The New Report “Payer Services Market” published by Premium Market Insights, covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The global payer services market is expected to grow from $88.97 billion in 2019 to $93.9 billion in 2020 at a compound annual growth rate (CAGR) of 5.5%. The exponential growth is mainly due to the COVID-19 outbreak that has led to an increase in demand for services for medical billing and claims. The market is then expected to adjust and reach $134.65 billion in 2023 from 2021 at a CAGR of 12.77%.
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.
Top Companies Covered in this Report:
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.
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The payer services market covered in this report is segmented by outsourcing services into business process outsourcing services; knowledge process outsourcing services; information technology outsourcing services. It is also segmented by application into revenue cycle management; healthcare reimbursement; medical billing outsourcing; others and by end-user into public payers; private payers.
In April 2020, Molina, a US-based company engaged in providing managed care in the field of medicare and medicaid programs, announced that it will purchase Magellan Complete Care (MCC), a managed healthcare organization, in a deal worth about $820 million. The acquisition is expected to expand Molina’s geographic footprint in its core businesses of managed medicaid. Magellan Complete Care (MCC) is a US-based company offering care management solutions.
The rising incidences of data breaches and loss of confidentiality have always been a major challenge in the payer service industry. In recent years, the healthcare sector has always been at the forefront in cases of breaching privacy and the resulting loss of confidential data. The healthcare sector accounted for 45% of data breaches in 2019 costing the sector more than $17.76 billion. Moreover, in August 2019, Avenna Healthcare in Georgia detected a phishing attack on 166,077 patients in February and began notification of a potential breach. This was caused due to improper maintenance of information leading to vulnerable cyber-attack. Rising incidences of data breaches and loss of confidentiality are thus hampering the growth of the payer service market.
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Fundamentals of Table of Content:
1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered
2 Global Growth Trends
2.1 Payer Services Market Size
2.2 Payer Services Growth Trends by Regions
2.3 Industry Trends
3 Market Share by Key Players
3.1 Payer Services Market Size by Manufacturers
3.2 Payer Services Key Players Head office and Area Served
3.3 Key Players Payer Services Product/Solution/Service
3.4 Date of Enter into Payer Services Market
3.5 Mergers & Acquisitions, Expansion Plans
4 Breakdown Data by Product
4.1 Global Payer Services Sales by Product
4.2 Global Payer Services Revenue by Product
4.3 Payer Services Price by Product
5 Breakdown Data by End User
5.2 Global Payer Services Breakdown Data by End User
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