Digital Health
UK Healthcare Financial Analytics Market Analysis
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.
Buy Now
UK Healthcare Financial Analytics Market Analysis
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 Dynamics
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: Draper & Dash is a healthcare analytics company that provides financial analytics solutions to healthcare providers in the UK. Their solutions help healthcare providers to improve efficiency, reduce costs, and optimize revenue.
- MedeAnalytics: MedeAnalytics provides a range of healthcare analytics solutions, including financial analytics, to healthcare providers in the UK. Their solutions help healthcare providers to identify areas of high cost and inefficiency, and make data-driven decisions to improve financial performance.
- Informatics Merseyside: Informatics Merseyside is a healthcare analytics company that provides financial analytics solutions to healthcare providers in the UK. Their solutions help healthcare providers to improve financial performance, reduce costs, and optimize revenue.
- EY: EY is a global professional services firm that provides financial analytics solutions to healthcare providers in the UK. Their solutions help healthcare providers to improve financial performance, reduce costs, and optimize revenue.
- KPMG: KPMG is another global professional services firm that provides financial analytics solutions to healthcare providers in the UK. Their solutions help healthcare providers to improve financial performance, reduce costs, and optimize revenue.
- PwC: PwC is a global professional services firm that provides financial analytics solutions to healthcare providers in the UK. Their solutions help healthcare providers to improve financial performance, reduce costs, and optimize revenue.
- IBM Watson Health: IBM Watson Health provides healthcare analytics solutions to help healthcare organizations optimize their financial performance, improve patient care, and manage risk.
Recent Developments
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 Policies and Regulatory Landscape
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
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
Insights10 will provide you with the reports within 10 key parameters which are:
- Market Overview
- Market Growth Drivers & Restraints
- Epidemiology of Disease Type
- Market Segmentation
- Market Share
- Competitive Landscape
- Key Company Profiles
- Healthcare Policies & Regulatory Framework
- Reimbursement Scenario
- Factors Driving Future Growth
Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.
Stage I: Market Data Collection
Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.
Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.
Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:
Stage II: Market Data Analysis and Statistical Model
Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.
Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.
The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.
The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.
Data Triangulation & Validation:
Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.
We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.
(1).png)
Stage III: Interpretation and Presentation
Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)
- Establishing market drivers and trends
- Analyzing the regulatory landscape to understand future growth
- Market Segment based analysis to obtain revenue/volume
- Analyzing current needs and determining penetration to estimate the market
Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.
Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.
To request a free sample copy of this report, please complete the form below.
We value your inquiry and offer free customization with every report to fulfil your exact research needs.
This report addresses
- Intelligent insights to take informed business decisions
- Qualitative, acute and result oriented market analysis
- Market size and forecasts from 2022 to 2030
- Opportunities for expansion and in-depth market analysis
- Segmentation and regional revenue forecasts
- Analysis of the market share and competitive landscape
- Strategic Recommendations to chart future course of action
- Comprehensive Market Research Report in PDF and PPT formats
Need more?
- Ask our analyst how this study was put together to learn more
- Discuss additional requirements as part of the free customisation
- Add more countries or regions to the scope
- Get answers to specific business questions
- Develop the business case to launch the product
- Find out how this report may influence your business revenue
Related reports (by category)
Digital Health
Africa Digital Health Market Analysis
Digital Health
Egypt Digital Health Market Analysis
Digital Health
Belgium Digital Health Market Analysis
Related reports (by geography)
Pharmaceuticals
UK Biological Safety Testing Market Analysis
Pharmaceuticals
UK Atopic Dermatitis Drugs Market Analysis
Pharmaceuticals
