Healthcare provider network management allows insurance providers to effectively handle provider network to derive accurate financial response, fasten claim processing and improve user experience
Covid-19 Impact & Market Status
COVID-19 occurred in December 2019 in Wuhan, China, and has quickly spread around the globe since then. The United States, India, Brazil, Russia, France, the United Kingdom, Turkey, Italy, and Spain are among the scariest countries in terms of reported cases and confirmed deaths. Visible market disruptions have emerged owing to dents in the vendor landscape and supplychain developments.
During the pandemic, the healthcare provider network management did an outstanding job of managing the crisis. The implementation of provider network management solutions is critical for healthcare insurance providers since it aids in the management of claims with higher accuracy, the efficiency of provider networks, and the reduction of costs while easing the strain on providers.
Payers can use these technologies to manage client risks in real time. Throughout the crisis, payers will play a critical role in ensuring that patients receive the care they require at a reasonable cost. While many payer organizations struggle to keep their operations running properly, companies that use provider network management architecture have no such issues.
Despite being in the midst of a financial crisis, these groups continued to give essential supplies to covid-infected patients. As a result, the market has benefited from the pandemic situation and will continue to develop during the projection period.
Depending on the product type
In the past, the healthcare provider solutions sector held the greatest share of the entire healthcare IT market, and this dominance is expected to continue over the forecast period of 2021-2028. Electronic Health Records are growing as one of the most preferred healthcare provider network solutions based on product type. Government mandates towards integrated healthcare IT solutions, investments towards improved healthcare services, and public, private funding are collectively helping segment expansion for the global healthcare provider network management market.
HCIT Type Healthcare Provider Network to Remain Atop
Integrated healthcare IT solutions and ample investments towards improved patient care and safety are heralding the healthcare industry. This has maneuvered greater reliance on various types of healthcare provider network solutions such as HCIT solutions. In the coming years, the HCIT segment is expected to sustain lion's share of the revenue streams.
Services Sector to Become the Largest Segment Component
Services, software, and hardware are all part of the healthcare IT sector. In the past years, the services category held the greatest share of the total healthcare IT market. The transition to cloud-based services, the growing desire to cut healthcare expenses, and the growing use of digital solutions across healthcare companies is driving the highest share of this category.
Healthcare Providers to Become the Largest End-User Segment
Healthcare providers and payers make up the healthcare IT market. In the previous years, of the overall healthcare provider network space, the healthcare providers claimed the largest revenue shares. The expanding patient volume, growing healthcare spending by countries throughout the world, rising awareness of Electronic Health Records (EHRs), growing elderly population, and increasing use of healthcare IT solutions are all contributing to the highest share of this category.
Healthcare professionals comprising clinicians, therapists, nurses, and physicians who are vital elements of the healthcare insurance plan comprise the healthcare provider network.
The global healthcare provider network management market is one of the fastest-growing industries and is likely to continue the growth momentum between 2021-2028 as the quality of healthcare delivery has improved. Additionally, new technological developments blending healthcare delivery and IT solutions are offering ample growth scope. The global healthcare provider network management market is expected to hit over 12.57 billion by 2028, at a progressive CAGR of 19.1% during 2021-2028.
Change Healthcare, for example, bought PDX, a business that provides patient-centric and innovative solutions to health systems and pharmacies, in June 2020. As a result, the company's product line has boomed.
Furthermore, market growth is expected to be boosted by the implementation of strict regulatory demands in developed countries. Advanced data analytics is also predicted to provide chances in the industry.
The payer organization can uncover insights that were previously overlooked by traditional analytical techniques with the help of provider network management. Healthcare network management allows appropriate care delivery consistency that enables payer institutions to spot high-risk providers and take care of the healthcare insurance programs targeted to the patient pools.
Healthcare provider network management solutions have emerged as ideal mainstream solutions owing to the ease of use that they offer and the amazing design technology that is offered by these provider networks. New network policies are offered along with new payment modes and care delivery structures. Users upon payment could use the healthcare provider network management solutions to create, monitor, and manage pay-for-performance reimbursement schemes of the healthcare providers based on the quality and span of work.
Infosys Limited, McKesson Corporation, Mphasis, Optum, Inc., Atos Syntel Inc., Cognizant (Trizetto), Skygen USA, LLC, OSPLabs, Centene Corporation, Virtusa Corp., Appian, Andros, Salesforce.com, Inc., and Change Healthcare are among the leading healthcare provider network management market participants. To acquire a competitive advantage over one another, these players engage in collaborations, new product launches, acquisitions, and partnerships. Appian, for example, signed an integration relationship with Box, a renowned cloud content management platform, in May 2020. The organisation improved enterprise cooperation by making it more safe, valuable, and efficient. Furthermore, Salesforce.com, Inc. (Vlocity) established an online customer collaboration site in September 2019 to help companies advance their digital transformation activities.
Latest Innovations in the Healthcare Provider Network Management Market: a Snapshot.
- In a recent development by Salesforce a new provider network management add-on has been introduced by the company to significantly improve user experience and patient outcomes. The add-on is a quick solution for the health cloud and is offered to everyone who has a health cloud license of Salesforce.
- Change Healthcare purchased the PROMETHEUS Analytics unit in 2020, allowing it to expand its solution offerings.
- In a recent announcement, Stonebrook Risk Soultions has affirmed its partnership with Mphasis to design and develop accurate architecture for healthcare provider network management for transformative regional healthcare plans in the US.
Healthcare Provider Network Management Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 12.57 Billion|
|Growth Rate||CAGR of 19.1% during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America|
|Key Players Profiled||Infosys Limited, McKesson Corporation, Mphasis, Optum, Inc., Atos Syntel Inc., Cognizant (Trizetto), Skygen USA, LLC, OSPLabs, Centene Corporation, Virtusa Corp., Appian, Andros, Salesforce.com, Inc.|
Key Segments of the Healthcare Provider Network Management Market
Type Overview, 2018-2028 (USD Million)
- Services (Internal Services
- Outsourcing Services)
Application Overview, 2018-2028 (USD Million)
- Medical Center
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa