Healthcare Finance Solutions Market Analysis

Global Healthcare Finance Solutions Market Overview

The Healthcare Finance Solutions Market size was valued at USD 124.26 billion in 2022 and is projected to grow from USD 133.26 billion in 2023 to USD 249.98 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.24% during the forecast period (2024 - 2032). The increasing complexity of healthcare billing and reimbursement processes, increasing value-based care, and the rising rate of adoption of high-tech equipment and technology are driving the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Healthcare Finance Solutions Market Trends

• The increasing complexity of healthcare billing and reimbursement processes to boost the market growth.

The complexity of medical billing and reimbursement processes is increasing, and there is a great demand for sophisticated financial solutions. The adoption of financial solutions is a result of healthcare providers looking for effective ways to handle revenue cycles, claims processing, and medical coding. Additionally, accountable care organizations and value-based care are seeing a huge transition in the global healthcare sector. Providers are making investments in solutions that help optimize revenue, save costs, and improve financial performance in order to thrive in this changing healthcare environment. The adoption of revenue cycle management (RCM) and audit management services is being driven by this change. Furthermore, the use of medical coding and documentation services has been prompted by the explosion of healthcare data and the requirement for precise documentation and coding to support medical claims.

Additionally, In the US, the correlation between financial incentives and digital use has been demonstrated by Medicaid and other healthcare programs. New recommendations state that utilizing digital technologies is crucial for enhancing patient care with improved delivery and outcomes. As a result of these new restrictions, there will probably be a major increase in the usage of interactive patient portals where users can save their information and connect with the agency as well as 24/7 patient care. As a result, the healthcare finance solutions are expected to experience significant growth among industry participants as a result of the application of these standards.

Healthcare Finance Solutions Market Segment Insights

Healthcare Finance Solutions Service Insights

The Market segments of Healthcare Finance Solutions, based on service, includes (EPS) electronic payment solutions, revenue cycle management (RCM), billing and claims management, medical coding and documentation, audit management, and others. The healthcare revenue cycle management (RCM) segment is held the majority share in 2022 in the Healthcare Finance Solutions Market revenue. This is due to the growing necessity for healthcare providers to streamline their revenue cycle processes and optimize revenue collection. Moreover, the revenue cycle management (RCM) services are essential to healthcare organizations as they work to increase revenue capture, lower claim denials, and streamline billing processes.

September 2020: Athenahealth, Inc. (US) launched the Gamify Solution to help healthcare organizations to enhance revenue cycle performance.  Gamify is a cloud-based application that uses game-playing elements (such point scoring, competition, and rules of play) to improve revenue cycle performance and increase employee engagement.

Figure 2: HEALTHCARE FINANCE SOLUTIONS MARKET, BY SERVICE, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Healthcare Finance Solutions Healthcare Facility Type Insights

The Healthcare Finance Solutions Market segmentation is based on the healthcare facility type that includes hospitals & health systems, outpatient imaging centers, outpatient surgery centers, diagnostic laboratories, urgent care clinics, pharmacies, and other healthcare providers. The hospitals & health systems segment has dominated the market in 2022 and outpatient imaging centers is projected to be the fastest-growing segment during the forecast period, 2023-2032. This is due to their complex billing and revenue cycles, the growing number of hospitals and health systems, and the growing demand they are meeting. In addition, patients anticipate receiving from healthcare institutions the best treatment possible in addition to the results they are hoping for. As a result, over the course of the forecast period, it is anticipated that the hospital and health system facilities will see significant growth.

Healthcare Finance Solutions Deployment Insights

The Market segmentation of Healthcare Finance Solutions is based on the deployment that includes on-premise and cloud-based. The cloud-based segment has dominated the market in 2022 and is projected to be the fastest-growing segment during the forecast period, 2024-2032. This is due to growing acceptance and adoption of cloud-based solutions within healthcare environments, and their scalability, flexibility, and cost-effectiveness. Furthermore, cloud-based solutions enable healthcare practitioners to access their financial data and applications from any device with an Internet connection, they may operate remotely and at any time. These options appeal to healthcare organizations of all sizes since they are less expensive initially and need less internal IT infrastructure and support.

