New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Healthcare Reimbursement Global Market Report 2023" - https://www.reportlinker.com/p06229174/?utm_source=GNW
The global healthcare reimbursement market is expected to grow from $8.23 billion in 2021 to $9.66 billion in 2022 at a compound annual growth rate (CAGR) of 17.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The healthcare reimbursement market is expected to reach $18.31 billion in 2026 at a CAGR of 17.3%.
The healthcare reimbursement market includes the revenues earned by entities by providing discount from billed charge services, fee-for-service, value based reimbursement services, and bundled payment services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Healthcare reimbursement is a system in which medical expenses of a patient is paid by the insurance company. It is very useful in costlier medical treatments.
North America was the largest region in the healthcare reimbursement market in 2022.Western Europe was the second largest region in the healthcare reimbursement market.
The regions covered in the healthcare reimbursement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main claims types of healthcare reimbursement are underpaid, and full paid.The underpaid healthcare reimbursement includes payment for healthcare that is partially reimbursed by the government or insurance companies.
The various types of payers include private payers, public payers and involves several service providers such as physician offices, hospitals, diagnostic laboratories, others.
The increasing cost of healthcare and supportive government programs are the key factors that are driving the healthcare reimbursement market growth.According to the Journal of the American Medical Association (JAMA), US healthcare costs are expected to reach $6 trillion, which is $17,000 per person by 2027.
According to Centres for Medicare & Medicaid Services, a Federal agency of the US government administering the Medicaid program, healthcare costs in 2021 touched $4.3 trillion. The rising healthcare cost and supportive government policies increase the number of people opting for payer services and thereby contribute to the growth of the healthcare reimbursement market.
Several incidences of fraud related to federal and state government health care programs hamper the growth of the healthcare reimbursement market.Medical insurance fraud and Medicare/Medicaid insurance fraud make up the majority of false claims in the USA.
The National Health Care Anti-Fraud Association (NHCAA) reveals that unnecessary and duplicate tests and procedures, hacking into a patient’s medical records to submit false claims, billing services never rendered, falsifying diagnosis are some common situations that occur. According to the Department of Justice, one of the largest health care fraud enforcement actions across seven federal districts in the Northeastern United States, involved more than $800 million in loss and the distribution of over 3.25 million pills of opioids in """"pill mill"""" clinics. The rise in healthcare fraud related to federal and state government programs create huge loss for the business restraining the growth of the healthcare reimbursement market.
Companies in the healthcare reimbursement market are providing options of value-based care models to cater to better experiences for the patients.Value-based care models are based on the quality of patient’s treatment and how well healthcare providers can improve their quality by adhering to certain metrics such as reducing hospital readmissions, improving preventative care, and using particular kinds of certified health technology and help lower healthcare costs.
For instance, UnitedHealth stated that its payments to healthcare providers based on value-based care relationships was $75 billion in 2020.
In Greenberg Advisors, a US-based provider of strategic M&A services provider, acquired Medical reimbursement for an undisclosed amount.The acquisition would strengthen the capabilities of company and help it better serve the patients.
Medical Reimbrsement is a US-based medical billing services provider providing reimbursement services to healthcare patients.
The countries covered in the healthcare reimbursement market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced.It does not include revenues from resales either further along the supply chain or as part of other products.
The healthcare reimbursement market research report is one of a series of new reports that provides healthcare reimbursement market statistics, including healthcare reimbursement industry global market size, regional shares, competitors with a healthcare reimbursement market share, detailed healthcare reimbursement market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare reimbursement industry. This healthcare reimbursement market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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