LONDON, May 24, 2016 /PRNewswire/ -- The global healthcare provider network management market is poised to reach USD 2.96 billion by 2020 from USD 1.78 billion in 2015, growing at a CAGR of 10.7% during the forecast period of 2015 to 2020.
Provider network management helps payer organizations to manage a provider's network with greater efficiency for optimal financial results, process claims with greater accuracy (which reduces cost and errors), and increase provider satisfaction. The global healthcare provider network management market is bifurcated into provider network management services and provider network management platform/software segments. The provider network management services segment is further categorized into outsourcing services and internal services.
A provider network consists of a set of doctors, hospitals, and other healthcare providers such as nurse practitioners, therapists, and other clinicians that are a part of the health insurance plan. Provider network management includes database management, credentialing, contracting services, pricing maintenance, and configuration, among others. With the help of provider network management, the payer organization is able to uncover insights which may have been overlooked previously by conventional analytical tools. Provider network management helps in leveraging data obtained in daily operations by payer organizations to identify high-risk providers, create consistency in care delivery, and ensure necessary health insurance coverage for patients.
In 2015, the services segment is expected to account for the largest share of the global healthcare provider network management market, by component. Moreover, the internal services segment is expected to account for the largest share of provider network management services market, by sub-component. This can be attributed to the fact that internal services help ensure profitability, better provider network management, long-term provider relationships, and regulatory compliance. These advantages are driving the growth of this market segment over outsourcing services.
In 2015, North America is expected to account for the largest share of the global healthcare provider network management market, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). The North American market is also likely to witness the highest growth rate of the global healthcare provider network management market in the coming years. North America's large share and high growth rate can be attributed to the increase in health insurance coverage triggered by the Patient Protection and Affordable Act (PPACA) in the U.S., the rising need to curtail escalating healthcare costs in the U.S. and Canada, and the government focus on healthcare IT solutions in Canada.
The market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies (expansions, agreements/collaboration/ partnerships, acquisitions, marketing and promotional activities, product enhancements, repositioning, and service launches) to increase their market shares and establish a strong foothold in the global market.
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The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of top players in the healthcare provider network management market. The report analyzes the healthcare provider network management market, by component
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the healthcare provider network management market
- Market Development: Comprehensive information about the lucrative emerging markets. The report analyzes the markets for various provider network management services and software across regions
- Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the healthcare provider network management market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the healthcare provider network management market
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