FORT WORTH, Texas, December 17, 2014 /PRNewswire/ --
Major drivers for the implementation of the IT system in healthcare are growing need of consumers for improved efficiency in healthcare, government initiatives and pressure to reduce growing healthcare costs. A significant increase in the demand for medical care could result into errors in prescription, medication, and claim settlements. Therefore, the requirement of integrated systems is on the rise. These systems help reduce the medical errors, and healthcare costs and make the process more effective through administrative efficiencies and decrease in paperwork, and expand access towards affordable healthcare services.
The global Payer Billing market report defines and segments the concerned market with analysis and forecast of revenue. This market was valued at $1,004 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 Payer Billing Market for an in-depth analysis of the industry trends and segments, with help of various tables and figures.
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IT projects related to billing are able to generate significant return on investment (ROI) compared to claims management IT projects. This is because billing system directly targets the revenue receiving system. Billing projects can rapidly reduce processing expenses, improve cash flow, and increase customer satisfaction. An advanced billing system with electronic bill presentment and payment (EBPP) capability leads to a reduction in day sales outstanding and increases float and cash on hand. Billing system also reduces the errors and time involved in the process, resulting in happier customers.
Process digitalization is expected to improve the return on investment (ROI) of healthcare providers such as hospitals and clinicians by reducing the costs and overheads, as well as the time period involved in pre-admission and billing procedures. Furthermore, IT integration reduces the need for additional hospital staff, as software reduces the amount of manual work. The payer billing market is also studied with the perspective of components and delivery modes. The report presents a competitive landscape and company profiles of the key players in the market.
The European Payer Billing Systems Market has gained a significant share in the total payer billing system market, and is estimated to grow at a CAGR of 5.4% between 2013 and 2018. The market can be segmented on the basis of types and various other types of components and deployment. The report further segments the market into major geographies, end users, companies, and macro indicators. A deep-dive analysis of the top players of this market has been provided in this report.
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