The billing systems provided by IT companies are solutions that take care of the billing process for payers, consequently replacing manual billing procedures. Automation of cumbersome, manual processes such as cash application can decrease manpower expenses. Implementing adaptive billing solutions offers healthcare payers the opportunity to greatly reduce expenses, increase revenue, and improve customer service. The application consolidates bills across distinct products and claim processing systems and provide a central view of the customers.
An advanced billing system such as payer billing system with electronic bill presentation and payment (EBPP) capability leads to a reduction in day sales outstanding and increases float and cash in hand. Such a billing system also reduces the errors and time involved in the process, resulting in happier customers.
In 2013, Europe accounted for a share of 23.3% in the global payer billing systems market. The market was valued at $223.0 million in 2012 and is expected to grow at a CAGR of 5.4% from 2013 to 2018. The European market is emerging slowly after the Euro zone dent in 2009. Rise in the number and type of initiatives by the European commission such as eGovernment Action Plan to support and complement information and communication technologies including eHealth, and allocation of 5% of the health budget to implement healthcare IT solutions will accelerate the growth of healthcare payer billing market in the region
The European payer billing 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 European market and is expected to grow at a CAGR of 6.3% 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 the U.K., France, Germany, Spain, and Italy. The market is also segmented and analyzed further on the basis of end users.
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 European 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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