PUBLISHER: Grand View Research | PRODUCT CODE: 1493306
PUBLISHER: Grand View Research | PRODUCT CODE: 1493306
The global credentialing software and services in healthcare market size is expected to reach USD 1.42 billion by 2030, registering a CAGR of 8.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising awareness about the benefits associated with adopting credentialing solutions and increasing focus on improving provider data management is expected to fuel the demand in healthcare over the forecast period.
Provider credentialing software streamlines data entry and paperwork, minimizing errors and enhancing accuracy. In addition, the software allows users to access updated information about healthcare providers' credentials and licenses in real time. This functionality helps track the expiration dates of licenses and credentials held by healthcare providers. It also includes a feature for creating detailed profiles, simplifying qualification assessment, and ongoing compliance monitoring.
Integration of Artificial Intelligence (AI) enhances the speed, efficiency, and accuracy of the credentialing process. The use of digital identity verification to access credentialing service platforms has grown in popularity, enhancing the safety & reliability of provider credentialing. This technology is capable of mitigating the risk of fraudulent activity for insurance companies by ensuring that credentialing applications are legitimate. Consequently, healthcare providers can be reliable on sensitive information, including contact information, malpractice insurance, and licensing information, which is secure from the threat of being compromised.
For instance, the SmartCred AI platform developed by Sutherland Global has proven to be highly beneficial for hospitals and provider networks, allowing them to achieve an average cost reduction of 64%. Moreover, the platform is highly effective in reducing credentialing error rates and enabling faster acquisition of documents compared to manual processes.
The global healthcare industry has transformed with the rising adoption of cloud computing. Cloud-based healthcare credentialing software utilizes the potential of cloud computing to simplify and automate the credentialing process. Cloud computing services comprise data storage, processing, and software applications delivered through the internet. This software solution empowers healthcare organizations to manage the complete credentialing process online, from data collection and verification to granting and reviewing clinical privileges, as well as tracking & updating credentials.
Furthermore, successful credentialing and enrollment in medical laboratories with the appropriate payers are crucial in determining growth and revenue. Laboratories must be in a network with maximum payers in the key areas where they collect their samples. Hence, companies such as Bikham Healthcare offer expertise in credentialing and enrolling for medical laboratories in all 50 U.S. Furthermore, Cosmos Medical Management offers Laboratory Credential Services as one of its products for lab-related credentialing.