One of the integral global concerns facing healthcare industry is the insurance fraud that translates to huge losses. The cases of fraudulent activities has been on the rise, underscoring the growing need for medical and healthcare facilities to have efficient medical fraud detection management systems at their disposal. A recent study of Fairfield Market Research makes an attempt to assess the growth pattern and forecast of global medical fraud detection management market over the period of next few years. While the market is expected to receive major support from favourable government initiatives, the market is also likely to be benefited by the excellent rise in policyholders’ awareness about the potential loopholes in medical and healthcare insurance claims. An increasing number of medical insurance claims being filed newly each year only points to the thriving prospects of medical fraud detection management market.
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Machine Learning Technology Plays a Central Role
While fraud insurance claims can be from both the sides, i.e., healthcare providers, and insurers, there is a massive cost involved in it and there is great deal of effort invested in protecting the same. The significance of implementation of medical fraud detection management solutions is growing rapidly among insurers, insurance providers, as well as medical and healthcare facilities. The latter two have been investing in the same with an objective of overcoming reduced operational profits. Rapid intervention of next-gen technologies like machine learning in healthcare systems are pushing the capabilities of fraud detection management solutions to extraordinary levels. This remains the strongest factor driving demand for medical fraud detection management solutions.
Regulators Have an Increasing Role to Play in Market Growth
With growing sophistication of the medical and healthcare industries comes an increasing risk. The costs associated with clinical trials have seen a dramatic rise over the time, the compliance policy framework has improved a lot, and the stringency of regulatory guidelines has grown manifolds. All these factors collectively will remain responsible for driving revenues to medical fraud detection management market. The need for effectively detect and address the dishonesty and false claims involved in billing practices is consistently soaring over the recent past, which is encouraging adoption of medical fraud detection management systems at medical and healthcare facilities. Regulators play an important role in pushing the market potential of automated anti-fraud systems. Moreover, a greater number of healthcare organisations are seeking effective means of protecting their investments against a variety of fraudulent claims, thereby boosting the installations of suitable fraud analytics solutions.
Long-term Care Prospects in Developing Economies to Benefit Market
Witnessing continued dominance of North America, the medical fraud detection management market is expected to explore its flourishing potential across China, India, Australia, Taiwan, South Korea, Mexico, Brazil, and Russia owing to their exceptionally swelling geriatric population that naturally has to be subject to long-term care. With growing inclination toward prevention of any potential cases of systematic claim manipulation by nursing homes, and other healthcare facilities that can be under pressure on profit margins, demand for automated healthcare fraud management systems is likely to receive a strong impetus in the near future.
Competition Analysis - Medical Fraud Detection Management Market
Key external vendors of anti-fraud solutions continue to target major healthcare providers. Strategic collaborations between specialised service providers have been trending the market with an objective to attain maximum efficiency in different desired applications, including electronic claims submissions, case management, or suspicious billing patterns. Healthcare compliance analytical platforms like Protenus, and Data Clinic have thus been experiencing solid demand. Some of the important service providers in global medical fraud detection management market include Optum Insight, Aetna, Xerox Special Services, MedSolutions, Mirador Solutions, and Anvita Health.
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Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
The report "Insurance Fraud Detection Market by Component (Solutions (Fraud Analytics, Authentication, and GRC), Service) Application Area (Claims Fraud, Identity Theft, Payment and Billing Fraud, and Money Laundering), Deployment Mode, Organization Size, and Region - Global Forecast to 2024", The global insurance fraud detection market is expected to grow from USD 2.5 billion in 2019 to USD 7.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 25.8% during the forecast period.
The major aspects driving the market are the need to effectively manage huge volumes of identities by organizations; improving operational efficiency & enhancing the customer experience; increasing adoption of advanced analytics techniques; and stringent regulatory compliances.
The insurance fraud detection market is growing drastically on account of the proliferation of cloud-based services in the insurance sector and increasing threats & frauds in this sector.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=139715396The authentication technology refers to the process of verifying the identity of the users, devices, or systems.
Fraud authentication helps enterprises to protect customer identity from the fraudsters.
Based on the use cases and complexity, authentication solutions can be categorized as Single-Factor Authentication (SFA), and Multi-Factor Authentication (MFA) and the increasing need for simple and less complex SFA and MFA authentication solutions will fuel the demand for authentication solutions.Major insurance fraud detection vendors include FICO (US), IBM (US), BAE Systems (UK), SAS Institute (US), Experian (Ireland), LexisNexis (US), iovation (US), FRISS (Netherlands), SAP (Germany), Fiserv (US), ACI Worldwide (US), Simility (US), Kount (US), Software AG (Germany), BRIDGEi2i Analytics Solutions (India), and Perceptiviti (India).
These players have adopted various growth strategies, such as new product launches, partnerships, agreements, and collaborations, to enhance their presence in the global insurance fraud detection market.