September 2021: McKesson Corporation (US) unveiled the McKesson Rapid Returns Solution for Health Systems. The procedure streamlines returns so that personnel can devote more time to patients, speeds up credit processing, and gives hospitals and health systems more credit for returned OTC medications and prescriptions.

Healthcare Finance Solutions Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North American healthcare finance solutions market accounted for the largest market share in 2022. This is attributed to the growing demand for healthcare financial services, rising healthcare expenditures, and the need for cost-effective solutions, mature healthcare infrastructure and a high volume of healthcare transactions in the region. Additionally, in this region, cloud-based Deployment is witnessing significant growth due to its scalability and the ability to accommodate the vast data generated by healthcare facilities.

Further, the major countries studied are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil

Figure 3: HEALTHCARE FINANCE SOLUTIONS MARKET BY REGION 2023 & 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe healthcare finance solutions market is expected to account for the second-largest market share due to the expansion of healthcare infrastructure and the digital transformation of healthcare practices in the region. Further, the Germany market of healthcare finance solutions was attributed to holding the largest market share, and the UK market of healthcare finance solutions is expected to fastest-growing market in the European region.

The Asia-Pacific healthcare finance solutions market is expected to grow at the fastest rate from 2023 to 2032. This is due to the growing patient population and expanding healthcare infrastructure in the Asia-pacific region. Moreover, China’s market of healthcare finance solutions is expected to hold the largest market share, and India market of healthcare finance solutions is expected fastest-growing market in the Asia-Pacific region.

Furthermore, cloud-based deployment is gaining traction in countries like India and China due to its scalability and accessibility. Moreover, the investment of international healthcare finance solution providers such as the Asian Development bank is expected to accelerate market growth in the healthcare finance solutions.

The Rest of the World includes the Middle East, Africa, and Latin America. The main factors influencing the growth of healthcare finance solutions in the Middle East and Africa and Latin America are the adopting cloud-based deployment more frequently to enhance healthcare data management, expansion of healthcare access and the modernization of healthcare systems in the region that boost the market growth in the Middle East. Moreover, Middle East and Africa (MEA) regions are progressively implementing cloud-based technologies to improve healthcare data management and accessibility. Additionally, there is a growing need for revenue cycle management (RCM) services as healthcare organizations try to optimize their financial operations.

Healthcare Finance Solutions Key Market Players & Competitive Insights

The Healthcare Finance Solutions Market is characterized by the presence of many global, regional, and local vendors catering to the demand created by research scientists and pharmaceutical and biotechnology companies operating in the industry. The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach across the globe with diverse product portfolios. Companies such as Koninklijke Philips N.V. (Netherlands), Siemens Healthcare GmbH (Germany), McKesson Corporation (US), and Allscripts Healthcare Solutions, Inc. (US) dominate the market of Healthcare Finance Solutions due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are focused on investing in extensive research and development as well. Furthermore, they adopt strategic growth initiatives, such as expansion, product launches, joint ventures, and partnerships, to strengthen their market position and capture a large customer base.

One of the primary business strategies adopted by manufacturers in the global healthcare finance solutions industry to benefit clients and expand the market sectors of healthcare finance solutions is to manufacture locally to reduce operating costs.

Siemens Healthcare GmbH (Germany) is a medical technology firm that creates, develops, produces, and sells minimally invasive treatments, clinical and workflow systems, and diagnostic imaging equipment. It offers molecular imaging systems, x-ray products, ultrasound systems, computed tomography systems, magnetic resonance imaging systems, testing systems, point-of-care (POC) testing systems, mobile c-arms, hybrid, and angiography systems are among the company's primary products. Siemen’s healthiness customers include laboratories, clinics, hospitals and hospitals, physicians, public health agencies, universities, state-run and private health insurance, pharmaceutical companies, and clinical research institutions. The corporation has operations in Europe, the Americas, the middle east, Africa, and Asia-pacific. For instance, in April 2021, Siemens Healthcare GmbH (Germany) acquired Varian Medical Systems, Inc (US) to strengthen its position as a comprehensive partner in healthcare financing service. With the completion of this transaction, Siemens Healthineers additionally provides a range of services and solutions to enhance healthcare providers.

