Healthcare Provider Network Management Market

Healthcare Provider Network Management Market Size (2023 to 2028)

The size of the global healthcare provider network management market is predicted to be worth USD 3.85 billion by 2023 and USD 6.56 billion by 2028, registering a CAGR of 11.2% from 2023 to 2028.

The healthcare provider network management claims the process more accurately by reducing errors and costs and promoting better financial organization results. With the help of analytical tools, this management will improve the provider's satisfaction and provide better services. Doctors, hospitals, nurses, therapists, and others are included in the healthcare provider network. It will also help the providers have better health insurance coverage and reduce the organization's risk. 

MARKET DRIVERS:

The growing prevalence of quality care using payer reporting requirements majorly drives the healthcare provider network management market.

The rise in patient flow to hospitals and increasing awareness of insurance policies among people directly propel the healthcare provider network management market's demand. Focusing on improving healthcare services and minimizing errors by effectively using data management is surging its growth rate. The IT sector is also essential in analyzing the data and predicting the risks more accurately, which is also one of the factors ascribed to bolster the market's growth rate. Increasing focus on developing new techniques to provide quality care to patients in hospitals is lucrative to create growth opportunities for the market. There are many advantages to the services provided by this network management. The major one is it reduces the overall cost by effectively operating all the systems and building a more robust network, which is also a factor escalating the demand of the healthcare provider network management market. 

MARKET RESTRAINTS:

However, this network management requires massive amounts for deployment, which slightly restricts the market's growth rate. The absence of a skilled technician monitoring the operations continuously is also hampering the demand of the healthcare provider network management market. Lack of complete knowledge about utilizing this provider network has remained a challenging factor for market growth in many areas. System failures in real-time applications are also a drawback for market growth.

COVID-19 impact on the global healthcare provider network management market:

Apart from healthcare, the novel coronavirus has negatively affected several industries. Due to equipment shortages, the healthcare sector has faced multiple challenges during the unexpected explosion of COVID-19 incidents. Efficient management is a commendable job achieved by the healthcare provider network management around the world during these difficult times. Although several payer organizations struggle to keep their operations running smoothly, businesses that have invested in provider network management infrastructure are doing well. A healthcare provider network is a collection of doctors, hospitals, and other healthcare professionals that have agreed to offer healthcare services to members as part of a health insurance plan. They're sometimes referred to as network or in-network providers. Provider network management tools are important for healthcare insurers because they help them control their networks more effectively, process claims more reliably, and minimize costs and errors while reducing providers' pressure. Throughout the crisis, payers will play a vital role in ensuring that patients receive the services they need at a reasonable price. These organizations provided the necessary supplies for COVID-19 patients while dealing with the financial crisis. As a result, Healthcare Provider Network Management Market has had positive growth during this pandemic. They also assisted providers in providing patients with safe and appropriate care procedures during public health emergencies. Besides, to monitor the spread of the disease, these providers prioritized digital healthcare platforms.

REPORT COVERAGE:

This research report on the global healthcare provider network management market has been segmented and sub-segmented based on the component and region.

Healthcare Provider Network Management Market - By Component:

• Services
  • Internal Services
  • Outsourcing Services
• Platforms/Services

Based on components, the services segment accounted for the major share of the global healthcare provider network management market in 2022 and is expected to grow at a notable CAGR during the forecast period owing to the growing support from the government and non-government organizations. Effective use of all the services will lead to better results for the provider, leveling up the demand of the healthcare provider network management market. 

Healthcare Provider Network Management Market - By Region:

• North America
  • The U.S.
  • Canada
  • Rest of North America
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • Rest of EU
• Asia-Pacific
  • India
  • China
  • Japan
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Rest of Latin America
• Middle East
• Africa

Regionally, North America leads the global healthcare provider network management market due to the quick adoption of the latest technologies and innovative operational systems for accurate results. Besides, growing capital income in developed and developing countries is ascribed to bolster the market demand in North America.

Europe is next to North America in leading dominant shares with the increasing awareness of the utilization of network management systems in healthcare. The rising prevalence of finding out high-risk providers and reducing the loss magnifies the market demand.

The Asia Pacific is accounted for in having a significant growth rate in recent years. Technological developments and a rise in support from the IT sector are leveraging the demand of the global healthcare provider network management market. 

NOTABLE COMPANIES IN THIS MARKET:

Some of the key players in the healthcare provider network management market are Infosys BPO, Ltd. (India), McKesson Corporation (U.S.), Mphasis Limited (India), Aldera, Inc. (U.S.), Ayasdi, Inc. (U.S.), Genpact Limited (U.S.), Optum, Inc. (U.S.), Vestica Healthcare, LLC (A Skygen USA Company) (U.S.), Syntel, Inc. (U.S.) and TriZetto Corporation (A cognizant company) (U.S.).

KEY HAPPENINGS IN THIS MARKET IN THE RECENT PAST:

• In 2020, Change Healthcare acquired the PROMETHEUS Analytics unit, allowing it to expand its solution offerings.
• In 2019, Mphasis expanded its footprint in Hyderabad (India) to open a new facility.
• In 2018, Atos acquired Syntel, a global leader in integrated information technology and knowledge process services. Atos' digital solutions range was expanded in the United States and worldwide due to this acquisition.
• In 2018, SCIO, a health analytics solution and services company that serves insurers, health systems, pharmacy benefit managers, employers, health service providers, and multinational life sciences companies, was purchased by EXL. EXL's market-leading advanced analytics and healthcare capabilities were expanded and accelerated as a result of this acquisition.
• In 2017, Cognizant's Latin American activities were expanded with a new center in Sao Paulo, Brazil.
• In May 2020, Appian and Box, a leading cloud content management platform, signed an integration agreement. The company enhanced enterprise collaboration by making it more reliable, valuable, and effective.
• In September 2019, Salesforce.com, Inc. (Vlocity) launched an online customer collaboration platform to help businesses advance their digital transformation initiatives.