A recent report by Transparency Market Research depicting global technology spending on healthcare core administration identifies PLEXIS Healthcare Systems as the principal core administration technology vendor among ten global software organizations.
Trends in Core Administration
“The healthcare industry has witnessed a huge transformation from principally paper-based and manually-operated procedures to digitally-enabled connected processes and operations in the past few years …[with] a vast rise in the money spent on making core administration in the healthcare sector technologically-rich and more effective.”
For two decades PLEXIS has been a market leader in core administration and claims management solutions. PLEXIS clients have reported industry-leading operational efficiencies including 97% auto-adjudication rates and approximately 65% reductions in administrative costs. PLEXIS deploys the tech stack that optimizes business efficiencies and drives mission-critical healthcare processes for over 70 million lives worldwide.
The Transparency Market Research report illustrates several key trends including a significant increase in the use of data processing technology for core administrative services including claims management and fraud detection.
Another key trend across government agencies and insurance companies is the significant increase in payer spending for core administration. Among payers, providers, and hospitals, 88% of the 2015 market spending on global healthcare core administration was attributed to the payer segment. The payer segment is forecasted to expand at a 5.9% compound annual growth rate (CAGR) between 2016 and 2024.
North America to Continue Leading the Market
Over 50% of global funding spent to enrich core administrative technology were spent in North America. The report predicts the North American region will continue leading other regional markets with a much larger stake in the market. The Asia Pacific region is predicted to emerge as the leading contender as an investment destination for core administration technology. Asia Pacific has been growing rapidly as an IT outsourcing destination with a robust medical tourism industry.
Core Administration 2.0
In addition to PLEXIS’ rich history providing global core administrative payer solutions, PLEXIS also recently delivered Core Administration 2.0 –a disruptive shift to a platform approach integrating real-time, digital solutions. The modern 2.0 architecture is scalable and flexible enough to empower payer organizations to seamlessly integrate administrative, financial, and clinical operations. To learn more about PLEXIS’ Core Administration 2.0, visit: https://www.plexishealth.com/core-administration-2-0/