From GlobeNewswire: 2024-11-11 09:00:00

The Healthcare Claims Management Market was valued at USD 15.01 Billion in 2023, projected to reach USD 24.93 Billion by 2032, with a CAGR of 5.85% from 2024 to 2032. Increasing complexity in medical claims processing and high patient volumes are driving growth, with generative AI technologies reducing loss-adjusting costs by 20-25%.

Advanced claims management systems are crucial due to soaring health expenditure. Automation through cloud-based and web-based technologies is in high demand, significantly speeding up claims processing with high accuracy levels. The expanded health insurance cover and reliance on AI and RPA are accelerating the need for more efficient claims management systems.

Rising healthcare expenditures in the U.S., with an average per capita spending of over USD 12,555 in 2022, are boosting demand for efficient claims management solutions. With more than 54% of Americans covered by work-based health insurance, there is a growing need for advanced technologies to streamline the processing of claims and reduce administrative burdens.

Government regulations and rising denials are driving the need for advanced claims management. Providers and payers are turning to sophisticated solutions to achieve compliance, especially with the shift to value-based care. Increased claims denials and longer reimbursement times emphasize the need for automation in claims management to optimize payments.

Medical billing dominated the healthcare claims management market share at 58% in 2023, supporting the reimbursement process. However, claims processing is expected to experience the highest growth of 6.65% between 2024 and 2032, as demand rises for technologies that combat claim denials, inefficiencies, and fraud, indicating a trend toward automation and smarter solutions.

Web-based solutions held a 48% revenue share in the healthcare claims management market in 2023 due to their scalability and ease of integration. Cloud-based systems are expected to see the most growth, driven by the need for better data security, remote access, and increased storage, appealing more to healthcare providers.

North America led the healthcare claims management market in 2023 with a 40% share, driven by its strong healthcare infrastructure and high technology adoption. Asia Pacific is showing rapid growth in the market, with a rising emphasis on digital healthcare solutions. The Asia Pacific region’s healthcare claims management market is projected to grow at a CAGR of 7.51% from 2024 to 2032 due to increased adoption of digital healthcare and expansion of healthcare networks in emerging markets like India and China. Solid government regulations and investments in health care innovation also contribute to the region’s growth.

Key developments in the healthcare claims management market include Oracle Health’s rollout of Oracle Health Clinical Data Exchange in 2024, aimed at automating medical claims and streamlining processes for faster payments. Conifer Health Solutions extended its contract with Dartmouth Health in 2024 to enhance revenue cycle management services and improve healthcare claims processing.

The market research report on healthcare claims management includes sections on market dynamics, statistical insights, competitive landscape, segmentation by product and component, regional analysis, company profiles, and more. Readers can gain deeper insights by speaking with expert analysts or requesting customization of research reports through the provided links.

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