Global Healthcare Payer Services Market: Overview
Healthcare payers can be referred to as an entity such as insurance company, health maintenance organizations, or management service organizations that arranges or pays the payment of medical care or healthcare services, product, or procedure. The healthcare insurance payers and providers outsource healthcare payer services. The healthcare sector is actively undergoing changes that are attracting the payers to restructure their processes and business models to cope with the rising competition as well as also focus on offering patient care of better quality by enhancing customer communication, redesign the process, and eliminating costs.
Global Healthcare Payer Services Market: Growth Factors
Growing penetration of IT in the healthcare sector, the rising number of healthcare insurance companies, and the huge dependence of the population on advanced solutions are some of the major factors fostering the growth of the global healthcare payer services market. Moreover, increasing inclination toward outsourcing of the healthcare payer services by the healthcare insurance payers and providers is also spurring the growth of the market as it serves as a cost-effective tool. In addition to this, healthcare payers are focusing majorly on managed health, making a huge investment in technology, and are also allowing the customers to make their choices. Thus, a proper combination of technology-enabled solutions and services are also contributing to the growth of the global healthcare payer services market. Furthermore, the use of advanced technology in applications such as Optical Character Recognition and Electronic Data Interchange generation will lead to opportunities for the market. However, the rising concerns regarding loss of confidentiality and data breach may restrain the growth of the market.
Globally, the novel coronavirus pandemic severely affected the healthcare sector and the impact of which will be long-lasting. The covid-19 pandemic has disrupted the major operational areas for the healthcare payers. Millions of people are been infected by the virus. This has put the healthcare providers under immense pressure and hospitals are also running out of resources. The spread of disease in a short duration has resulted in a rise in the number of individuals to make use of health insurance benefits in terms of testing and/or disease treatment. Moreover, strict lockdown and rules related to social distancing have also led to a shortage of staff. Thus, there is an increase in demand but the service levels are reduced. Furthermore, claim administration, one of the major activities of the payer services is also been affected by the outbreak of the disease. The introduction of claims for covid-19 requires numerous changes in the standards which include new treatment & diagnosis codes and modified benefits & coverage. Thus, all these factors have slowed down the growth of the global healthcare payer services market. However, strategic planning in handling the huge demand can drive the growth of the market at a healthy rate.
Global Healthcare Payer Services Market: Segmentation
The global healthcare payer services market is bifurcated based on service type, application, end-users, and region. Based on service type, the global healthcare payer services market is bifurcated into ITO services, BPO services, and KPO services. The application segment is divided by provider, claims, analytics & fraud, member management, HR services, and billing & accounts. The end-user segment is split into public and private payers.
Global Healthcare Payer Services Market: Regional Analysis
North America is anticipated to account for a major share in the global healthcare payer services market. Factors such as a large number of populations opting for health insurance, technological advancement in public as well as private sectors, and the favorable reimbursement framework & individual mandate levied by the ACA are contributing to the growth of the market in this region. On the other hand, Asia Pacific is expected to emerge as a rapidly growing market and is expected to register a high CAGR over the forecast period.
Global Healthcare Payer Services Market: Competitive Players
Some of the prominent players in the global healthcare payer services market are Concentrix Corporation, Accenture plc, Xerox Corporation, Hinduja Global Solutions Ltd., Cognizant Technology Solutions, Teleperformance Group, Aetna Inc., Sutherland Global Services, FirstSource Solutions Limited, and Anthem Inc.
Global Healthcare Payer Services Market: Regional Segment Analysis
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