Also, GE Healthcare (US) is a manufacturer and distributor of medical devices. It functions as a General Electric Company subsidiary. It offers products related to breast health, cardiology solutions, electrophysiology, federal health solutions, intensive care unit, hybrid, or neurology, orthopedics, and stroke solutions. The company operated through segments, namely, imaging, ultrasound, life care solutions, and enterprise software and solutions. GE Healthcare has a strong presence in the global market and is present in more than 160 countries. Additionally, the business offers services including computerized data management, remote diagnostic and repair of medical equipment, and performance enhancement and performance solutions services. It has R&D facilities in 18 countries and manufactures its products in 20 countries worldwide. Furthermore, the business employs subsidiaries and affiliates to carry out its operations globally. The company has its operations in North America, Europe, Asia-Pacific, and Rest of the World.

Key Companies in the Healthcare Finance Solutions Market include.

• Koninklijke Philips N.V. (Netherlands)


• GE Healthcare (US)


• Siemens Healthcare GmbH (Germany)


• Cerner Corporation (US)


• McKesson Corporation (US)


• Allscripts Healthcare Solutions Inc. (US)


• Optum Inc. (US)


• Greenway Health LLC (US)


• Athenahealth Inc. (US)


• Epic Systems Corporation (US)

Healthcare Finance Solutions Industry Developments

May 2024: A company supported by Y-Combinator Start-up in the financial technology (fintech) industry that offers a "Buy Now Pay Later" (BNPL) service. BharatX has purchased Zenifi, a healthcare finance start-up that offers EMI solutions at no cost or at a reduced rate. BharatX, a company offering financial services to consumers, will expand its operations into the medical loan sector through this acquisition. BharatX and Zenifi have had a longstanding cooperation, with Zenifi being one of the first partners to offer a lending platform for credit extension. By joining BharatX, the Zenifi team can take advantage of the current lending infrastructure and achieve improved financial outcomes. The acquisition will enable BharatX to enter the healthcare sector, which is one of the main sectors requiring financing. 

The healthcare industry encounters a substantial obstacle in terms of financing medical services. This poses a challenge, particularly in times of emergencies. India remains the country with the highest out-of-pocket healthcare expenditure, resulting in pricey access to medical services. We have collaborated with Zenifi, a company that is actively tackling this issue by offering practical and cost-effective solutions. This acquisition would enable BharatX to further penetrate the healthcare sector, where there are currently no fintech or traditional firms capable of immediately providing credit, which is crucial in emergency healthcare situations.

March 2021: Greenway Health, LLC (US) launched revenue services offering GRS Select, a configurable revenue cycle management (RCM) service.  This revenue cycle management service is designed to simplify billing, alleviate administrative burdens, and identify new revenue opportunities to support practice profitability.

July 2019: McKesson Corporation (US) introduced ScriptPAS, empowering oncology practices to streamline benefits investigation, prior authorization, and financial assistance support for practices with Medically Integrated Dispensing. Additionally, ScriptPAS quickly and efficiently moves the prescription through the challenging prior authorization process, reviews financial data, and copay assistance details, and then returns the prescription to the pharmacy/MID.

June 2019: McKesson Corporation (US) acquired Rx Savings Solutions (US). By employing its distinctive platform, McKesson will be better able to fulfill its mission to enhancing health outcomes for all people and extend its expertise in solutions for access, cost, and adherence.

Healthcare Finance Solutions Market Segmentation

Healthcare Finance Solutions Service Outlook

• EPS (Electronic Payment Solutions)


• Revenue Cycle Management (RCM)


• Billing and Claims Management


• Medical Coding and Documentation


• Audit Management


• Others

Healthcare Finance Solutions Healthcare Facility Type Outlook

• Hospitals & Health Systems


• Outpatient Imaging Centers


• Outpatient Surgery Centers


• Diagnostic Laboratories


• Urgent Care Clinics


• Pharmacies


• Other Healthcare Providers

Healthcare Finance Solutions Deployment Outlook

• On-Premise


• Cloud-Based

Healthcare Finance Solutions Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America