IT projects related to billing are able to generate significant return in investment compared to claim management IT projects. This is because billing system directly targets the revenue receiving system. An advanced billing system with electronic bill presentment and payment (EBPP) capability leads to a reduction in day sales outstanding and increases float and cash on hand.
Implementing adaptive billing solutions offers healthcare payers the opportunity to greatly reduce expenses, increase revenue, and improve customer service. Such a billing system also reduces the errors and time involved in the process, resulting in happier customers.
In 2013, Asia accounted for 12.5% of the global payer billing systems market. The market was valued at $119.0 million in 2012 and is expected to grow at a CAGR of 6.2% from 2013 to 2018. The driver for growth is attributed to a number of favourable factors such as reduction in associated cost with installation of healthcare IT systems, increasing focus of major market players on emerging Asian economies etc.
Healthcare organisations in the Asian region are actively moving towards advanced healthcare IT solutions to streamline the entire workflow system in large healthcare enterprises. For instance, Indian government annually spends approximately 5% of its GDP on the healthcare sector and has approved 100% FDI to set up hospitals in India since 2000. Also, penetration of health insurance is increasing in the region, which in turn is increasing the demand of automated payer billing systems.
This market is segmented and forecasted on the basis of two different types, namely, integrated payer billing and standalone payer billing. Integrated payer billing accounts for the largest share of the Asian payer billing market and is expected to grow at a CAGR of 7.3% from 2013 to 2018. On the basis of components the market is segmented into hardware, software, and services, while by deployments the segmentation includes on-premise, cloud-based, and web-based. The market is further segmented and forecasted on the basis of major countries, such as India, China, and Japan. The market is also segmented and analyzed further on the basis of end users of payer billing systems.
The healthcare payers' IT infrastructure is currently constrained by aged and inflexible systems, which is a limiting factor affecting their capabilities to capitalize on new markets, respond to competition and legislation, and improve operational efficiency. This has enticed healthcare payers to consider replacement of existing systems with the new ones, which in turn is driving the market.
The report on the Asian payer billing market provides an extensive competitive landscape of companies operating in this market. The key players of the market covered in the report are Aspect Software, Avaya Inc., Cerner Corporation, Infor, and Oracle Corporation. This report also includes the market share, value chain analysis, and market metrics such as drivers, restraints, and upcoming opportunities in the market.
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