Leeds, West Yorkshire -- (SBWIRE) -- 10/05/2020 -- Healthcare Payer Services Market was valued at USD 15.65 billion in 2019 and is projected to achieve USD 35.50 billion by 2027, rising at a CAGR of 12.1% from 2020 to 2027.

The rising insurance enrolments, the rising of different healthcare frauds, and the rising adoption of analytics in healthcare are anticipated to drive the healthcare payer services market over the expected years. The Global Healthcare Payer Services Market report supplies a holistic analysis of the market. The report presents a complete evaluation of key segments, developments, drivers, restraints, competitive landscape, and elements which can be taking part in a considerable function available in the market.

What's Healthcare Payer Services?

Healthcare payer services are for the convenience and advantages of health care insurance coverage payers and providers. Payers are compelled to rethink their processes and business models to cope with the competitors available in the market resulting from changes occurring within the healthcare sector whereas delivering enhanced high quality of patient care. On account of elevated breaches and fraud, these companies have elevated their web out there. These companies are utilized in purposes resembling Claims Management Services, Claims Adjudication Services, Claims Settlement, Information Management Services, Claims Repricing, Claims Investigation Services, Claims Indexing Services, Litigation Management, Integrated Entrance-End Services & Back-Office Operations, Provider Management Providers, , Billing and Accounts Management Services, Analytics and Fraud Management Services, and HR Providers.

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End-users of healthcare payer companies are Private payers and Public payers. There are three varieties of services Business Process Outsourcing Services, Knowledge Process Outsourcing Services, and Information Technology Outsourcing Services.

Global Healthcare Payer Services Market Overview

The rising insurance coverage enrolments and the rising variety of healthcare frauds are anticipated to drive the healthcare payer services market over the expected years. Additionally, federal healthcare mandates within the U.S. and in-house shortage of expert personnel anticipate a lift to the market within the coming years. Moreover, the rising adoption of analytics in healthcare and technological developments in this phase is predicted to fuel market development through the forecasted years.

There are particular restraints and challenges confronted which may hinder the market development. Components resembling unexpected prices related to outsourcing together with the lack of managerial management in outsourced tasks more likely to act as market restraints.

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Healthcare Payer Services Market by Application

- Claims Management ServicesClaims Adjudication Services
- Claims Settlement
- Information Management Services
- Claims Repricing
- Claims Investigation Services
- Claims Indexing Services
- Litigation Management
- Integrated Front-End Services and Back-Office Operations
- Provider Management Services
- Member Management Services
- Billing and Accounts Management Services
- Analytics and Fraud Management Services
- HR Services

The Claims Management Services segment is expected to hold the largest market share. The factors can be attributed to the growing overall healthcare expenditure and the presence of ACA. Analytics and Fraud Management Services due to the increasing demand for claim analytics & predictive modeling and the rising outsourcing of data architecture, application management, and infrastructural management.

Healthcare Payer Services Market by End-User

- Private payers
- Public payers

Private payers are predicted to hold the most significant CAGR in the forecasted period due to the increasing government support to promote private investment and the growing private investment in the healthcare payer vertical.

Healthcare Payer Services Market by Service Type

- Business Process Outsourcing Services
- Knowledge Process Outsourcing Services
- Information Technology Outsourcing Services

Business Process Outsourcing Services is anticipated to hold the largest market share as BPO services provide assistance to payers in key administrative areas that result in cost reductions and speed up time-to-market.

Healthcare Payer Services Market by Geography

- North America
- Europe
- Asia Pacific
- Rest of the world

The largest share in the market will be dominated by North America owing to factors such as the favorable individual mandate levied by the ACA, the rising health insurance enrollment, and the presence of favorable reimbursement framework.

Key Players In Healthcare Payer Services Market

- Cognizant Technology Solutions
- Accenture PLC
- Exlservice Holdings, Inc.
- Concentrix Corporation (A Subsidiary of Synnex Corporation)
- Hewlett-Packard
- Hinduja Global Solutions Limited
- Xerox Corporation
- Dell, Inc.
- Genpact Limited
- HCL Technologies Ltd.
- Wipro Limited

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