The Global Healthcare Claims Management Market is expected to register a CAGR of nearly 5.1% during the forecast period 2018-2023.
Denial of claims by insurers are very common and is the main cause for revenue loss for many healthcare providers. On first submission more than 30% of the healthcare claims are denied. Most hospitals fail to resubmit the claims.
Denials Management has an important role to play in hospital revenue generation. Most hospitals are now dependent on third party providers for denials management service as they lack the expert knowledge and the time to manage the reimbursement process. Third party providers with dedicated and skilled professionals are able to handle the denied claim and resubmit them. With their expertise these providers are able to increase the cash flow of their clients which were otherwise neglected by the hospitals to resubmit the denied claims.
It is estimated that over 90% of the claim denials can be prevented with support from providers who have systems and knowledge experts in this field. Denials management team maximize revenue collection by understanding the cause for claim denial along with helping the hospitals provide better patient satisfaction. These teams have become back bone for hospitals as they have rich experience in appealing to insurer for approval as per their filing process, thus contributing to the growth of healthcare claims management market.
Other factors that drive this market include government initiatives supporting health insurance market and growing aging population with chronic diseases.
Patient Data Privacy and Security Concerns
The US is the Chief Region for the Healthcare Claims Management Market
Major Market Developments
McKesson Corporation completed the previously announced acquisition of Medical Specialties Distributors.
Gebbs Healthcare Solutions
Health Solutions Plus
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