The medical claims management solutions market is segmented on the basis of product, deployment, component and geography. Based on product, the global industry is further divided into standalone claim management system and integrated claim management system.
Based on deployment the market is further divided into cloud based, web based and on-premise based deployments. Since the web-based deployment accounts for a variety of claims systems, it holds the largest share in the global market.
On the basis of component, the medical claims management solutions market is divided into services, hardware, and software. Software is the highest revenue contributor to the medical claims management solutions market, owing to increasing adoption of advanced claims management software by healthcare payers to facilitate easy, accurate, and faster processing of claims.
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According to the National Health Insurer Report Card published in 2011 by American Medical Association (AMA), around $17 billion a year (on an average) could be saved by eliminating errors in claims. Automation reduces the paper storage and document retrieval costs while complying with regulatory standards such as Health Insurance Portability and Accountability Act (HIPAA). Health insurance payers invest in their claims management systems to gain interoperability and faster release of new insurance claims, in addition to, improving efficiency of claims processing.
North America and Europe together hold a significant share of the medical claims management solutions market, due to the increased use of software and hardware for processing claims and presence of top insurance companies in these regions. The North American medical claims management solutions market size accounted for the largest share of the global market in 2016, and is expected to maintain its position during the forecast period (2017-2023).
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The major players in the medical claims management solutions market include IBM Corporation, Cerner Corporation, Oracle Corporation, Avaya Inc., Genpact Limited, Cognizant Technology Solutions Corporation, Accenture PLC, Allscripts Healthcare Solutions, Inc., Athenahealth Inc., Aspect Software Inc., and Infor Inc.
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