Fraud Detection solutions vary from vendor to vendor. Some vendors offer rule-based models while others offer AI-based technologies, but broadly, these solutions are classified based on the type of analytics used—descriptive analytics, predictive analytics, and prescriptive analytics. The prescriptive analytics segment registered the highest growth in the healthcare fraud analytics market during the forecast period. The high adoption of this technology is attributed to its advantages, such as rapid detection and investigation of suspects, claimants, and claim-level behavior from unstructured and/or semi-structured data.
In 2019, public & government agencies accounted for the largest share of the healthcare fraud analytics market, by end-user.
Based on end-user, the healthcare fraud detection market is segmented into public & government agencies, private insurance payers, employers, and third-party service providers. The public & government agencies segment accounted for the largest share of the healthcare fraud analytics market in 2019. The increasing cost burden due to healthcare fraud is proving to be a financial threat to public and government agencies globally.
Descriptive analytics forms the base for the effective application of predictive or prescriptive analytics. Hence, these analytics use the basics of descriptive analytics and integrate them with additional sources of data in order to produce meaningful insights.
By application, the insurance claims review segment accounted for the largest share of the market in 2019
On the basis of application, the market is segmented into insurance claims review, pharmacy billing misuse, payment integrity, and other applications. In 2019, the insurance claims review segment dominated the healthcare fraud analytics market.
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The high share of the North American market is attributed to the large number of people having health insurance, growing healthcare fraud, favorable government anti-fraud initiatives, the pressure to reduce healthcare costs, technological advancements, and greater product and service availability in this region.
The percentage contribution of financial applications in the field of healthcare analytics was considered from the parent report and validated with the help of primaries and secondary sources to the extent available. Additionally, the percentage contribution of payment integrity and fraud analytics in the financial applications segment was considered from the parent report and validated with the help of primaries and secondary sources to the extent available.
Key Market players
The healthcare fraud detection market is consolidated and competitive in nature. Major players in this market include IBM Corporation (US), Optum (US), SAS Institute (US), Change Healthcare (US), EXL Service Holdings (US), Cotiviti (US), Wipro Limited (India), Conduent (US), HCL (India)
[144 Pages Report]The healthcare fraud analytics market is projected to reach USD 4.6 billion by 2025 from USD 1.2 billion in 2020, at a CAGR of 29.8%.Market growth can be attributed to the large number of fraudulent activities in healthcare; the increasing number of patients seeking health insurance; high returns on investment; and rising pharmacy claim-related frauds.
However, the dearth of skilled personnel is likely to restrain the growth of Healthcare Fraud Detection Market.Download a PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=221837663 The descriptive analytics segment dominated the healthcare fraud analytics market in 2019 The Healthcare Fraud Detection Market is segmented based on solution type, delivery model, application, and end user.
Based on the solution type, the descriptive analytics segment accounted for the largest share of the market in 2019.
Descriptive analytics forms the base for the effective application of predictive or prescriptive analytics.
Hence, these analytics use the basics of descriptive analytics and integrate them with additional sources of data in order to produce meaningful insights.
Request a Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=221837663By application, the insurance claims review segment accounted for the largest share of the Healthcare Fraud Detection Market in 2019 On the basis of application, the Healthcare Fraud Analytics Solutions Market is segmented into insurance claims review, pharmacy billing misuse, payment integrity, and other applications.
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