Find out what healthcare payment analytics is and how it helps healthcare organizations.11.75 billion dollars – that is how much the global digital payments market in the healthcare industry was estimated to be in 2023. Forecasts suggest that this bar will reach approximately 81.36 billion dollars by 2033. Researchers expect the CAGR from 2024 to grow by 21.40 percent to 2033.
The digital payments market is huge. And it makes market problems even bigger. It’s estimated that eighty percent of medical bills contain some form of error. These errors cost the healthcare industry about sixty-eight billion dollars each year. Payment data analytics can help solve this problem.
What is Healthcare Payment Analytics?
This type of analytics collects and analyzes payment data. Each time another «drop» of data is added to the world «ocean» of big digital data, a transaction takes place, with a healthcare service at one «end» and its recipient at the other. Each transaction contains info about the time and amount of the transaction, what service was paid for, what type of payment was used, and so on.
