Worldwide Healthcare Payer Services Industry to 2027 - Featuring Accenture, Hewlett-Packard and Xerox Among Others - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Healthcare Payer Services Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The Healthcare Payer Services Market is expected to register a CAGR of 10.1 % during the forecast period (2022-2027).

Companies Mentioned

• Cognizant Technology Solutions
• Accenture PLC
• Synnex Corporation (Concentrix Corporation)
• Hewlett-Packard
• Xerox Corporation
• Dell, Inc.
• Genpact Limited
• HCL Technologies Ltd.
• Wipro Limited
• Change Healthcare Inc.
• HMS Holding Corp.
• McKesson Corporation

Key Market Trends

Claims Management Services Segment Is Expected To Hold A Major Share In The Market

The claim management services segment is expected to hold a major share in the healthcare payer services market and is expected to do the same over the forecast period.

Traditionally, a health care practitioner makes a claim after providing services to a patient, which is then confirmed and reimbursed by the payer. The absence of patient involvement raises the possibility of fraud and abuse.

Additionally, in October 2021, Blue Shield of California and Google Cloud entered a collaboration to create a new approach to paying providers that will process claims in real-time for members. To digitize healthcare claims and enhance the quality and timeliness of billing information, the firms would deploy automated processing, artificial intelligence, and machine learning technologies on a cloud platform. Such collaborations will therefore lead to drive the market growth due to the rise in the adoption of claim management services.

In addition, according to the study published in the Journal of Medical Internet Research, titled 'Combating Health Care Fraud and Abuse: Conceptualization and Prototyping Study of a Blockchain Antifraud Framework' in September 2020, It is estimated USD 2.6 billion loss is attributed to health care fraud and abuse. Such incidences will lead to increased adoption of claim management services, driving the market growth over the forecast period.

Therefore, owing to the above mentioned factors, this segment is expected to drive the market growth.

North America Holds a Major Share and Expected to do Same Over the Forecast Period

North America holds a significant share in the market studied and is expected to do the same over the forecast period. The factors attributed to the significant growth of the healthcare payer services market include the rise in adoption of healthcare policies, the sophisticated healthcare system in this region, and the strong foothold of key market players in this region, among others.

According to the article published by the Congressional Research Service, titled 'United States Health Care Coverage and Spending' updated in April 2022, the majority of people had private health insurance or were covered by a government program (such as Medicare or Medicaid) in 2020. Furthermore, according to the same source, in 2020, individuals (including the uninsured), health insurers, and federal and state governments spent USD 3.9 trillion on various types of health consumption expenditures (HCE), accounting for 18.8% of the country's gross domestic product. Such a huge investment in healthcare consumption in this region will lead to driving the growth of this market in this region due to the adoption of healthcare payer services to claim the insurances.

Furthermore, in December 2021, according to the United States Centers for Medicare and Medicaid Services, the COVID-19 epidemic, like so many other parts of American society, had a significant impact on the country's health sector in 2020, pushing a 9.7% increase in total national healthcare spending to USD 4.1 trillion. The high investments by national healthcare will therefore lead to higher adoption of healthcare payer services, driving the market growth.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Rise In Adoption of Health Insurance Policies

4.2.2 Rise In Healthcare Frauds

4.2.3 Growing Burden of Chronic Diseases

4.3 Market Restraints

4.3.1 High Incidences of Data Breaches and Loss of Confidentiality

4.3.2 Unpredicted Costs Associated With Outsourcing

4.4 Porter's Five Forces Analysis

5 MARKET SEGMENTATION (Market Size by Value - USD million)

5.1 By Service Type

5.2 By Application

5.3 By End User

5.4 Geography

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/dmoh18