The healthcare industry continues to be a hotbed of innovation, with activity driven by telemedicine, real-time diagnostics, smart hospitals and access to digital therapies, and the growing importance of technologies such as artificial intelligence (AI), the internet of things (IoT), augmented reality (AR), robotics and data management practices. In the last three years alone, there have been over 106,000 patents filed and granted in the healthcare industry, according to GlobalData’s report on Personal Health Data in Healthcare: Automated healthcare billing and payment system.
According to GlobalData’s Technology Foresights, which uses over 443,000 patents to analyse innovation intensity for the healthcare industry, there are 200+ innovation areas that will shape the future of the industry.
Automated healthcare billing and payment system is a key innovation area in personal health data
An automated billing system prepares invoices and sends them to the stakeholders. It it also used to track payments and handle transactions. Hospitals with a sizable and varied client base, a broad range of offered goods and services, and subscription or retainer pricing structures should find the solution to be extremely useful.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 30+ companies, spanning technology vendors, established healthcare companies, and up-and-coming start-ups engaged in the development and application of automated healthcare billing and payment system.
Key players in automated healthcare billing and payment system – a disruptive innovation in the healthcare industry
‘Application diversity’ measures the number of different applications identified for each relevant patent and broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in and reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to automated healthcare billing and payment system
Source: GlobalData Patent Analytics
FedEx is one of the leading patent filers in the market for automated healthcare billing and payment systems. Some other key patent filers in the field include Nintendo and AT&T.
In terms of application diversity, LG leads the pack, followed by YourBio Health and Enlitic. By means of geographic reach, PerceptiMed held the top position, followed by PokitDok and Yuyama in second and third spots, respectively.
Healthcare providers use automated healthcare billing and payment systems to simplify operations. Additionally, there is a decrease in human error and faster data retrieval which improves revenue and decreases time spent interacting with the billing system. The automated systems for billing and payment systems market are expected to have a positive growth prospective as more healthcare institutions integrate them into their practice.
To further understand the key themes and technologies disrupting the healthcare industry, access GlobalData’s latest thematic research report on Personal Health Data.