Australia Healthcare Financial Analytics Market Report 2022 to 2030

Australia Healthcare Financial Analytics Market Analysis

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Australia's healthcare financial analytics market size was valued at $xx Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 8.3% from 2022 to 2030 and will reach $xx Mn in 2030. The market is segmented by type, component, and deployment. Australia’s Healthcare Financial Analytics market will grow as the rising cost of healthcare in Australia is driving the need for financial analytics solutions that can help healthcare organizations manage and optimize their spending. The key market players are ClinTrial Refer, Advantech, HotDoc, Health Metrics, IQVIA, and others.

ID: IN10AUDH081 CATEGORY: Digital Health GEOGRAPHY: Australia AUTHOR: Chandani Patel

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Australia Healthcare Financial Analytics Market Executive Summary

Australia's healthcare financial analytics market size was valued at $xx Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 8.3% from 2022 to 2030 and will reach $xx Mn in 2030. The World Bank predicted that Australia's GDP will reach USD 1.4 trillion in 2020. The Australian Institute of Health and Welfare anticipated that Australia's total health expenditures for 2019–2020 will be $131 Bn. This is equivalent to about 10% of Australia's GDP. Almost 68% of all health spending in Australia was covered by the government, with the remaining 10% coming from private health insurers. The remaining 22% of the financing was provided by individuals via their own personal expenses. All Australian citizens and permanent residents have access to medical treatments under Australia's publicly subsidized healthcare system, Medicare. The Australian government also provides financial assistance for private health insurance, which covers elective surgery and dental operations that Medicare does not cover.

In order to give more accurate, fast, and usable financial information, Australian healthcare financial analytics companies are developing cutting-edge technologies that employ AI, machine learning, and cloud computing. One of the major developments in Australia's healthcare financial analytics industry is the increased focus on population health management. Healthcare practitioners can study population health data using methodologies provided by companies that specialize in healthcare finance analytics to identify risk factors, enhance clinical results, and save costs.

Greater platform scalability, accessibility, and security are made possible for healthcare financial analytics businesses by the adoption of cloud-based solutions. Because of this, healthcare providers may now provide complete insights from any place, at any time, and using any device. The market for healthcare financial analytics in Australia is becoming more and more consolidated as larger companies acquire smaller competitors to diversify their product portfolios and clientele. Healthcare financial analytics companies also work with healthcare providers, insurers, and other stakeholders to provide jointly developed solutions that meet specific industry needs and challenges. The Australian healthcare financial analytics market is consequently poised for significant development and growth as healthcare payers and providers increasingly strive to leverage analytics solutions to improve patient outcomes, reduce costs, and foster operational efficiency.

Market Dynamics

Market Growth Drivers

The growing need for real-time data for financial analysis and improved Internet of Things (IoT) coverage are the main factors propelling the market's growth. The market for financial analytics has expanded as a result of the creation of cutting-edge business models such as business-to-business, business-to-consumer, and business-to-business.

Due to technological advancement, its influence on organizational business operations, and the high level of automation in the finance department for various financial transactions, the market is predicted to increase. A new approach to data analytics tools for finance is therefore needed across all sorts of industry verticals given the rapidly evolving technology environment. As a consequence of improved business analytics and business intelligence (BI) technology and a greater focus on data openness, the financial analytics industry is expanding quickly.

Other drivers propelling the financial analytics market include the steadily increasing data density and the usage of financial analytics as a competitive advantage. The need for cloud analytics, which has tremendous potential, is the next significant development in the financial analytics sector. The emergence of cloud computing has improved financial planning, and it is anticipated that this technology will have long-term effects on the financial analytics sector as well.

Competitive Landscape

Key Players

ClinTrial Refer - specializes in clinical trials and healthcare analytics
Advantech - provides healthcare data analytics and clinical decision support solutions
HotDoc - offers patient engagement and practice management software with financial analytics.
Health Metrics - provides healthcare analytics and business intelligence solutions for aged care providers
IQVIA - offers healthcare data analytics, market research, and consulting service
Arinex - provides healthcare financial management, budgeting, and forecasting services
Verge HealthTech Analytics - specializes in health data analytics, benchmarking, and performance reporting.
Bluechip Infotech - offers healthcare financial management and business intelligence solutions for hospitals and clinics.

Healthcare Policies and Regulatory Landscape

In Australia, healthcare financial analytics companies are subject to a range of regulations and guidelines, including:

Privacy Act 1988 (Cth) - regulates the collection, use, and disclosure of personal information, including health information.

Australian Privacy Principles (APPs) - sets out the standards that organizations must comply with when handling personal information.

My Health Records Act 2012 (Cth) - governs the creation, use, and disclosure of the My Health Record system, which is an online summary of an individual's health information.

Health Insurance Act 1973 (Cth) - regulates the provision of health insurance in Australia.

Private Health Insurance (Prudential Supervision) Act 2015 (Cth) - sets out prudential standards and requirements for private health insurers.

Australian Securities and Investments Commission (ASIC) - regulates companies that provide financial services in Australia, including healthcare financial analytics companies.

Australian Competition and Consumer Commission (ACCC) - responsible for enforcing competition and consumer protection laws, including in the healthcare sector.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Healthcare Financial Analytics Market Segmentation

By Type

Claim Analytics
Revenue Cycle Management
Risk Management Analytics
Others

By Component

Hardware
Software & Services

By Deployment

The market is divided into on-premises and cloud-based deployments. Because cloud platforms are being adopted at a faster rate, the cloud-based category is anticipated to experience stronger growth throughout the projected period. The growing use of cloud analytics, which enables businesses to include data from all sources, is what is driving the financial analytics industry. Additionally, the market for healthcare financial analytics is anticipated to benefit from the desire for better claims and revenue management systems in healthcare and the acceptance of cloud computing across numerous industries. Some governments in Europe are starting programmes to promote the growth of information technology in healthcare.

On-premise
Cloud-based

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.