Overview:
Global Healthcare Fraud Detection Software Market, during the forecast period 2016 to 2024, will register growth at a CAGR of 28.83%. The market for Healthcare Fraud Detection is set to reach US$3,787.68 million by 2024. As per market analysts, the global market is anticipated to witness growth owing to the factors such as expanding patient pool opting for healthcare insurance as well as alarming rise in fraudulent events in the healthcare industry. However, the market will face challenges and restraints due to low awareness level in developing countries and lack of Healthcare Fraud Detection Technology during the forecast period 2016 to 2024.
The rising pressure to track abuse and fraud in healthcare in the market is set to play a key role in determining the growth potential during 2016 to 2024 years. Analysts have also studied the market to understand potential threats and challenges the Healthcare Fraud Detection Software Market Companies could face. Although the market is poised to grow at a fast pace across application, component, delivery model, end-users, and type segments, factors such as companies unwilling to adopt new technologies could slow down the market's growth worldwide.
Market Segmentation:
The Healthcare Fraud Detection Software Market has been segmented into application, component, delivery model, end-users, and type. Based on the segment which is application, the market is categorized on the basis of insurance claims review and payment integrity. The global market for healthcare fraud detection is further segmented based on component into services and software. Furthermore, the market, on the basis of delivery model is segmented into on-premise and cloud-based. Based on the segment which is end-users, the market is categorized on the basis of public/government agencies, third party service providers, and private insurance payers. The global market for Healthcare Fraud Detection is further segmented based on type into predictive analytics, prescriptive analytics, and descriptive analytics.
The Global Research Report covers all the aspects of the Healthcare Fraud Detection Software Market based on the segmental analysis of these application, component, delivery model, end-users, and type segments. Analysts have also studied the regional markets spread across many continents and countries. The application, component, delivery model, end-users, and type segments along with their sub-segments have been analyzed and companies functioning in the Healthcare Fraud Detection Software Market across these segments are profiled and analyzed based on input and feedback from Healthcare Fraud Detection Software Market based decision makers as well as primary and secondary sources. The market research report presents analysis-based information for companies functioning in the Healthcare Fraud Detection Software Market.
Request Free Sample Copy at:
https://www.marketresearchfuture.com/sample_request/5670
Regional Overview:
Lower awareness levels regarding healthcare fraud may hinder the market growth. The market research report suggests that could be supported by a huge patient pool opting for health care insurance as well as the growing number of healthcare BPO during the forecast period. The Healthcare Fraud Detection Software Market is set to register growth at a high CAGR owing to these key factors. The market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The Global Research Report reveals that APAC, North America, and Europe regional markets will dominate the global market for Healthcare Fraud Detection during the forecast period 2016 to 2024. As per market analysts, the market is set to witness tremendous growth across software, private insurance payers, and cloud-based segments in North America which covers markets across the United States, Canada, Mexico and several other regional markets. Companies active in the Healthcare Fraud Detection Software Market are also analyzed and studied in the Market Research Report.
Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the Market Research Report covers the Asia-Pacific region covering markets from India, China, Japan, Australia, and others. The market is also spread across the rest of the world. The market report covers all such regions including the Middle East, Africa, Brazil, and others.
Competitive Landscape:
Healthcare Fraud Detection has seen increased demand over the years, due to the introduction of cutting-edge fraud identity management software and rising adoption of cloud-based analytical solutions. Companies functioning in the global market are also being challenged due to reluctance among companies and dearth of skilled professionals. Mergers and acquisitions by Healthcare Fraud Detection Software Market companies are anticipated to help the market during the forecast period 2016 to 2024. As the Healthcare Fraud Detection Software Market is set to register a high CAGR of 28.83% and is also anticipated to reach a US$3,787.68 million by 2024, the report highlights key areas companies need to focus on. The report suggests that the market will see a healthy growth in the long run till 2024. Based on SWOT analysis and based on Porters’ Five Force Model presented in the market report. Mergers and acquisitions by Healthcare Fraud Detection Software Market companies are anticipated to help the market during the forecast period 2016 to 2024.
Industry News:
During the fiscal year, the Department of Justice (DOJ) reported that abuse and improper allegations by healthcare facilities accounted for $2.5 billion of the estimated $2.8 billion collected under the False Claims Act. Civil healthcare fraud settlements and convictions surpassed $2 billion for the ninth year in a row, according to officials. A host of state Medicaid agencies recovered extra millions not counted in the federal total thanks to the DOJ's efforts. The pharmacy and medical device sectors were participating in the highest monetary recoveries of the year, according to the DOJ.
Browse Detailed TOC with COVID-19 Impact Analysis at:
https://www.marketresearchfuture.com/reports/healthcare-fraud-detection-market-5670
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
Contact us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street, 5Th Floor,
New York, New York 10013
United States of America
+1 628 258 0071
Email: [email protected]
National Healthcare Anti-Fraud Association opines that most of such frauds are committed by a small number of healthcare providers and mostly by organized crime groups.
Healthcare fraud detection market has found impetus in the fact that healthcare fraud results in higher costs for patients, reduces profit margins of payers, and causes havoc for taxpayer dollars that support public health insurance companies.According to experts, though the size of the U.S. healthcare industry is nearly $2.7 trillion, much of the revenue is wasted through mismanagement and fraud.
Apparently, fraudulent billing leads to nearly 3%-10% of annual healthcare costs in the U.S. To restrain this increasing tendency for healthcare fraud, government as well as private agencies are resorting to solutions based on AI and predictive analysis that is expected to add impetus to Healthcare Fraud Detection Software Market.
The global healthcare fraud detection market is expected to register a CAGR of 28.83% to reach USD 3,787.68 million by 2024.Different segments of healthcare fraud detection market and growth implications:The healthcare fraud detection market has been segmented into type, component, application, delivery model and end user.Healthcare fraud detection market classification on the basis of descriptive analytics, prescriptive analytics and predictive analytics.
It reflects total revenue generated per patient, monthly sales growth and yearly pricing changes, thus precise maintenance of related records.
Since the information can analyze the revenue cycle it is considered an efficient means of healthcare fraud.Predictive analytics is yet another type of fraud detection technique that is built upon past data which includes fraud or non-fraud indicators as well as different elements such as bill amount, number of patients, treatment characteristics, years of experience of the doctor, reporting lags and the number of patient visits.On the basis of component, the market has been bifurcated into services and software.
