September 07, 2022 13:00 ET | Source: Straits Research Straits Research
New York, United States, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Healthcare finance solutions are a collection of financial capital solutions that enable parties to mobilize cash to address diverse healthcare needs, such as funding for medical equipment, infrastructure upgrades, and treatment coverage. These solutions enable the most efficient collection and financing of healthcare-related services by facilitating a more efficient capital flow.
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Constant Up-Gradation Will Drive the Market
The rising demand for constant upgrades and modifications in various healthcare processes with the aim of enhancing the performance of various healthcare facilities will act as a key factor in accelerating the growth rate of the healthcare finance solutions market. The increasing rate of adoption of high-tech equipment and technology will increase the demand for healthcare finance solutions, thereby accelerating the market's growth rate. The presence of favorable government initiatives for the development of the healthcare infrastructure also contributes significantly to the market's expansion. Moreover, rising healthcare expenditures and a rise in digital adoption in the healthcare sector are the primary factors that will propel the market's expansion. Rapid urbanization, a shift in lifestyle, and a rise in disposable incomes in developing and developed nations will impact the market growth rate for healthcare finance solutions. The increase in the geriatric population, the rise in the prevalence of chronic disorders, and the rise in the demand for the early diagnosis will stimulate the growth rate of the healthcare finance solutions market.
Increasing Value-Based Care Is Driving the Market
The healthcare system is transitioning from volume-based to value-based care in an effort to improve patient care and patient engagement. Volume-based care is a traditional healthcare service known as (Fee for Service) that does not guarantee a positive patient outcome. Providers of healthcare are compensated for each service rendered, regardless of the success or necessity of the service. The framework for value-based care delivery aims to improve healthcare outcomes at a lower cost. Under this model, payers do not pay healthcare providers individually but instead can appoint a primary provider to be responsible for budget distribution to secondary healthcare providers.
Technological Advancements Will Drive the Market in The Future
The adoption of technologically advanced products to improve functions and processes is on the rise in the healthcare industry, which is undergoing change. It is possible to observe advancements in healthcare equipment, software, infrastructure, and therapy, among other fields. Safe and effective therapy or treatment is a top priority for all healthcare professionals, and technological advancements have made it easier to achieve this objective.
Enhancements in technological access, internet, and video & remote monitoring capabilities can aid healthcare providers in delivering more cost-effective, patient-centered care. This strategy is likely to reduce patients' overall expenditures on healthcare. The COVID-19 pandemic has had a positive effect on reimbursement policy; consequently, there has been an increase in the adoption of home-based care and telehealth.
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Geographically, the market for healthcare finance solutions is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. With a market share of 38.2 percent in 2018, North America dominated the market. Due to the high demand for advanced healthcare systems and electronic data management initiatives, this is the case. As a result of the presence of a large number of key players, North America is also expected to experience lucrative growth over the forecast period. Such companies include Siemens Financial Services, Inc. and Commerce Bancshares, Inc.
The United States is one of the leading countries in the production and development of technologically advanced products for the healthcare industry, resulting in an increase in the total cost of healthcare for patients. This increases the financial burden on patients in a direct manner. 40 to 50 percent of the annual cost increase is attributable to new medical technology.
The United States spends significantly more than other wealthy nations on healthcare administration, with administrative costs comprising approximately 30 percent of total healthcare expenditures. The increase in administrative expenses of healthcare providers is a result of the rising cost of healthcare and the introduction of new and costly technology.
Over the forecast period, the Asia-Pacific region is anticipated to experience the highest growth. The growth of the healthcare finance solution market in the region is also anticipated to be driven by an increase in healthcare expenditures and the presence of a large patient base. The investment of international healthcare finance solution providers, such as the Asian Development Bank, is expected to propel the market's expansion over the forecast period.
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Table of Content and Figure @ https://straitsresearch.com/report/healthcare-finance-solutions-market/toc
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