Healthcare Payer Services Market Key Players Analysis- Xerox Corporation; Concentric Corporation; Genpact; WIPRO Ltd.

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.

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The COVID-19 pandemic has had a profound impact on the healthcare payer services market. According to the article "Health Care Payers COVID-19 Impact Assessment: Lessons Learned and Compelling Needs," published by the National Academy of Medicine in May 2021, healthcare payers implemented several measures to enhance access to healthcare services for both COVID-19 and non-COVID-19-related health issues during the spring of 2020. These actions were in line with regulatory guidelines and recommendations, including waiving administrative requirements and expanding reimbursement for telehealth services.

Additionally, many healthcare payers independently made financial and capital investments to support healthcare providers in maintaining operational stability. They leveraged their technological capabilities and community networks to assist in outbreak response efforts, such as coordinating non-medical services and supporting vaccination campaigns.

Moreover, the increasing prevalence of chronic diseases is expected to drive the expansion of the health insurance market by stimulating the demand for healthcare payer services. For example, the International Diabetes Federation (2021) reported that approximately 537 million individuals aged 20 to 79 were living with diabetes. This figure is projected to exceed 643 million by 2030 and reach approximately 783 million by 2045.

Similarly, data from Globocan (2020) recorded 9,958,133 global cancer-related deaths in 2020, alongside 19,292,789 newly diagnosed cancer cases worldwide. The substantial burden of chronic diseases is anticipated to drive increased demand for effective healthcare payer services and the adoption of ethically sound medical treatments.

List of Prominent Players in the Healthcare Payer Services Market:
• 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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Market Dynamics
Drivers:
The market for healthcare payer solutions is projected to grow steadily over the forecast period, driven by the increasing number of healthcare payer service providers and the growing need to reduce operational costs. Outsourcing healthcare payer services has proven to be more cost-effective compared to in-house payer services, thereby encouraging market growth. Furthermore, advancements in technology, increased utilization of data analytics in healthcare, and a rising number of individuals opting for health insurance are expected to drive the expansion of the healthcare payer solutions market during the forecast period.

Challenges:
The rise in cybercrime over recent years has heightened concerns regarding the security and privacy of patients' medical records and other sensitive information. For example, an investigation conducted by the Indiana Attorney General in 2015 revealed that a cyberattack on Medical Informatics Engineering, an Indiana-based company, resulted in the compromise of over four million patient records from 230 institutions. The increasing threat of malware, phishing, Man-in-the-Middle attacks, Trojans, and other cyberattacks poses a significant challenge to market growth.

Regional Trends:
North America currently holds a significant market share and is expected to maintain its leading position over the forecast period. The strong growth of the healthcare payer services market in the region is supported by factors such as the widespread adoption of healthcare policies, a well-established healthcare infrastructure, and the presence of key market players. According to the Congressional Research Service report titled "The United States Health Care Coverage and Spending," revised in April 2022, the majority of Americans in 2020 were covered by private health insurance or enrolled in government programs such as Medicare and Medicaid.

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).

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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-
• The US
• Canada
• Mexico
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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This release was published on openPR.