Product Code: GVR-4-68040-373-2
U.S. Banking Solutions For Healthcare Payers And Providers Market Growth & Trends:
The U.S. banking solutions for healthcare payers and providers market size is expected to reach USD 62.5 billion by 2030, growing at a CAGR of 8.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is primarily driven by the need for regulatory compliance and the need to optimize operations.
Advanced banking solutions automate routine financial tasks such as billing, payment processing, and revenue cycle management, reducing errors and speeding up transactions. These solutions provide real-time financial insights through enhanced data analytics, enabling quick, informed decision-making. By streamlining financial operations and reducing administrative burdens, healthcare organizations can allocate resources more effectively and focus on delivering quality patient care. This focus on efficiency is driving increased demand for sophisticated banking solutions in the healthcare sector. For instance, in September 2022, Commerce Bancshares, Inc. partnered with FISPAN, a fintech company, to offer embedded commerce financing solutions. The new platform offers improved banking and treasury functionalities, including streamlined features such as account reconciliation, payment initiation, & remittance advice. It is compatible with leading accounting platforms like QuickBooks Online and Sage Intacct, which enhances overall financial management capabilities.
The COVID-19 pandemic significantly impacted the healthcare payers and providers industry, driving the adoption of banking solutions and reshaping financial operations and priorities. The rise in telehealth services prompted investment in digital financial platforms and technologies, enabling remote transaction management and reducing reliance on physical processes. The pandemic caused fluctuations in financial activities, with a decline in non-COVID-related transactions and a surge in COVID-19-related claims. Additionally, changes in healthcare access led providers and payers to implement digital banking tools to maintain efficient and transparent financial operations.
The key players in the market are adopting various strategies such as product launches, partnerships, expansions, collaborations, and mergers & acquisitions. Through these strategic initiatives, market players are trying to strengthen their market positions and expand their customer base. For instance, In May 2023, Fifth Third Bancorp announced the acquisition of Big Data LLC, a technology solutions provider specializing in healthcare payments and remittances. This acquisition enhances Fifth Third's national healthcare revenue cycle capabilities, addressing clients' complex needs in this sector and aligning with the bank's vision of digital innovation & focus on healthcare.
U.S. Banking Solutions For Healthcare Payers And Providers Market Report Highlights:
- The services solution dominated the market and accounted for the largest share of 72.58% in 2023 and is anticipated to witness fastest growth at a CAGR of 8.8% over the forecast period. The growth is attributed to increasing reliance on outsourced financial services to reduce operational costs and improve efficiency.
- The financial management application dominated the market growth in 2023, with a share of 44.83%. The adoption rate of financial management solutions is high among healthcare organizations owing to the increasing awareness regarding the benefits associated with their adoption. The analytics segment is anticipated to showcase fastest growth at a CAGR of 12.1% from 2024 to 2030.
- The providers end use dominated the market with a market share of 57.81% in 2023. Healthcare providers increasingly adopt banking solutions to manage their extensive financial operations efficiently. The payers' segment is anticipated to witness fastest growth at a CAGR of 9.3% from 2024 to 2030.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.1.1. Solution
- 1.1.2. Application
- 1.1.3. End use
- 1.1.4. Estimates and forecast timeline.
- 1.2. Research Methodology
- 1.3. Information Procurement
- 1.3.1. Purchased database.
