A Persistent Market Research report shows that claims management solutions will continue to dominate until at least 2025. That is, as long as these solutions can outpace the factors affecting their demand: cyber security and ROI worries.
Due to its unique strategies and goals, though, these factors won’t affect the patient lending sector of the claims management market. This is great news for banks wondering how to expand your healthcare services portfolio without incurring unnecessary risk.
Want to know why health care loans are different than other claims management solutions? Keep reading to find out.
Cyber Attacks and Rises in Cyber Crime
Healthcare providers worry about keeping patient information safe from cyber criminals. Hacking and IT security problems have been on the rise. In 2015 alone, over 113 million patient records were stolen or exposed because of data breaches.
It’s no wonder then that the worry about cyber security is most likely to affect claims management software demand.
A second factor affecting demand will be ROI. Many providers forget to factor in all the costs associated with a new claims management strategy. Factors that may include:
- Installation fees
- Staff training costs
- Technology maintenance
There are also licensing and subscription fees to consider, which account for the majority of the initial investment cost of claims management software.
How These Factors will Affect Health Care Loans
If you’re looking to diversify your services portfolio, the healthcare claims management software industry is an excellent place to start. Yet you may still worry that these two factors make the market too severe a risk.
Medical loans bypass issues of cyber security and worries about ROI. Cyber criminals won’t have access to patient data during a hack since these loans don’t require credit checks. And ROI isn’t a worry either because loan programs are implemented at no cost to the provider.
Epic River’s patient financing program partners with financial institutions to help you reach patients in need. If you’re looking for a way to get involved with a growing sector of the healthcare market, learn how you can become one of our partner banks.