Healthcare Payer Services Market - by Service Type (BPO Services, ITO Services, KPO) By Application (Claims Management Services, Analytics & Fraud Management Services, HR Services), By End-use (Private Payers, Public), & Global Forecast 2023 - 2032

Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format

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Healthcare Payer Services Market - by Service Type (BPO Services, ITO Services, KPO) By Application (Claims Management Services, Analytics & Fraud Management Services, HR Services), By End-use (Private Payers, Public), & Global Forecast 2023 - 2032

Healthcare Payer Services Market Size

Healthcare Payer Services Market size exceeded USD 57.7 billion in 2022 and will depict over 9.1% CAGR between 2023 and 2032.
 

Healthcare Payer Services Market

Increasing healthcare cost and expensive medical bills is expected to boost the market growth. Healthcare payers are seeking innovative solutions to manage expenses, optimize resource allocation, and deliver value-based care. Also, increasing shift towards digitalization and the adoption of advanced technologies such as artificial intelligence (AI), healthcare analytics, and automation are significantly propelling the market growth. However, increasing adoption of health insurance, growing burden of chronic diseases and healthcare frauds are some of the prominent factors proliferating the healthcare payer services market growth.
 

Healthcare payer services refer to the range of administrative and operational activities performed by healthcare payers to manage and facilitate the payment and delivery of healthcare services. These services include but are not limited to claims processing, enrolment and eligibility verification, customer support, provider network management, utilization review, medical coding and billing, data management and analytics, and regulatory compliance. The goal of healthcare payer services is to ensure efficient and effective administration of healthcare benefits, accurate processing of claims, timely reimbursement to healthcare providers, and satisfactory customer experiences.
 

COVID-19 Impact

The COVID-19 crisis has had a big impact on how healthcare companies work with their patients to pay for medical care. With so many people getting sick and needing hospital care, there's been a big increase in the need for help from outside companies. This has given healthcare companies the chance to improve how they work, make fewer mistakes, and save money. The pandemic has also made people more aware of how important health insurance is, so more people are buying it. This has made the demand for healthcare companies' services go up, which has helped the market grow. So, the COVID-19 crisis has actually been a good thing for the healthcare payer services industry. It's helped companies work better and made customers happier.

Healthcare Payer Services Market Trends

Increasing adoption of insurance policies owing to growing burden of chronic disease, increasing healthcare expense among others significantly impact the market growth. Healthcare payer solutions are enterprise core administration and claims management platforms that enable payer organizations to expand, innovate, and save costs across various business lines. Also, the insurance enrolment process involves registering with an insurance provider to become a member of the plan.
 

Healthcare Payer Services Industry Restraint

In today's digital age, healthcare insurance companies lean heavily on technology to make their work more efficient. But this reliance has opened them up to a greater risk of hackers getting into their systems and stealing private information. Their computers hold a treasure trove of sensitive patient details and financial data, making them a bullseye for cybercriminals. These attacks can lead to serious fallout, including damaged reputations, lost money, and legal problems. And with more employees working from home and using their own devices to access company data, the risk has gotten even bigger. If companies don't do enough to protect their data, like encrypting it, limiting who can access it, and training their staff, it could slow down their growth.

Healthcare Payer Services Market Analysis

Healthcare Payer Services Market Size, By Service Type

By service type, the business process outsourcing (BPO) segment held around 49% of the healthcare payer services market share in 2022 and is projected to witness robust growth. BPO in healthcare payer services involves outsourcing non-core business processes such as claims processing, customer service, billing and coding, medical transcription, and healthcare revenue cycle management. These functions are crucial for healthcare payers but are not their primary focus. By outsourcing these processes to specialized BPO providers, healthcare payers can benefit from cost savings, increased efficiency, and access to specialized expertise, thereby driving the market growth.
 

By application, the claims management services captured for significant market proportion in 2022 and is predicted to grow at 9.4% through 2032. Outsourcing of claim management services allows healthcare payers to streamline operations, focus on core activities and reduce administrative costs. Also, they partner with specialized providers that enables healthcare payers to gain access to expertise in coding, regulations, and industry best practices, ensuring accurate claims processing and minimizing errors. The scalability of outsourcing providers enables payers to handle fluctuating claim volumes efficiently, thereby propelling the healthcare payer services market growth.
 

Global Healthcare Payer Services Market Revenue Share, By End-use

Based on end-use, the private payers segment value cross USD 83 billion by 2032. Numerous advantages offered by the private payers such as flexibility in selecting health insurance, extensive networks of healthcare providers among others are forecast to impact the market growth. Private payers also offer value-added services such as telemedicine and wellness programs, enhancing the overall healthcare experience.
 

Moreover, private payers in healthcare stay ahead through innovation, leveraging technology and data analytics for efficiency and personalized services. They offer supplementary insurance options for dental, vision, and disability coverage, allowing plan customization. Thus, several benefits offered by private payers is slated to drive the market growth.
 

U.S. Healthcare Payer Services Market Size

North America dominated approximately 38% of the healthcare payer services market share in 2022 and is set to observe considerable growth rate up to 2032. Increasing healthcare expenditure, rising adoption of digital technologies, and the need for efficient and cost-effective healthcare services are driving the growth of healthcare payer services in the region. Furthermore, rising healthcare costs and various government initiatives to standardize coding and reimbursement guidelines are propelling the market growth in North America region.
 

Healthcare Payer Services Market Share

Major companies operating in the healthcare payer services market include

  • Cognizant
  • Accenture
  • Oracle Corporation
  • Merative (IBM Watson Health) 

These industry players majorly adopt various strategies including collaborations, acquisitions, mergers, and partnerships to create a global footprint and sustain market competition.
 

Healthcare Payer Services in News

  • In July 2021, Cognizant collaborated with Royal Philips to develop end-to-end digital health solutions. This strategic collaboration enabled the firm to deliver and maintain leading-edge in digital health solutions and create actionable insights using bid data, thereby strengthening the market position.
     
  • In April 2021, Xerox Corporation acquired Groupe CT, a leading independent document management provider in Eastern Canada. This acquisition aimed at accelerating a digital transformation roadmap by combining document management services expertise with the company’s portfolio of workplace solutions. This strategy helped the company to expand its reach in North America region and drive revenue growth.
     

This healthcare payer services market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments

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By Service Type

  • BPO Services
  • ITO Services
  • KPO Services

By Application

  • Claims Management Services
  • Analytics And Fraud Management Services
  • Integrated Front Office Service And Back Office Operations
  • Billing And Accounts Management Services
  • Member Management Services
  • Provider Management Services
  • HR Services

By End-use

  • Private Payers
  • Public Payers

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Poland
    • Sweden
    • The Netherlands
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • South Korea
    • Indonesia
    • Philippines
    • Malaysia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Columbia
    • Chile
    • Peru
    • Rest of Latin America
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Turkey
    • Iran
    • Rest of MEA

 

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