Healthcare Payer Services Market Set to Record Exponential Growth to 2031 – Here’s Why | Latest Insightace Study

Jersey City, NJ, April 17, 2023 (GLOBE NEWSWIRE) — InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Healthcare Payer Services Market Size, Share & Trends Analysis Report By Services (BPO Services, ITO Services, KPO Services), By Application (Claims Management Services, Integrated Front Office Service & Back Office Operations, Member Management Services, Provider Management Services, Billing & Accounts Management Services), By End Use (Private and Public Payers)- Market Outlook And Industry Analysis 2031”

The Global Healthcare Payer Services Market is estimated to reach over USD 159.49 billion by 2031, exhibiting a CAGR of 10.17% during the forecast period. 

The Covid-19 has had a huge impact on the market for healthcare payer services. For instance, according to the article “Health Care Payers COVID-19 Impact Assessment: Lessons Learned and Compelling Needs,” published in the National Academy of Medicine in May 2021, payers took actions to increase access to healthcare for COVID-19 and non-COVID-19 health issues in the spring of 2020 in accordance with regulatory requirements and recommendations (e.g., waiving administrative requirements, reimbursing telehealth).

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Many payers also made independent financial and capital investments to assist providers in stabilising, and they made use of their technological resources and connections in the local community to assist with outbreak response activities like organizing non-medical services and assisting with immunization campaigns.

Furthermore, the rise in chronic diseases will help open up the market for health insurance by encouraging the adoption of healthcare payer services. For instance, the International Diabetic Federation 2021 estimates that 537 million people between the ages of 20 and 79 have diabetes. The total population of diabetes is anticipated to surpass 643 million by 2030 and 783 million by 2045, respectively.

Also, according to Globocan 2020, there were 9,958,133 recorded global fatalities from cancer in 2020, as well as 19,292,789 new cancer cases observed around the world. Due to the enormous burden of chronic diseases, there will be a significant increase in the use of morally acceptable medicine.

Recent Developments:

• In March 2022, The collection, aggregation, dissemination, and reporting of healthcare data are now the focus of a new service from IMAT Solutions, a pioneer in real-time healthcare data management and population health reporting systems. Its new clustering and SaaS-based solutions, as well as the business’s new Data Aggregator Validation (DAV) designation from the National Council for Quality Assurance, will help payers, state-wide organisations, and Health Information Exchanges (HIEs) (NCQA).

List of Prominent Players in the Healthcare Payer Services Market:

• Accenture
• Allscripts Healthcare, LLC
• Cognizant
• Concentric Corporation
• Conduent, Inc.
• Conifer Health Solutions, Llc
• Dell Inc.
• Exl
• Firstsource Solutions
• Genpact Limited
• Hcl Technologies Limited
• HGS Ltd.
• IBM
• Infosys Bpm
• Inovalon
• IQVIA Inc.
• Mphasis
• NTT Data Corporation
• Omega Healthcare
• Oracle Corporation
• Parexel International Corporation
• R1RCM, Inc.
• Sas Institute, Inc.
• Tata Consultancy Services
• Unitedhealth Group
• Wipro Limited
• WNS (Holdings) Ltd.
• Xerox Corporation

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Healthcare Payer Services Market Report Scope:

Market Dynamics:

Drivers:
Due to the rising number of healthcare payer service providers and the growing need to save costs, the market for healthcare payer solutions is anticipated to expand during the forecast period. Compared to internal payer services, outsourcing healthcare payer services is less expensive. The number of clients is expanding as a result of developments in technology, a rise in the use of analytics in healthcare, and a rise in the number of people choosing health insurance. All of these elements are most likely to fuel the market’s expansion for healthcare payer solutions during the period of the projection.

Challenges:
The surge in cybercrime over the past few years has increased worries about the privacy of a patient’s medical history and other sensitive information. A cyberattack on the Indiana-based company Medical Informatics Engineering resulted in the compromise of more than four million patients’ data from 230 institutions, according to a 2015 investigation by the Indiana Attorney General (MIE). Market expansion is somewhat constrained by malware, phishing, Man in the Middle attacks, Trojans, and other emerging cyberthreats.

Regional Trends:
North America now has a sizable market share and is anticipated to maintain its position over the projection period. The market for healthcare payer services has experienced substantial expansion due to a number of factors, including the increased adoption of healthcare policies, the developed healthcare system in this region, and the established positions of key market competitors. A Congressional Research Service report titled “The United States Health Care Coverage and Spending,” revised in April 2022, states that in 2020, the majority of Americans had private health insurance or were enrolled in a government programme (such Medicare or Medicaid).

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Segmentation of Healthcare Payer Services Market-

By Service-

• 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 Use-

• Private Payers
• Public Payers

By Region-

North America-

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

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