The North American Fraud Detection Systems market is estimated to grow to around $1,260.0 million by 2018 - New Report by MicroMarket Monitor
(PRWEB) October 23, 2014 -- The North American Fraud Detection Systems report defines and segments the concerned market in North America with analysis and forecast of revenue. The fraud detection systems market in North America is estimated to grow to around $1,260.0 million by 2018, at a CAGR of 5.5% from 2013 to 2018.
Browse through the TOC of the North American fraud detection systems market, to get an idea of the in-depth analysis provided. This also provides a glimpse of the segmentation of this market in the same region, and is supported by various tables and figures.
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Fraud detection systems examine medically impossible procedures, services billed while the patient is hospitalized, non-covered services that were paid, provider billing errors, provider up-coding and miscoding, and duplicate services across providers and claim types.
In North America, fraud losses range from 3% to 10% of every dollar paid for healthcare services in the U.S. The growth of this market is mainly due to rise in growing pressure on healthcare payers to cut cost and reduce time lags. With the implementation of anti-fraud or fraud awareness program, payers can effectively save money; besides, the returns on investment are also high for fraud detection systems. IT implementation of fraud detection systems helps integrate department-wise data from the provider, payer, and provides a more efficient and secured way of processing medical claims, thereby reducing errors and chances of fraud. It helps decide the credibility of patients applying for insurance cover and facilitates more transparency between providers and payers.
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Fraud detection systems are healthcare workflow solutions that assist in reducing the errors which drive the market growth. Workflow solutions help the payer to reduce efforts for the repeated tasks and streamline the processes.
However, the U.S. Medicare is hampering the private plans as customers have started shifting to government healthcare plans, therefore discouraging the private healthcare payer plans. The American Medical Association’s 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 of $15.5 billion every year. The demand for workflow solutions such as fraud detection systems is expected to increase in the future because of the rise in government initiatives, and the need to reduce healthcare costs, and get a high return on investment.
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This market is segmented and forecast on the basis of components and deployments of fraud detection systems market in the North American region. The components comprise hardware, software, and services, and the deployments are on-premise, cloud-based, and web-based. On the basis of products, the market is divided as integrated fraud detection and standalone fraud detection systems. The market is further segmented and forecast on the basis of major countries, such as the U.S., Canada, and Mexico. The market is also segmented and analyzed further on the basis of the end-users.
This report also includes the market share, 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 the key players in the market including major companies of the market.
Related Reports :
Asia Fraud Detection Market
Fraud Detection-Asia market has been pegged at 205.0m in the year 2013 growing at 5.5% annually and is projected to reach 268m by the end of the year 2018.
Fraud Detection-Asia constitute 12.5% of Global Fraud Detection market and are poised to grow its market share to 12.7% by the end of year 2018.
It is segmented on basis of components, end users, geographies, deployments and products.
http://www.micromarketmonitor.com/market/asia-fraud-detection-2195282408.html
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