Healthcare Provider Network Management Market size is forecast to reach $3.98 billion by 2025, growing at a CAGR of 11.6% during the forecast period 2020-2025. Healthcare Provider Network Management effectively and efficiently helps health plans and payers improve provider network management using a modular platform for contracting, service inquiry, documentation, and data management. Facilities and solutions are being mastered through the use of cloud computing, big data analytics, and advanced communication and networking to address the prevalent challenges within the industry. Growing focus on optimization in the medical costs, service inquiry and patients care plans, increasing focus on federal mandates in the U.S. and growing focus on improving quality of care through the effective use of payer reporting requirements are driving the market growth in recent years. In addition, major market development of key players like Ayasdi AI are additional factors driving the growth of the market.
Component – Segment Analysis
Provider Network Management Platforms/Software held the largest share in the component segment of Healthcare Provider Network Management Market in 2019, and are estimated to grow at a CAGR of 12.5% during the forecast period 2020-2025. Management Software’s help to finance organizations to manage a provider’s network with superior efficiency for optimum financial results, process claims with more accuracy which reduces errors and cost, and improve provider satisfaction. There is a significant increase in R&D activity and technological advancement in Healthcare Provider Network Managements Software, and more number of key players investing in it in recent years have driven the market growth in the upcoming years. Provider Network Management Services is set to continue to be the fastest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025. Increasing applications of network management solutions across enterprises and service providers, and integration and deployment services is set to drive the market growth in the upcoming years.
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End Use – Segment Analysis
Service Providers held the major share in the end use segment of Healthcare Provider Network Management Market in 2019. Healthcare organizations are focusing on ways to increase interoperability, improve communication, and streamline operations in order to deliver the best possible care at the best price for members. Managing provider and network services has always been an important piece of health plan operations. In recent years, health plans by service providers have been re-imagining their provider relationships as a strategic way to improve their care delivery and member outcomes. This has led to considerable increase in market growth of the segment in recent years. Service providers are forecast to continue growing at the fastest rate with the highest CAGR during the forecast period 2020-2025, owing to increasing investments in research and development of improvement in areas lacking proper innovation for service providers.
Geography – Segment Analysis
North America dominated the geography segment of Healthcare Provider Network Management Market with a share of more than 43.6% in 2019, followed by Europe. Rapid growth of health insurances coverage according to the Patient Protection and Affordable Act (PPACA) in the U.S., increasing focus on reducing healthcare costs, and the rapid growth of the IT industry in the region are helping in significant market growth in the region. Europe held the second place in the geography segment share of the market. In Europe, presence of large number of IT hub cities and launch of various IT service solutions in recent years in the region have helped in significant market growth in the region.
Asia-Pacific is estimated to grow at the fastest rate at a higher CAGR during the forecast period 2020-2025. This is owing gradual penetration of IT solutions in the healthcare sector, demand of proper and quicker healthcare services in view of growing diseases and health problems in the region, and entry of new investment firms.
Drivers – Healthcare Provider Network Management Market
Growing focus on federal mandates in the U.S.
Over time, the American public has become increasingly accepting of government activism in domestic affairs generally, and of federal government intervention in medical services. Federalism scholars attribute this increased acceptance of, and sometimes demand for the network solutions in healthcare provider management systems. This is set to drive the market growth in the forecast years 2020-2025.
Growing focus on improving effective use of payer reporting requirements
To obtain better value for investments made in health care, significant discussion has emerged on how best to align economic and health incentives to achieve these goals. With the passing years, there is an increase in the number of healthcare policies by the federal policies. New investments are made for the proper management of healthcare services management by key market players. This is set to help in market growth during the forecast period 2020-2025.
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Challenges – Healthcare Provider Network Management Market
Difficulties in managing the quality of care among the entire network of providers
High quality of care costs money, but additional amounts of money not necessarily guarantee either better quality of care or improved health. Consequently, if it is not known when additional expenditures is set to bring no further benefits, then when cost controls is set to threaten patient well-being or harm quality of care cannot be understood or well distributed. This is poised to gradually strain the quality management for Healthcare Provider Network Management in this market. Thus, it is anticipated to hamper the market growth during the forecast period 2020-2025.
Healthcare Provider Network Management Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Healthcare Provider Network Management Market. In 2019, Healthcare Provider Network Management Market share is consolidated by the top players present in the market. Healthcare Provider Network Management Market top 10 companies are Trizetto Corporation, Ayasdi, Inc., Mckesson Corporation, Optum, Inc., Genpact Limited, Infosys BPO, Ltd., Syntel, Inc., Mphasis Limited, Vestica Healthcare, LLC , and Aldera, Inc. among others.
In September 2019, Ayasdi AI announced the launch of Ayasdi AML, an advanced anti-money laundering (AML) solution that significantly boosts efforts to combat fraudulent money laundering schemes.
In september 2019, UnitedHealth Group announced its plans to link its network of of physicians in its population health management and care delivery business, OptumHealth, with insights it gleans from its data analytics business, OptumInsights.
Related Reports :
A. Healthcare Payer Services Market
B. Healthcare BPO Market
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