The UK 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 4.8% from 2022 to 2030 and will reach $xx Mn in 2030. The market is segmented by type, component, and deployment. UK’s Healthcare Financial Analytics market will grow the adoption of EHRs has been increasing in the UK healthcare sector. Financial analytics solutions can integrate with EHRs to provide a comprehensive view of a patient's health history and enable better decision-making. The key market players are Draper & Dash, MedeAnalytics, Informatics Merseyside, EY, and others.
The UK 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 4.8% from 2022 to 2030 and will reach $xx Mn in 2030. Healthcare spending as a proportion of GDP in the United Kingdom was 9.8%, according to the Organization for Economic Co-operation and Development (OECD). This indicates that healthcare costs accounted for over 10% of the nation's entire economic output. The World Bank estimates that the cost of healthcare in the United Kingdom is $4,246 per person.
In the UK, healthcare institutions may improve their financial performance, allocate resources more efficiently, and improve patient outcomes by using data analytics tools and methodologies. The NHS is in charge of delivering healthcare to the general public and is the publicly financed healthcare system in the UK. In order to better control expenses, pinpoint areas for development, and allocate resources efficiently, the NHS has been investing in healthcare financial analytics systems.
Healthcare financial analytics firms: Many firms, notably IBM Watson Health, Optum, and Cerner, are active in the UK's healthcare market. These businesses provide a variety of analytics solutions aimed at enhancing the financial performance and operational effectiveness of healthcare organisations. A value-based care paradigm, which strives to increase patient outcomes while lowering costs, is becoming more and more popular in the UK. Healthcare businesses may assess and analyse the value of their services with the use of healthcare financial analytics systems, which can also help them pinpoint areas for development.
In the UK, a variety of use cases for healthcare financial analytics exist, such as revenue cycle management, fraud detection, population health management, and clinical decision support. These use cases assist healthcare businesses in lowering expenses, enhancing patient outcomes, and improving financial performance. Thus, during the time of forecasting, the market for healthcare financial analytics will expand.
Market Growth Drivers
Growing demand for cost-effective healthcare solutions: Cost-effective solutions are becoming more and more in demand as healthcare costs rise. Healthcare providers can identify areas of high cost and inefficiency with the aid of financial analytics, allowing them to make wise choices and cut costs.
Government initiatives to promote healthcare IT: To enhance patient outcomes and save costs, the UK government has aggressively encouraged the adoption of healthcare IT technologies. Due to this, financial analytics software has seen a rise in investment.
Increasing adoption of electronic health records (EHRs): In the UK healthcare industry, the use of EHRs has grown. EHRs and financial analytics tools can work together to give doctors and decision-makers a complete picture of a patient's medical history.
Rise in healthcare fraud and abuse: In the UK, healthcare fraud and abuse cost the country an estimated £1.2 billion annually. Financial analytics can help identify fraudulent activities and prevent them from occurring.
Market Restraints
Many healthcare providers are not aware of the benefits of financial analytics solutions or do not fully understand how they work. This can make it difficult to justify the investment in these solutions. Moreover, financial analytics solutions require access to sensitive patient data, which can raise concerns about data security and privacy. Healthcare providers must ensure that their data security measures comply with relevant regulations and standards.
Furthermore, many healthcare providers in the UK still use legacy systems that are not compatible with modern financial analytics solutions. This can make it difficult to integrate these solutions into existing workflows. Additionally, implementing and maintaining financial analytics solutions can be expensive, especially for smaller healthcare providers. This can make it difficult to justify the investment in these solutions, especially if the benefits are not immediately apparent.
Competitive Landscape
Key Players
Draper & Dash: In 2021, Draper & Dash partnered with Open Medical, a digital health platform, to provide data analytics solutions to NHS hospitals. The partnership aims to help NHS hospitals to improve patient outcomes and reduce costs by providing data-driven insights.
MedeAnalytics: In 2021, MedeAnalytics announced the launch of their new product, MedeFinance, which is a financial analytics solution designed specifically for healthcare providers in the UK. The solution aims to help healthcare providers to optimize revenue, reduce costs, and improve financial performance.
Informatics Merseyside: In 2020, Informatics Merseyside launched a new financial analytics solution called Profit Hunter. The solution is designed to help healthcare providers to identify areas of inefficiency and waste, and make data-driven decisions to improve financial performance.
EY: In 2021, EY launched a new healthcare analytics platform called EY Helix. The platform is designed to provide healthcare providers with a range of analytics solutions, including financial analytics, to improve patient outcomes and reduce costs.
Healthcare financial analytics in the UK is subject to various regulations to ensure patient privacy, data security, and compliance with relevant laws and regulations. Here are some key regulations related to healthcare financial analytics in the UK:
General Data Protection Regulation (GDPR): The GDPR is a regulation that sets out rules for the protection of the personal data of individuals within the EU, including the UK. Healthcare providers must ensure that their financial analytics solutions comply with GDPR requirements to protect patient data.
Data Protection Act 2018: The Data Protection Act 2018 is the UK's national law that implements the GDPR. Healthcare providers must comply with the requirements of the Data Protection Act 2018 when collecting, storing, and processing patient data for financial analytics.
NHS Digital and Information Governance (IG) Toolkit: The NHS Digital and IG Toolkit provides guidance for healthcare providers on data security and information governance. Healthcare providers must ensure that their financial analytics solutions comply with the requirements of the IG Toolkit.
Caldicott Principles: The Caldicott Principles are a set of principles that govern the use of patient data in the NHS. Healthcare providers must ensure that their financial analytics solutions comply with the Caldicott Principles to protect patient privacy and confidentiality.
Health and Social Care Act 2012: The Health and Social Care Act 2012 sets out the legal framework for the provision of healthcare in the UK. Healthcare providers must ensure that their financial analytics solutions comply with the requirements of the Health and Social Care Act 2012.
Financial Conduct Authority (FCA) regulations: The FCA regulates financial services in the UK, including those provided by healthcare providers. Healthcare providers must comply with FCA regulations when providing financial analytics solutions to their patients.
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
By Type
By Component
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.
Methodology for Database Creation
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Combining Secondary and Primary Research
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