The Healthcare Reimbursement Market size is forecast to reach $26.8 billion by 2026, growing at a CAGR of 11.8% during the forecast period 2021-2026. The payment received by hospitals, diagnostic facilities, doctors, and other healthcare providers to provide medical services to the patients is healthcare reimbursement. It is provided based on the quality, complexity, and quantity of healthcare service provided. Hospitals and physicians are paid based on the quality of their services provided and not on the volume. Growing healthcare burden and favourable regulatory policies are the major factors driving the growth of the market. Growing patient volume along with the increased cost of prescription medicine and persistent increase in the cost of healthcare are set to further enhance the overall market demand for the Healthcare Reimbursement Market for the period 2021-2026.
Healthcare Reimbursement Market Segment Analysis – By Payers
Private players held the largest share in the Healthcare Reimbursement Market in 2020 and are estimated to grow at a CAGR 14.6% during the forecast period 2021-2026. This is attributed to the fact that a large number of private players are present in the market. Private health coverage is provided in the U.S. by more than 125 health insurance companies. In the U.S. Healthcare reform legislation intended to increase affordability according to the Affordable Care Act is effective since 2014. Incentives are provided for employers to provide health insurance and require people, who are not covered by government and employer insurance companies to purchase private health insurance. Private Payers is set to be the highest growing segment and is estimated to register the highest CAGR over the period 2021-2026.
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Healthcare Reimbursement Market Segment Analysis – By Service Providers
Hospitals held the largest share in the Healthcare Reimbursement Market in 2020 and are estimated to grow at a CAGR 12.3% during the forecast period 2021-2026. This is attributed to the rising number of surgeries along with the increasing geriatric population, a large population generates more bargaining power by merging hospital segments to escalate reimbursement. Hospitals are paid based on diagnosis-related groups which represent a fixed amount for every hospital stay. They make a profit by treating a patient and spending less compared to the diagnosis-related group and when they spend more than it to treat patients, they lose money. Owing to the growing patient pool along with increasing government reforms about the adoption of advanced healthcare infrastructure is increasing the growth of the physician office. Physician Office is set to be the highest growing segment and is estimated to register the highest CAGR over the period 2021-2026.
Healthcare Reimbursement Market Segment Analysis – By Geography
North America dominated the Healthcare Reimbursement Market with a major share of 56.8% in 2020. This is attributed to the presence of a strong reimbursement framework and a large number of insurance players. Rising chronic diseases, such as cardiovascular disease, respiratory diseases, and others are also increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increase in private and public healthcare analytics and expenditure along with the high economic development and penetration of insurance services in rural and urban areas.
Healthcare Reimbursement Market Drivers
Innovations and Advancements in Technologies
Innovations and advancements in technologies are increasing the growth of the Healthcare Reimbursement Market. Online patient portals help electronic medical record especially to boost patient collections significantly and the portal allows a patient to access their account and pay a bill immediately and maintain their personal health record. Paying bills online not only cuts down on postage and envelopes but also saves both patient and provider money and preserves massive amounts of labor time. Real-time claims management processing is increasing owing to technological advancements. Thus, increasing the growth of the Healthcare Reimbursement Market during the forecast period 2021-2026.
Increasing Prevalence of Chronic Diseases
The increasing prevalence of chronic diseases is increasing the growth of the Healthcare Reimbursement Market. Chronic diseases affect 133 Million Americans that represent more than 40% of the total population of the country and is projected to grow to 157 Million, with 81 Million people having multiple conditions. Increasing cancer treatment awareness, routine medical check-ups, and advanced digital imaging techniques have enhanced the effectiveness and efficiencies of healthcare reimbursement solutions. Early detection of chronic diseases is possible owing to the easy integration with various imaging equipment and has applications in research and development activities. Healthcare Reimbursement is also boosted by medical tourism along with the gradual increase in demand for health insurance. Thus, increasing the growth of the Healthcare Reimbursement Market during the forecast period 2021-2026.
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Healthcare Reimbursement Market Challenges
Fraud Related to Federal and State Government Health Care Program
Some of the factors that are set to impede the growth of the X-ray Systems Market are the fraud related to federal and state government healthcare programs. Complications owing to the presence of a complex framework and degraded quality of care being provided to patients is set to hinder the growth of the market.
Healthcare Reimbursement Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Healthcare Reimbursement Market. In 2020, the Healthcare Reimbursement Market share is consolidated by the top ten players present in the market. Healthcare Reimbursement Market, top 10 companies are United Health Group, Aviva, Alliance, CVS Health, BNP Paribas, Aetna, Nippon Life Insurance, Agile Health Insurance, Centern Corporation, and The Blue Cross Blue Shield Association among others.
In September 2019, Nippon Life Insurance of Japan acquired 75 percent stake in Reliance Nippon Life Asset Management.
In March 2019, Centern Corporation acquired WellCare amounting to $17.3 Billion to establish premier organization providing government-sponsored healthcare programs.
North America dominated the Healthcare Reimbursement Market in 2020 owing to the presence of a strong reimbursement framework and a large number of insurance players. The Healthcare Reimbursement Market scope for different regions will be provided in the final report.
An increase in the cost of healthcare and the rising prevalence of chronic diseases are likely to aid the market growth of the Healthcare Reimbursement Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Healthcare Reimbursement Market report.
Fraud related to federal and state government health care programs is poised to create hurdles for the Healthcare Reimbursement Market.
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