Global Healthcare Payer Services Market is Likely to Grow at a CAGR Value of 7.50% By 2028

05-Aug-2022 | Zion Market Research

The global healthcare payer services market size was worth USD 56.8 billion in 2021 and is estimated to grow to USD 87.7 billion by 2028, with a compound annual growth rate (CAGR) of approximately 7.50% over the forecast period.

Healthcare payer services providers help payers engage members actively, lower healthcare costs, comply with regulations, and enhance overall operational performance. Healthcare insurers, public & private payers, and members are helped by the suppliers of healthcare payer services with handling claims, member engagement, audits, medical records, and customer relations. Using their unique competencies in data & analytics, pharmacy care services, population health, healthcare delivery, and healthcare operations, these businesses' specialized divisions improve the performance of the entire healthcare system by optimizing care quality, reducing costs, increasing patient satisfaction and care provider effectiveness, and enhancing patient satisfaction. By providing all these services, healthcare payer services providers help their clients increase operational effectiveness and decrease operating expenses.

A few factors driving the growth of the global healthcare payer services market in the forecast period are the rise in healthcare fraud brought on by outsourcing, the increased utility of customer services brought on by the adoption of cost-effective solutions for healthcare payers, and the increased awareness of health insurance globally. The rising demand for operating business operations cost-effectively by integrating engagement and contract models can be ascribed to the rising use of healthcare payer services. The market is expanding globally due to the increasing use of digital technologies in payer operations. In addition, healthcare payer services provide higher quality patient care, simplify the procedure, and enhance customer interaction. The development of individual health benefit plan designs will open up further options that will fuel the expansion of the healthcare payer services market. However, the rise in cybercrime and the loss of personal data would probably impede the market's expansion for healthcare payer services.

The global healthcare payer services market is segregated based on service, application, end-use, and region. Based on service, the market is divided into BPO services, ITO services, and KPO services. Among these, the ITO services segment dominates the market and accounted for 51.1% of the overall revenue share in 2021. Based on application, the market is divided into claims management services, integrated front office service & back office operations, billing & accounts management services, member management services, provider management services, analytics & fraud management services, and HR services. Over the forecast period, the claims management services segment is expected to develop at a significant rate accounting for 29.9% of the overall revenue share. Based on end-use, the market is classified into private payers and public payers. The private payers' segment dominated the market and accounted for 52.1% of the overall revenue share in 2021.

North America is expected to dominate the global healthcare payer services market, accounting for 76.1% of the overall revenue share in 2021 due to numerous organizations offering healthcare payer services and a sizable need for healthcare payer solutions. The United States currently leads the global healthcare payer services market. This is brought on by an increasing number of people purchasing health insurance and a practical reimbursement system.

Key players functioning in the global healthcare payer services market include Congziant, EXL, HGS Ltd., Accenture, Xerox Corporation, Concentric Corporation, HCL Technologies, Genpact, and WIPRO Ltd.

Recent developments:

  • In March 2022, Icertis introduced ICI for Healthcare Providers, a contract intelligence platform. It is a contract lifecycle management (CLM) tool that speeds up the digital transformation of healthcare providers by modernizing intricate contracts involving payers, suppliers, and contract services.
  • In August 2020, Medicare Advantage plan was created in partnership with Holy Cross Health, Memorial Healthcare System, and Oscar and offered cheap, virtual care from a linked care team and a reputable physician.

Browse the full Healthcare Payer Services Market By Service (BPO Services, ITO Services, and KPO Services), By Application (Claims Management Services, Integrated Front Office Service & Back Office Operations, Member Management Services, Provider Management Services, Billing & Accounts Management Services, Analytics & Fraud Management Services, and HR Services), By End-Use (Private Payers and Public Payers), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/healthcare-payer-services-market

Global healthcare payer services market is segmented as follows:

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
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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