmental regulation, and reimbursement issues and poor workflow.
The various market segments can be derived on the basis of type, component, deployment and end-user.
On the Basis of Type:
Revenue cycle management
Risk management analytics
On the Basis of Component:
On the Basis of Deployment:
On the Basis of End-user:
Private organization (hospitals, physicians, clinics)
The market is segmented into North America, Europe, Asia Pacific and Rest of the World. U.S. market is expected to grow at the fastest rate due to presence of well-established healthcare infrastructure, increasing venture capital funding, acceptance of advanced technologies and widespread adoption of electronic health records across healthcare. The European market is expected to grow at a slightly lower rate mainly due to the economic crisis. The Asian market is fairly new to medical analytics; however, the increasing IT skills, outsourcing trend and healthcare IT adoption will force this market to emerge into fast-growing market in the future.
IBM, Optum Health, McKesson Corporation, Allscripts Healthcare Solutions, Cerner Corporation, Athena Health, Tenet Healthcare Corporation, GE Healthcare, Evolent Health, Mede Analytics, Oracle, Vitreos Health, SCIO Health
Report ContentsRegional AnalysisReport Highlights
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market - Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
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