Healthcare fraud detection helps in identifying issues related to the claims such as errors in submission of forms, repetition of claims, duplicate claims, and others.
Healthcare fraud detection helps in identifying issues related to the claims such as errors in submission of forms, repetition of claims, duplicate claims, and others. The rising cases of fraud claims across the globe are a matter of great concern which need to be addressed in an efficient way. The fraud detection solution enables the audit and accounting of the analytical data in the healthcare sector. The preference for healthcare fraud analytics solutions owing to their proficiency is likely to create promising growth opportunities for the healthcare fraud analytics market across the globe during the forecast period of 2021-2031.
The healthcare fraud analytics market can be segmented into prescriptive analytics, descriptive analytics, and predictive analytics based on the types of solutions. The delivery models can be classified into cloud-based and on-premise. Based on application, the market can be bifurcated into pharmacy billing issues, payment integrity, insurance claim review, and others. Further, the end-users can be private insurance payers, public and government agencies, third-party service providers, and employers.
The experienced research team at TMR Research has curated this all-important report which throws light on the growth trajectory of the healthcare fraud analytics market. The various aspects such as emerging trends, latest development, competitive scenario, revenue generation, and regional perspective. The deep insights regarding the market help the stakeholders to plan strategies to expand the market reach and make appropriate investments. Furthermore, the impact of the COVID-19 pandemic on the market growth is also included in this report.
Healthcare Fraud Analytics Market: Drivers and opportunities
The conventional methods required a lot of scrutiny and efforts to track the fraud whereas the healthcare fraud analytic solutions have made the access to the required documents at ease. These aspects may propel market growth. The global healthcare fraud detection market is anticipated to show significant growth in the near future owing to the emerging trends of implementing healthcare fraud analytics solutions in healthcare centers. Development in healthcare fraud analytics solutions and BPO outsourcing for detecting fraud in the healthcare centers.
The medical billing frauds occurring in pharmacies can be handled with ease through healthcare fraud analytics solutions. The increasing number of healthcare infrastructure and hospitals has led to increased patient admissions and the chances of fraud related to billing, policies, or others may generate good revenue for the healthcare fraud analytics market. The escalating fraudulent activities in context with the insurance and reimbursement policies may bring substantial growth to the healthcare fraud analytics market.
The popularity of social media has increased due to the healthcare communication through it. A large forum for health discussions is provided on the social platforms which enable interaction between the patients and the service providers. The huge network of healthcare professionals and patients provides substantial data which assists in improving treatment procedures and may eventually act as a revenue generator for the healthcare fraud analytics market.
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Healthcare Fraud Analytics: Competitive Landscape
The leading players operating in the healthcare fraud analytics market are engaged in extensive research and development activities which may provide exponential growth to the healthcare fraud analytics market. The development of new software and technological advancements in healthcare fraud analytics solutions have created lucrative growth opportunities for the market.
The leading players functional in the market are Northrop Grumman Corporation, Multiplan, Wipro Limited, EXLService Holdings, Inc., Healthcare Fraud Shield, Pondera Solutions, Inc., Fair Isaac Corporation, and IBM Corporation.
Healthcare Fraud Analytics Market: Regional Dimensions
North America is anticipated to show significant growth in the global market owing to the rising number of people having health insurance policies in this region. Furthermore, the government initiatives to control fraud in the healthcare sector may generate promising growth in the healthcare fraud analytics market.
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