According to study, “Global Healthcare Payer Services Market Size study, by Service Type (business process outsourcing services, knowledge process outsourcing services and information technology outsourcing services) Application (claim management services, member management services, provider management services, integrated front-end services and back-offices operations, analytics and fraud management services, billing and accounts management services and HR Services) End-user (private payers and public payers) and Regional Forecasts 2018-2025” the key companies operating in the global healthcare payer services market are Hinduja Global Solutions Limited, Exlservice Holdings, Inc., Cognizant Technology Solutions, Dell, Inc., Accenture PLC, HCL Technologies Ltd., Concentrix Corporation, Wipro Limited, Hewlett-Packard, Xerox Corporation.
Healthcare payer services are services or solutions that are outsourced by healthcare insurance providers and payers. They help the payers to modernize their business processes and deliver better services to their customers. The services are considered as a successful business model which mitigates the risk of fraud, administrations, procurement, and develops cost-effective healthcare processes. They include a huge range of services which are for the ease and aids of payers, such as estimates costs, payment gateways, treatment management, and value based healthcare policies & insurances. The services have increased their web in market owing to increased breaches & frauds.
Based on service type, healthcare payer services market is segmented into knowledge process outsourcing services, business process outsourcing services, and information technology outsourcing services.Business process outsourcing services are expected to witness largest market owing to rise in implementation of ICD-10 codes and increase in cost cutting pressure during the forecast period. Based on application, market is segmented into member management services, claim management services, provider management services, analytics & fraud management services, integrated front-end services & back-offices operations, HR Services and billing & accounts management services. Claims management services include claims adjudication services, claims re-pricing, claims settlement, claims indexing services, information management services, litigation management and claims investigation services.Claims management segment holds largest share in market due to rise in number of people enrolling for health insurance. In addition, based in end-user, market is segmented into public payers and private payers.
The healthcare payer services market is driven by lack of in-house skilled professionals, followed by growth in technological advancements, increase in healthcare expenditure, rise in healthcare frauds,increase in Stringency of Regulatory Healthcare Landscape, rise in digitization of healthcare processes, increase in availability of services at lower cost,dynamic nature of health benefit plan designs, increase in insured population and rise in demand for smart health plan selector tools. However, rising incidences of data breaches & loss of confidentiality, loss of managerial control and unforeseen costs associated with outsourcing may impact the market. Moreover, service portfolio expansion, switching to LCD-10 standards and advanced data analytics are key opportunities for market.
Based on geography, the North- American region dominates the healthcare payer services market owing to rise in demand for integrated healthcare system, lack of low-cost skilled professionals, and increase in insurance enrollment in the region. Whereas, the Asian-Pacific region is expected to witness higher growth rate due to growth in improvement in healthcare infrastructure over the forecast period. In upcoming years, it is predicted that future of the market will be bright as a result of rise in number of people opting for healthcare insurance and growth in adoption of analytics in healthcare during the forecast period. It is anticipated that the market will be reached at US $37.4 billion by 2025.
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Global Healthcare Payer Services Market
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Global Healthcare Payer Services Market Report 2019, Competitive Landscape, Trends and Opportunities
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