The interest for healthcare payer solutions arrangements is on ascent, attributable to flood in medical services costs worldwide and desire to additional control the inefficient spending.
The interest for healthcare payer solutions arrangements is on ascent, attributable to flood in medical services costs worldwide and desire to additional control the inefficient spending.
The global healthcare payer solution market was valued at $19,409.52 million in 2019, and is projected to reach $41,906.64 million by 2027, registering a CAGR of 10.6% from 2020 to 2027.
The healthcare payer solution suppliers support people in general and private payers just as medical services safety net providers to deal with the cases, part commitment, reviews, clinical records, and client relations. These organizations have devoted units, which further develop the general wellbeing framework execution through enhancing care quality; lessening costs just as further developing customer experience and care supplier execution; and utilizing particular capacities in information and investigation, drug store care administrations, populace wellbeing, medical care conveyance, and medical services tasks. Through this load of administrations, healthcare payer solution suppliers assist their customers with working on their functional proficiency and lessen their functional expense.
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Covid-19 scenario-
- The outbreak of the pandemic has led to a steep increase in demand for health coverage. Also, rise in health insurance awareness among people all over the world has given the global healthcare payer solution market a strong boost.
- At the same time, the dedicated units of this business tend to perk up the overall health system performance through optimizing care quality which, in turn, has scaled up its demand among public & private payers as well as healthcare insurers.
Ascend in cost of medical care framework and inclination to diminish inefficient spending are the key main impetuses of the global healthcare payer solution market. What’s more, payers experience the ill effects of critical misfortunes because of expansion in medical care cheats, which further lifts the requirement for medical services payer arrangements, in this way contributing toward the development of the worldwide market. Also, critical increment has been seen in medical coverage enrolment, which decidedly impacts the development of the market.
The global healthcare payer solution market is segmented into service, application, end user, and region.
Based on service, the business process outsourcing services segment contributed to more than half of the global healthcare payer solution market revenue in 2019 and is expected to retain its dominance by 2027, owing to high demand for BPO services and surge in investment by key players in cloud computing to strengthen their portfolio for healthcare business process outsourcing services. The knowledge process outsourcing services segment, on the other hand, would manifest the fastest CAGR of 12.6% during the study period. This is because increase in demand for such services for business process analysis and decision making.
Based on application, the claims management services segment accounted for nearly one-fourth of the global healthcare payer solution market share in 2019 and is anticipated to rule the roost till 2027, due to urge in bringing down unnecessary expenditure in healthcare and increase in demand to streamline the process. At the same time, the computer assisted coding (CAC) systems segment would portray the fastest CAGR of 18.2% from 2020 to 2027, owing to increase in implementation of ICD-10 code globally.
Based on geography, North America held the major share in 2019, generating nearly one-third of the global healthcare payer solution market. High demand for healthcare payer solutions in the province and the presence of key players that offer exclusive healthcare payer solutions drive the market growth. Simultaneously, Asia-Pacific would grow at the fastest CAGR of 11.3% till 2027. This is due to rise in adoption of healthcare IT solutions, and increase in enrolment for health insurance in the region.
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The Major Key Players Are:
UnitedHealth Group Incorporated, McKesson Corporation, HMS Holdings Corp, International Business Machines Corporation, Change Healthcare, Inc., Accenture plc, Cognizant Technology Solutions Corporation, Hinduja Global Solutions Limited, Inovalon Holdings, Inc., and Wipro Limited.
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