According to IMARC Group latest report titled Healthcare Payer Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028, offers a comprehensive analysis of the industry, which comprises insights onhealthcare payer services marketsize. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global healthcare payer services market size reached US$ 28.9 Billion in 2022. Looking forward, IMARC Group expects themarket to reach US$ 55.4 Billion by 2028, exhibiting a growth rate (CAGR) of 12.33% during 2023-2028.
What are healthcare payer services?
Healthcare payer services represent the administrative and financial functions in healthcare organizations that help manage payment and reimbursement between providers and patients. They encompass financial management, coverage determination, provider network management, customer service, and utilization management services. Here, payers evaluate the medical necessity of treatments and services based on established guidelines and policies and manage provider network. Additionally, these services also provide assistance to members, such as addressing concerns, providing consumer support, avoid unnecessary treatments, and offering guidance on healthcare plan benefits and coverage.
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What are the growth prospects and trends in the healthcare payer services industry?
The market is primarily driven by the augmenting demand for efficient and cost-effective services that can manage claims processing and payment administration in the healthcare sector. This can be attributed to the considerable rise in the healthcare costs across the globe. In line with this, the rapid expansion of health insurance coverage, both in developed and developing countries, is also acting as a significant growth-inducing factor for the market. Moreover, the growing implementation of healthcare reforms and regulations by government bodies of several countries to improve public access to healthcare services is creating a positive market outlook. Furthermore, continual technological advancements such as artificial intelligence (AI), data analytics, and robotic process automation (RPA) are fueling the market. Some of the other factors contributing to the market include rapid urbanization, rising demand for value-based care, and growing complexity of healthcare industry.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 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 (2017-2022)
- Market Outlook (2023-2028)
- Porters Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
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