FORT WORTH, Texas, December 18, 2014 /PRNewswire/ --
The digital claims submission significantly reduces administrative costs, improves auto-adjudication rates, and significantly reduces turn-around time. These are some of the significant factors driving the claims management system market.
This market was valued at $3,231 million in 2013, and is expected to grow at a CAGR of 5.9% from 2014 to 2019. Browse through the TOC of the Global Claim Management System Market for an in-depth analysis of the industry trends and segments, with help of various tables and figures.
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A single error at the vendor site, in denying or approving a claim leads to severe consequences such as legal case, over paying the customer, and so on. Errors might lead to legal proceedings (based on the services availed) and loss of valuable time, which could be invested in productive work. The entire process degrades reputation of the company. This is a major factor driving the global claim management system market.
Workflow solutions help the payer to reduce the efforts for the repeated tasks, and streamline the process. It reduces paper related work and prevents loss of important documents that occur in instances such as fire and natural disasters.
The market is broadly segmented on the basis of product, deployment, component, and end-user. On the basis of geography, the report is segmented into major regions such as the North America, Europe, Asia, and Rest of the World (RoW).
This report includes the market share, and market metrics such as drivers, restraints and upcoming opportunities in the market. The report also presents a competitive landscape and company profiles of the key players in the market including major companies of the market.
The North American Claim Management System Market value was pegged at $1811 million in 2012 and is expected to grow at a CAGR of 6.2% from 2013 to 2018. American Medical Association 2010 National Health Insurer Report Card estimated that one in five medical claims are processed inaccurately. These processing errors cost the healthcare industry an estimated $15.5 billion every year. Claims management software assists in reducing the number of mistakes in claims, which is one of the major driving factors for the claims processing software.
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SOURCE MicroMarket Monitor