What is Healthcare Financial Analytics?
Financial analytics and business intelligence tools are data analytics tools, including revenue cycle management, fraud detection, risk adjustment, and claim processing. As hospitals and physicians deeper into value-based care and risk-based reimbursements, actionable insights from the financial side of their organizations, financial analytics tools are widely used in various hospitals, clinics, rehabilitation centers, and other healthcare facilities. In recent times, rapidly changing technologies and innovations have created a positive impact on the healthcare financial analytics market.
The market study is broken down, by Application (Revenue Cycle Management, Risk Management, Claim Management and Others) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analysts at AMA Research estimates that Players from United States will contribute to the maximum growth of Global Healthcare Financial Analytics market throughout the predicted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM (United States), Oracle Corporation (United States), Cerner (United States), McKesson Corporation (United States), Health Catalyst (United States), Optum (United States), Allscripts (Unite States), Vizient, Inc. (United States), Sutherland (United States), Sisense (United States) and Innovaccer (United States) are some of the key players that are part of study coverage.
AdvanceMarketAnalytics has segmented the market of Global Healthcare Financial Analytics market by Type, Application and Region.
On the basis of geography, the market of Healthcare Financial Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment, the sub-segment i.e. Cloud will boost the Healthcare Financial Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-user, the sub-segment i.e. Hospitals will boost the Healthcare Financial Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Type, the sub-segment i.e. Profit Oriented will boost the Healthcare Financial Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Software will boost the Healthcare Financial Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In January 2021, Optum announced the acquisition of Change Healthcare. The acquisition of Change Healthcare will bring software and data analytics, technology-enabled services and research, advisory, and revenue cycle management offerings to Optumís portfolio. With this acquisition, Optum will help streamline and inform the vital clinical, administrative, and payment processes on which healthcare providers and payers depend to serve patients.
In June 2018, Innovaccer, a San Francisco-based healthcare data platform company announced the launch of its financial analytics solution for hospitals and health systems. The new platform has been built on top of its cutting-edge healthcare data platform, InData, and will be a part of the analytics module, graph. It will gather data from disparate data sources including clinical, claims and billing, financial, and human resources management systems (HRMS) to deliver insights into financial performance.
- Growing Adoption of Cloud-based Software and Advanced Technologies like AI and Big Data Analytics
- Increasing Demand for Cutting-Edge Business Intelligence Solutions Solutions for Better Revenue Cycle Management and Reporting Hospital Financial Information
- High Adoption of Advanced Technologies in Developed Countries Due to Presence of a Large Number of Vendors in the Market
- Data Security Concerns Due to Rapidly Increasing Cyber-attacks in Healthcare Industry
- Slow Adoption of Healthcare Financial Analytics Software in Some Developing and Underdeveloped Countries and Lack of Skilled Staff
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Healthcare Financial Analytics Software Providers, Healthcare Financial Analytics Service Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-users and Others
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
Frequently Asked Questions (FAQ):
1. What all players are profiled in the study?
The standard version of the report profiles players such as IBM (United States), Oracle Corporation (United States), Cerner (United States), McKesson Corporation (United States), Health Catalyst (United States), Optum (United States), Allscripts (Unite States), Vizient, Inc. (United States), Sutherland (United States), Sisense (United States) and Innovaccer (United States) etc.
2. Can we have customized study for Healthcare Financial Analytics Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. What would be the Market Size of Healthcare Financial Analytics Market by 2026?
Analysts at AMA estimates Healthcare Financial Analytics Market to reach USD Million by 2026.