- 1.3.2. GVR's internal database
- 1.3.3. Secondary sources
- 1.3.4. Primary research
- 1.3.5. Details of primary research
- 1.4. Information or Data Analysis
- 1.4.1. Data analysis models
- 1.5. Market Formulation & Validation
- 1.6. Model Details
- 1.6.1. Commodity flow analysis (Model 1)
- 1.6.2. Approach 1: Commodity flow approach
- 1.7. List of Secondary Sources
- 1.8. List of Primary Sources
- 1.9. Objectives
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.2.1. Product outlook
- 2.2.2. Solution outlook
- 2.2.3. Application type outlook
- 2.2.4. End use outlook
- 2.3. Competitive Insights
Chapter 3. U.S. Banking Solutions for Healthcare Payers and Providers Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent market outlook
- 3.1.2. Related/ancillary market outlook
- 3.2. Market Dynamics
- 3.2.1. Market driver analysis
- 3.2.2. Market restraint analysis
- 3.3. U.S. Banking Solutions for Healthcare Payers and Providers Market Analysis Tools
- 3.3.1. Industry Analysis - Porter's Five Forces
- 3.3.1.1. Supplier power
- 3.3.1.2. Buyer power
- 3.3.1.3. Substitution threat
- 3.3.1.4. Threat of new entrant
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Economic landscape
- 3.3.2.3. Social landscape
- 3.3.2.4. Technological landscape
- 3.3.2.5. Environmental landscape
- 3.3.2.6. Legal landscape
- 3.3.3. COVID-19 impact analysis
Chapter 4. U.S. Banking Solutions for Healthcare Payers and Providers Market: Solution Estimates & Trend Analysis
- 4.1. Solution Market Share, 2023 & 2030
- 4.2. Segment Dashboard
- 4.3. U.S. Banking Solutions for Healthcare Payers and Providers Market by Solution Outlook
- 4.4. Services
- 4.4.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 4.5. Software and Hardware
- 4.5.1. Market estimates and forecast 2018 to 2030 (USD Million)
Chapter 5. U.S. Banking Solutions for Healthcare Payers and Providers Market: Application Estimates & Trend Analysis
- 5.1. Application Market Share, 2023 & 2030
- 5.2. Segment Dashboard
- 5.3. U.S. Banking Solutions for Healthcare Payers and Providers Market by Application Outlook
- 5.4. Credit & Financing
- 5.4.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 5.5. Financial Management
- 5.5.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 5.6. Analytics
- 5.6.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 5.7. Others
- 5.7.1. Market estimates and forecast 2018 to 2030 (USD Million)
Chapter 6. U.S. Banking Solutions for Healthcare Payers and Providers Market: End Use Estimates & Trend Analysis
- 6.1. End Use Market Share, 2023 & 2030
- 6.2. Segment Dashboard
- 6.3. U.S. Banking Solutions for Healthcare Payers and Providers Market by End Use Outlook
- 6.4. Providers
- 6.4.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 6.5. Payers
- 6.5.1. Market estimates and forecast 2018 to 2030 (USD Million)
Chapter 7. Competitive Landscape
- 7.1. Recent Developments & Impact Analysis, By Key Market Participants
- 7.2. Company/Competition Categorization
- 7.3. Company Profiles
- 7.3.1. PNC Bank
- 7.3.1.1. Company overview
- 7.3.1.2. Financial performance
- 7.3.1.3. Technology Type benchmarking
- 7.3.1.4. Strategic initiatives
- 7.3.2. Bank of America
- 7.3.2.1. Company overview
- 7.3.2.2. Financial performance
- 7.3.2.3. Technology Type benchmarking
- 7.3.2.4. Strategic initiatives
- 7.3.3. JP Morgan Chase
- 7.3.3.1. Company overview
- 7.3.3.2. Financial performance
- 7.3.3.3. Technology Type benchmarking
- 7.3.3.4. Strategic initiatives
- 7.3.4. US Bank
- 7.3.4.1. Company overview
- 7.3.4.2. Financial performance
- 7.3.4.3. Technology Type benchmarking
- 7.3.4.4. Strategic initiatives
- 7.3.5. Wells Fargo
- 7.3.5.1. Company overview
- 7.3.5.2. Financial performance
- 7.3.5.3. Technology Type benchmarking
- 7.3.5.4. Strategic initiatives
- 7.3.6. KeyBank
- 7.3.6.1. Company overview
- 7.3.6.2. Financial performance
- 7.3.6.3. Technology Type benchmarking
- 7.3.6.4. Strategic initiatives
- 7.3.7. Fifth Third Bank
- 7.3.7.1. Company overview
- 7.3.7.2. Financial performance
- 7.3.7.3. Technology Type benchmarking
- 7.3.7.4. Strategic initiatives
- 7.3.8. Truist Bank
- 7.3.8.1. Company overview
- 7.3.8.2. Financial performance
- 7.3.8.3. Technology Type benchmarking
- 7.3.8.4. Strategic initiatives
- 7.3.9. Citizens Bank
- 7.3.9.1. Company overview
- 7.3.9.2. Financial performance
- 7.3.9.3. Technology Type benchmarking
- 7.3.9.4. Strategic initiatives
- 7.3.10. Regions Bank
- 7.3.10.1. Company overview
- 7.3.10.2. Financial performance
- 7.3.10.3. Technology Type benchmarking
- 7.3.10.4. Strategic initiatives
- 7.3.11. Comerica Bank
- 7.3.11.1. Company overview
- 7.3.11.2. Financial performance
- 7.3.11.3. Technology Type benchmarking
- 7.3.11.4. Strategic initiatives
- 7.3.12. M&T Bank
- 7.3.12.1. Company overview
- 7.3.12.2. Financial performance
- 7.3.12.3. Technology Type benchmarking
- 7.3.12.4. Strategic initiatives
- 7.3.13. Commerce Bancshares, Inc.
- 7.3.13.1. Company overview
- 7.3.13.2. Financial performance
- 7.3.13.3. Technology Type benchmarking
- 7.3.13.4. Strategic initiatives