According to Transparency Market Research, the global technology
spending on core administration in healthcare market sector will
exhibit a 5.7% CAGR over the period between 2016 and 2024, rising
from US$25,900 mn in 2015 to US$42,317 mn by 2024.
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Rising convergence of a variety of digital platforms for managing and
processing the ever-expanding healthcare data, continuously changing
healthcare reimbursement reforms and regulations, and digitally
empowered consumers are collectively making the healthcare
administration space increasingly complex. While at one point cost
competition is at the peak in the healthcare industry, payers
(insurance agencies) are pressing healthcare providers to switch from
a volume-based (payment for service) to a value-based reimbursement
module (payment for value).
By requiring that healthcare providers deliver services at lowest
costs to patients, value-based reimbursement modules entail more
financial risks for providers and critically necessitate the
effective management of core administrative processes to cut costs.
The situation demands a robust IT infrastructure and an integrated
platform wherein the payers can streamline workflows for provider
contracting and engagement. In the next few years, the increased need
for such platforms will emerge as one of the key drivers of
technology spending on core administration in the healthcare sector.
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Of the key end users of core administration solutions in the
healthcare industry, the payers segment accounted for over 88% of the
overall market in 2015 and is expected to remain the key driver of
technology spending on core administration in the healthcare industry
throughout the forecast period. Geographically, North America
dominated, accounted for over 50% of the overall funds spent on
enabling technologically advanced core administration solutions in
the healthcare industry in 2015. The trend is expected to remain
strong over the forecast period as well.
However, the overall global spending on technology for core
administration in the healthcare sector is expected to be negatively
impacted due to factors such as the presence of outdated technology
and applications across several data collection and delivery nodes,
continuously changing healthcare reforms, and ever-changing ways of
financial transactions.
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The inability of healthcare professionals in using complex or
time-consuming features in technologically advanced digital
healthcare applications is another key factor deterring the adoption
of IT solutions for managing core administrative processes in the
healthcare sector. The use of IT solutions by health professionals is
growing at a steady pace globally, but it is not uniform. A
substantial gap exists between the numbers of providers, which is
relatively small presently, the number of consumers who actively use
the Internet for any purpose, which is on rise at a rapid pace, and
the much larger group of patients and healthcare providers that has
not used it or cannot use it.
The field of core administration solutions for the healthcare
industry is highly fragmented owing to the presence of a large number
of established players offering hardware, software, and services,
says Transparency Market Research in a recent report. Considering the
vast growth opportunities in developing regions such as India,
Brazil, and China, players are focusing on diversification
opportunities across these countries through mergers, acquisitions,
and consolidation practices. To encash the vast growth opportunities
in the core administration segment in the healthcare industry, owing
to various government norms like Obamacare or Affordable Care Act
(ACA), competitors are also focusing on extensive product development
to offer differentiated services.
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