Press release
Payer Services Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | United Health Group, Anthem Insurance Companies Inc., Concentrix Corporation, Aetna Inc., CIGNA Corp
Payer Services Market Size
The Business Research Company offers in-depth market insights through Payer Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The payer services market size has grown rapidly in recent years. It will grow from $134.92 billion in 2023 to $156.72 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to growing demand for cost containment, healthcare complexity, rising need for data analytics, rising demand for member engagement, aging population, increased chronic conditions.
The payer services market size is expected to see rapid growth in the next few years. It will grow to $277.68 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to population health management, value-based care models, expansion of telehealth, demand for personalized healthcare. Major trends in the forecast period include data analytics and ai, telehealth integration, consumer-centric approaches, health equity and inclusivity, remote monitoring and wearables.
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Market Segmentation:
The main outsourcing services in payer services are business process outsourcing services, knowledge process outsourcing services and information technology outsourcing services. The practice of contracting a specific work process or procedures to an external service provider is known as business process outsourcing (BPO). The different applications include revenue cycle management, healthcare reimbursement, medical billing outsourcing, others and is used by various sectors such as public payers, private payers.
Major Driver - Rising Healthcare Frauds Fuel Demand For Robust Security Systems Is Driving Growth In The Payer Services Market
The increase in healthcare frauds is expected to drive the payer services market for tightening its security systems. Healthcare fraud includes malpractices such as individuals obtaining subsidized or fully-covered prescription pills that are actually unneeded and then selling them on the black market for a profit billing by practitioners for care that they never rendered, filing duplicate claims for the same service rendered, altering the dates and modifying medical records. The healthcare industry continues to suffer losses attributed to frauds and errors. For instance, according to the National Health Care Anti-Fraud Association, in the USA the loss from healthcare fraud was estimated to be $300 billion. Therefore, increasing healthcare fraud in the healthcare industry is propelling the demand for rigid security systems, thereby driving the growth of the payer services market.
Competitive Landscape:
Major companies operating in the payer services market include United Health Group, Anthem Insurance Companies Inc., Concentrix Corporation, Aetna Inc., CIGNA Corp., HealthPartners, Blue Cross Blue Shield of Massachusetts, Group Health Cooperative, Cognizant Technology Solutions Corp., Tata Consultancy Services Limited., Xerox Holdings Corporation, WNS (Holdings) Limited., NTT Data Corporation, IQVIA Holdings Inc., Mphasis Limited., Genpact Limited., Wipro Limited., Infosys BPM Limited., Firstsource Solutions Limited., International Business Machines Corporation, HCL Technologies Limited., Lonza Group AG, Omega Healthcare Investors Inc., R1 RCM Inc., Invensis Technologies Pvt Ltd., PAREXEL International Corporation, Optum Inc., Humana Inc., McKesson Corporation, Change Healthcare Inc., Conifer Health Solutions LLC., Experian Health Inc.
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Top Trend - Technological Advancements Transforming The Payer Services Market For Improved Efficiency And Member Satisfaction
Increased adoption of technologically advanced products is gaining substantial popularity in the payer services market. This has led to improved price transparency, affordable payer services, higher utilization of resources, increasing quality reach, and member satisfaction and loyalty towards the service provider. For instance, in January 2022, Jopari, a US-based customer-focused health information technology company supplying advanced medical EDI solutions to payers, launched an All-Payer Attachments model. This is a cost-effective solution that allows a standardized, efficient, and compliant approach that enables providers to deliver electronic Attachments to All Payers, regardless of the payer's preference for electronic or paper submission. This has led to greater transparency and economical alternatives for payers.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Payer Services Market Characteristics
3. Payer Services Market Trends And Strategies
4. Payer Services Market - Macro Economic Scenario
5. Payer Services Market Size And Growth
…..
27. Payer Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries
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