The global demand for Healthcare Payer Services Market is presumed to reach the market size of nearly USD 120.68 MN by 2028 from USD 67.3 MN in 2021 with a CAGR of 8.7% under the study period 2022 - 2028.
Healthcare payer services are services outsourced by payers and providers of healthcare insurance. These outsourcing options assist payers in streamlining their company processes and providing better customer support. These services help improve the functioning of the healthcare system by increasing patient care quality and the overall consumer experience. They also help in data and analytics, population health, pharmacy care services, and healthcare delivery and operations. Information Technology Outsourcing (ITO), Business Process Outsourcing (BPO), and Knowledge Process Outsourcing (KPO) for various service applications such as claims management services, member management services, provider management services, billing, and accounts management services are examples of healthcare payer service types.
Market Dynamics
The rising demand for healthcare payer services can be ascribed to the growing need to run business processes more cost-effectively through the use of engagement and contract models. Furthermore, the increased use of digital technologies in payer operations is expanding the industry globally. Aside from that, healthcare payer services improve patient care by streamlining processes and improving customer communication. This, together with the increased usage of analytics in healthcare and the rising number of people seeking healthcare insurance as a result of the rapid outbreak of the coronavirus illness (COVID-19), is propelling market expansion. In addition, these services are widely used in billing and account administration, analytics and fraud management, and human resource (HR) services and claims management. Aside from that, the market is expected to rise due to increased mergers and acquisitions (M&A) and increased use of updated software to satisfy current healthcare needs. However, concerns such as the rising prevalence of cyber theft, which results in the loss of personal data, and the hidden costs associated with outsourcing are likely to stifle the expansion of the healthcare payer service industry.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of healthcare payer services. The growth and trends of healthcare payer services industry provide a holistic approach to this study.
Market Segmentation
This section of the healthcare payer services market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Service Type
- BPO Services
- ITO Services
- KPO Services
By Application
- Claims Management Services
- Integrated Front office Service and Back office operations
- Member management Services
- Provider management Services
- Billing and Accounts Management Services
- Analytics and Fraud Management Services
- HR Services
By End User
- Private Payers
- Public Payers
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Healthcare Payer Services market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Healthcare Payer Services Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the healthcare payer services market include United HealthCare Services Inc., Anthem Inc., Aetna Inc., Accenture, Cognizant, Xerox Corporation, and Genpact. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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