According to IMARC Group latest report titled” Healthcare Payer Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market reached a value of US$ 20.3 Billion in 2020. The Global Healthcare Payer Services Market size to grow at a CAGR of 11.5% during 2021-2026. Healthcare payer services refer to the solutions outsourced by insurance providers or healthcare organizations to manage claims, patient engagement, audits, medical documents and customer relations. These services include business process outsourcing (BPO), knowledge process outsourcing (KPO) and information technology outsourcing (ITO). They aid in providing improved quality, efficiency, process compliance and accuracy of data across the healthcare organization. These services are also used for member and provider management, human resource (HR) solutions, analytics, billing and account management and fraud detection.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The global healthcare payer services market is primarily being driven by the increasing adoption of insurance policies by patients. Healthcare payer services enable the hospitals and other medical centers to reduce the turnaround time and eliminate the need for rework on claim documents. Various technological advancements and the increasing adoption of analytics by healthcare organizations for fraud detection are also positively impacting the market growth. Other factors, including significant growth in the healthcare industry, along with the increasing utilization of outsourcing business modes, are providing a thrust to the market growth.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Accenture plc
- Cognizant Technology Solutions Corporation
- Concentrix Corporation
- ExlService Holdings Inc
- Genpact Limited
- HCL Technologies Limited
- Hinduja Global Solutions Limited
- HP Development Company L.P.
- McKesson Corporation
- UnitedHealth Group Incorporated
- Wipro Limited and Xerox Corporation
Healthcare Payer Services Market Segmentation:
Our report has categorized the market based on region, type, application and end use.
Breakup by Type:
- BPO Services
- ITO Services
- KPO Services
Breakup by Application:
- Analytics and Fraud Management Services
- Claims Management Services
- Integrated Front Office Service and Back Office Operations
- Member Management Services
- Provider Management Services
- Billing and Accounts Management Services
- HR Services
Breakup by End Use:
- Private Payers
- Public Payers
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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