Global Healthcare Reimbursement Market To Have Growth Rate Of 60% During COVID-19 Pandemic
The global healthcare reimbursement market is expected to grow from $9.48 billion in 2019 to $15.20 billion in 2020 at a compound annual growth rate (CAGR) of 60.33%. The exponential growth is mainly due to the COVID-19 outbreak that has led to deferred care to avoid visiting hospitals. The market is then expected to adjust and reach $17.29 million in 2023 from 2021 at a CAGR of 4.4%. Rising healthcare costs and supportive government policies increase the number of people opting for payer services, thereby contributing 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.
The healthcare reimbursement market consists of sales of healthcare reimbursement services by entities that provide healthcare reimbursement services, which include the payment that hospitals, diagnostic facilities, doctors, or other health care providers receive for providing medical service to people. The reimbursement for a person’s healthcare expenses is mostly covered partially or fully by the government or a health insurer. Only goods and services traded between entities or sold to end consumers are included.
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The global healthcare reimbursement market is further segmented based on type and geography.
By Claims: Underpaid, Full Paid
By Payers: Private Payers, Public Payers
By Service Provider: Physician Office, Hospitals, Diagnostic Laboratories, Others.
By Geography: The global healthcare reimbursement market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American healthcare reimbursement market accounts for the largest share in the global healthcare reimbursement market.
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Trends In The Healthcare Reimbursement Market
Companies in the healthcare reimbursement market are providing options of value-based care models to cater a better experience for the patients. Value-based care models are based on the quality of the 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.
Healthcare Reimbursement Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides healthcare reimbursement market overviews, analyzes and forecasts healthcare reimbursement market size and growth for the global healthcare reimbursement market, healthcare reimbursement market share, healthcare reimbursement market players, healthcare reimbursement market size, healthcare reimbursement market segments and geographies, healthcare reimbursement market trends, healthcare reimbursement market drivers and healthcare reimbursement market restraints, healthcare reimbursement market’s leading competitors’ revenues, profiles and market shares. The healthcare reimbursement market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.