U.S. Healthcare Denial Management Market Projected at 5 Year 8% Growth
Craig J. Vretas
Healthcare | Sales/New Client Partnerships | Member/Patient Experience | Trusted Advisor
New York, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "U.S. Healthcare Denial Management Market - Industry Outlook & Forecast 2022-2027" -?https://www.reportlinker.com/p06221909/?utm_source=GNW 57 billion in 2021 and is expected to reach USD 5.94 billion by 2027, growing at a CAGR of 8.86% during the forecast period.
Over the past several years, the claim denial rates
in hospitals moved upward but reached new highs with the public health
emergency of COVID-19. During this time, the medical claim denials have risen
11% nationwide in the US, with the most denial rates accounting for 13.1% on
the Pacific Coast and 12.9% in the Northeast. In the US, the Coronavirus Aid,
Relief, and Economic Security (CARES) Act was developed for providing healthcare
resources that were needed to fight COVID-19. CARES Act included medical
billing provisions, leading to an uptick in claim denials. This will further
drive Healthcare Claims Management in the country.
The following factors are likely to contribute to the
growth of the healthcare denial management market –
? A growing number of medical claim denials
? Increasing payer complexities for healthcare claims
? Shift Towards Value-based Reimbursement
? Errors in Medical Billing and Healthcare Claims
? Need for standardization & trained
professionals
KEY
HIGHLIGHTS
? The rise in automation and AI-based denial
management is a major trend in the market by helping in better managing claim
denials.
? The growing need to reduce and manage claim denial
as well as decrease the revenue impact to healthcare systems due to the loss in
denials is contributing to the increase in adoption of denial management
software
? The shift toward value-based solutions in the
market is encouraging healthcare companies to shift towards automated denial
management solutions.
? To maximize reimbursement and recuperate the lost
healthcare revenue, providers have started enhancing claim denial management
with various strategies which will increase the adoption of the healthcare
denial management market in the US.
U.S.
HEALTHCARE DENIAL MANAGEMENT MARKET SEGMENTS
U.S. healthcare denial management market is segmented
based on-
? Component
领英推荐
? Type
? Delivery Mode
? End-user
U.S.
HEALTHCARE DENIAL MANAGEMENT MARKET SEGMENTATION
? Integrated held the major share by type. This can
be attributed to the fact that EHR integrated with denial management has many
benefits. This includes easy access to health information, improved diagnostics,
and treatment, data privacy, and security, minimizing medical errors, enhancing
efficiency, and reducing costs.
? Cloud-based solutions give insurers the flexibility
to service policyholders and efficiently manage heavy workloads. Increasing
adoption of the cloud-based model across several regions is enabling a
mechanism to distribute the system and data across different locations. Also,
cloud-based solutions mitigate the risk of data loss or inaccessibility due to
a disaster. All these factors will drive the growth of cloud-based solutions in
denials management programs.
Market Segmentation by Component
? Soft Denial
? Hard Denial
Market Segmentation by Type
? Integrated
? Standalone
Market Segmentation by Delivery Mode
? Web & Cloud-Based
? On-Premises
Market Segmentation by End-User
? Healthcare Providers
o Hospitals
o Physician’s Office
o Others
? Healthcare Payers
Future Preparations
The CMI Group's Claim and Denial Management solutions seamlessly represent our clients and help them achieve maximum results.
Our program includes:
Learn more and download details about our Claim and Denial Management solutions here: https://info.thecmigroup.com/insurance-billing-and-follow-up-solutions