Key Players in the North American Healthcare Administrative Systems Market are Aspect Software, Avaya Inc., Cerner Corporation, Infor, Oracle Corporation.
(PRWEB) November 06, 2014
The North American Healthcare Administrative Systems Market report defines and segments the concerned market in North America with analysis and forecast of revenue. This market was valued at $1,255.0 million in 2012 and is estimated to grow further at a CAGR of 6.0% from 2013 to 2018.
Browse through the TOC of the North American Healthcare Administrative Systems Market report to get an idea of the in-depth analysis provided. It also provides a glimpse of the segmentation of this market, and is supported by various tables and figures.
A healthcare administrative system helps healthcare payers like hospitals to automate day-to-day activities such as patient billing, payroll and personnel management, ledger maintenance, and so on. Among all segments the healthcare billing system accounted for the highest revenue share in 2013. The billing system directly fetches revenue-receiving systems. This can reduce processing expenses and errors, and improve cash flow facilitating better customer satisfaction for healthcare providers. Healthcare administration systems are less labor intensive and the use of administrative IT systems leads to better efficiency and allows for focus on core business processes.
The North American healthcare administrative system market commanded the largest share of the global market in 2013 owing to the high number of installations in the region. The North American market is expected to grow further with growing need for advancement in healthcare IT; this will change the way healthcare administrative systems function. In North America, healthcare payers spend 30% of their income on administrative costs due to manual processes. They are now under pressure to customize and automate their services, which is the main reason for the implementation of healthcare administrative systems in the U.S. and Canada. Administrative solutions assist in reducing billing errors which drives the market growth. Administrative solutions help the payer to reduce efforts on repeated tasks and streamline processes. They reduce the paperwork to a minimum, preventing losses of important documents through physical damage, in instances such as fire and natural disasters.
However, the U.S. Medicare is hampering private plans as customers shift to government healthcare plans, ultimately reducing opportunities for private healthcare payers. In 2013, a majority of the North American healthcare administrative systems market was dominated by the U.S. The demand for administrative solutions is expected to increase in the future because of the rise in government initiatives, increase in cost of healthcare, and high return on investment.
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The healthcare administrative systems market has been segmented and forecasted into three different segments, namely patient billing, payroll and personnel management, and general ledger. On the basis of components the market is segmented into hardware, software, and services, while by deployments the market comprises on-premise, cloud-based, and web-based administrative systems. The market is further segmented and forecasted on the basis of major countries such as the U.S., Canada, and Mexico. It has also been segmented and analyzed on the basis of end users.
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This report also includes market shares, value chain analyses, and market metrics such as drivers, restraints, and upcoming opportunities in the market. In addition, it presents a competitive landscape and company profiles of key players in the market.
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Europe Healthcare Administrative System Market
Healthcare Administrative system helps the payer to automate day-to-day activities such as payroll and reduce the efforts and the labor involved in this processes. Use of IT in administrative function leads to better efficiency and focus on the core business processes. Administrative system has the highest growth rate among other HCIT Payer system markets, as billing system avoids cumbersome or inaccurate billing, which leads to customer dissatisfaction, increasing customer attrition, and in turn leading to loss of business.
Europe accounted for 23.31% share of the healthcare administrative systems market globally in 2013. The market value was pegged at $502 million in 2012 and is expected to grow at a CAGR of 5.1% from 2013 to 2018.
The healthcare payers IT infrastructure currently is constrained be aged and inflexible systems, which is a limiting factor affecting their capabilities to capitalize on new markets, respond to competition and legislation, and improve operational efficiency. This has enticed healthcare payers to consider replacement of the existing systems with the new ones, which in turn is driving the market.
The European market is emerging slowly after the Euro zone debt in 2009. Europe has been successful in implementing the healthcare Payer IT solutions like Healthcare administrative systems, to meet the needs of the stakeholders in European regions. Countries in Europe are improving their purchasing power and also such activities have gained the attraction of foreign players to European Healthcare Payer IT market. Moreover, due to increasing aging population the number of younger tax payers declined which led to less financial support by government. This provided the private healthcare payer IT firms, hereby the administrative systems market an opportunity to flourish in the European region.
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