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European Markets for Insurance Claims Management in Healthcare
Frost & Sullivan, Dec 2008, Pages: 217
Vendors to Demonstrate Cost-Benefit Paradigm
The need for greater mechanisation and synergy in the claims management sector is becoming a goad for the insurance industry. This is creating significant opportunities for vendors providing insurance claims management for healthcare in Europe. The fast evolving healthcare IT industry has created different levels of opportunities for IT vendors that, in turn, have influenced the range of claims management solutions on offer.
Insurance carriers of all sizes and type are looking to accelerate claims settlements, fight fraud, retain customers, improve underwriting by effectively analysing data, manage litigation and streamline workflows in the insurance and healthcare industry. Consequently, there are significant opportunities for insurance claims management in the healthcare industry. However, insurance claims payers and providers need to be convinced about the need for these solutions and also the benefits of investing in them, despite their sizeable cost. Claims management modalities vendors should focus primarily on providing a cost-benefit paradigm to users by offering optimal technology, quality and customer value. Vendors with such an offering would be able to capture the market.
Urgent Need for Cost-effective and Flexible Solutions
“The adoption of claims management solutions is increasing, while creating a sizeable potential market for the next four to five years,” notes the analyst of this research. “There exists tremendous scope and opportunity for insurance claims management vendors able to provide competitive claims handling and processing.” The constantly evolving healthcare insurance industry is highly competitive. This situation supports insurance claims management solutions that offer high performance, low-cost claims processing and handling that meet the specific requirements of customers.
There is a pressing need for cost-effective and flexible solutions in the market. There is also a need for vendors to advice, support, train and encourage end users to promote the optimal utilisation of the modality. There has been a definite need for innovative insurance claims management for the healthcare industry, particularly with the insurance sector facing problems of duplicate and repeated claims, legacy systems and intensifying competition. With insurance claims providers focusing on loss adjustments and claims efficiency, the industry needs smarter insurance claims management and companies have realised the need for better technology-driven workflows, processes and services. This has created huge opportunities for firms that can provide scalable insurance claims management solutions.
This Frost & Sullivan research service titled European Markets for Insurance Claims Management in Healthcare provides an overview of market dynamics and key programmes in the market, along with a complete analysis of key market drivers, restraints, and trends in Germany, France, the United Kingdom, Italy, Spain, Scandinavia and Benelux.
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