How Global Payer Services Market Players Should Strategize For 2022-2031
16 Feb, 2022
The global payer services market size is expected to grow from $101.76 billion in 2021 to $116.52 billion in 2022 at a compound annual growth rate (CAGR) of 14.5%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The payer services market is expected to reach $209.73 billion in 2026 at a CAGR of 15.8%.
What is the Global Payer Services Market?
The payer services market consists of sales of payer services by entities (organizations, sole traders and partnerships) that provide healthcare services that are outsourced by healthcare insurance providers/payers. These outsourcing solutions help the payers to streamline their business processes and deliver better services to their customers. Only goods and services traded between entities or sold to end consumers are included.
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What drives the Global 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.
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https://www.thebusinessresearchcompany.com/report/payer-services-global-market-reportGlobal Payer Services Market Segments
The global payer services market is segmented:
By Outsourcing Services: Business Process Outsourcing Services, Knowledge Process Outsourcing Services, Information Technology Outsourcing Services
By Application: Revenue Cycle Management, Healthcare Reimbursement, Medical Billing Outsourcing, Others
By End-User: Public Payers, Private Payers
By Geography: The regions covered in the payer services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Payer Services Global Market Report 2022provides market size and growth forecasts for the global payer services market, global payer services market share, payer services market segments and geographies, payer services market competitive landscape including leading competitors’ revenues, profiles and market shares. The payer services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Payer Services Industry Playersinclude United Health Group, Anthem, Concentrix Corporation, United Healthcare, Anthem Inc., Aetna, Inc., CIGNA Corp., HealthPartners, Blue Cross Blue Shield of Massachusetts and Group Health Cooperative. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.