Healthcare Provider Network Management Market Trends and Future Forecast for 2023 to 2028

 Market Dynamics

Drivers :

Value-based care is in greater demand since it pays healthcare providers for providing high-quality treatment at a lower cost. There is a rising need for tools and solutions that may assist healthcare providers in managing their networks more efficiently while optimizing value for patients as they adopt this strategy more frequently. People are also requesting better experiences in healthcare services. By offering more individualized and coordinated treatment, healthcare provider network management solutions can assist to improve the patient experience.

Costs of healthcare are increasing globally as a result of variables like aging populations, chronic diseases and advancements in medical technology. By enhancing care coordination, minimizing waste and maximizing resource usage, healthcare provider network management solutions can contribute to cost savings. 

Opportunities:

To contribute to the market, the healthcare sector is quickly embracing new technologies like blockchain, machine learning and artificial intelligence. These technologies are enabling healthcare professionals to better coordinate patient care, manage their networks and improve patient outcomes.

Moreover, networks in the healthcare industry are becoming more complicated as more providers and institutions participate in the delivery of care. Healthcare providers face difficulties managing their networks efficiently, assuring the quality of service and coordinating patient care across many providers and venues as a result of this complexity.

Restraints & Challenges:

Implementing healthcare provider network management systems can be costly and call for substantial investments in infrastructure, technology and manpower. Adoption may be hampered by this, especially for organizations and smaller healthcare providers with tighter finances.

The healthcare sector is highly regulated and sensitive and there are strong laws protecting the security and privacy of patient data. Healthcare provider network management solutions must adhere to these rules, which can be difficult and expensive to execute. If they do not, they risk incurring hefty fines and penalties. Since many providers and organizations utilize various tools and systems, the absence of standards in healthcare provider network management solutions can lead to further confusion and inefficiency. Due to this, achieving consistency and streamlining care delivery may be challenging.

Healthcare provider networks are frequently dispersed, with various institutions and providers employing various technologies and systems. Interoperability problems may result from this, making it challenging to efficiently share patient data and coordinate care. Healthcare professionals may be reluctant to change and hesitant to adopt new technologies or methods of providing treatment. Even though they may deliver substantial benefits, this may delay the adoption of healthcare provider network management solutions.

Recent Developments & Partnerships:

• In February 2022, MyHealthcare developed an enterprise ecosystem with AI capabilities in India with the goal of modernizing healthcare. The provider network will benefit from increased operational and process efficiency, which will help in the digitization of clinical, administrative and purchasing activities.

• In March 2022, Microsoft announced advancements in healthcare and life sciences cloud technologies with the general availability of Azure Health Data Services and an update to Microsoft Cloud for Healthcare.

• In January 2022, Centene Corporation, a US-based managed care company, acquired Magellan Health Inc. for a deal amount of $2.2 billion. This acquisition will help Centene Corporation increase its behavioral and specialty healthcare service portfolio and integrate healthcare solutions at lower medical costs. 

• In August 2022, Melissa announced its collaboration with ID-Pal, a supplier of global identification verification. Melissa ID, a groundbreaking, fully customizable, out-of-the-box SaaS solution using a multi-layered approach that includes biometrics, facial matching, liveness testing, address verification and document checks for automated identity verification, is the result of the collaboration between the two businesses.

Key Players:

Microsoft, IBM, Hyland Software Inc, IQVIA, Xerox Corporation, Cognizant, Optum, McKesson Corporation, Allscripts Healthcare Solutions, Athenahealth.

Frequently Asked Questions

1) What is the projected market value of the Healthcare Provider Network Management Market?

– The Healthcare Provider Network Management Market is expected to cross a value of USD 7.9 billion by 2028

2) What is the estimated CAGR of the Healthcare Provider Network Management Market over the 2023 to 2028 forecast period?

– The Healthcare Provider Network Management Market is expected to grow at a CAGR of approximately 15.7% from 2023 to 2028.

3) Who are the key players in the Healthcare Provider Network Management Market?

– Microsoft, IBM, Hyland Software Inc, IQVIA, Xerox Corporation, Cognizant, Optum, McKesson Corporation, Allscripts Healthcare Solutions, Athenahealth

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