Medical Payment Fraud Detection Market is expected to hold a value of USD 5786.44 Million by 2027 and medical payment fraud detection market is expected to register a growth of 25.2% from 2020 to 2027.
Medical fraud is increasingly apperceived as one of the social concerns. Healthcare fraud varies, but generally, it involves filing dishonest health claims for profit. The combination of fear loosened healthcare regulations, and expected stimulus payments in response to the COVID 19 pandemic could unleash an unprecedented surge of healthcare scams and fraud. The rising number of patients opting for health insurance, increasing pressure of fraud, and abuse on healthcare spending are the key factors that are expected to drive the medical payment fraud detection market growth. For instance, according to the Centers for Disease Control and Prevention, 2018, report, 65.1% of people under the age of 65, in the US opted for private healthcare insurance. Moreover, a large number of fraudulent activities, rising healthcare expenditures, and growing pressure to increase operational efficiency and reduce healthcare spending are also expected to boost medical payment fraud detection market growth.
An outbreak of COVID 19, leading to increased healthcare scams and fraud.
Medical Payment Fraud Detection Market Drivers
Medical Payment Fraud Detection Market Segmentation
By Delivery Model
By Source of Service
Medical Payment Fraud Detection Market Key Players
|Market Size||2027: USD 5786.44 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Component, Delivery model, Source of service, End Use and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||LexisNexis Risk Solutions, International Business Machines Corporation, Optuminsight, OSP Labs, DXC Technology Company, Unitedhealth Group, SAS Institute, Fair Isaac Corporation, EXL Service Holdings, Inc., CGI GROUP|
|Key Market Opportunities||
|Key Market Drivers||Payments in response to the COVID 19 pandemic could unleash an unpredicted surge of healthcare scams and frauds.|