New York, Feb. 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Payer Services Global Market Report 2022" - https://www.reportlinker.com/p06229193/?utm_source=GNW
The global payer services market is expected to grow from $101.76 billion in 2021 to $116.52 billion in 2022 at a compound annual growth rate (CAGR) of 14.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $209.73 billion in 2026 at a CAGR of 15.8%.
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.
The main outsourcing services in payer services are business process outsourcing services, knowledge process outsourcing services and information technology outsourcing services.The practise of contracting a specific work process or procedures to an external service provider is known as business process outsourcing (BPO).
The different applications include revenue cycle management, healthcare reimbursement, medical billing outsourcing, others and is used by various sectors such as public payers, private payers.
The increase in healthcare frauds is expected to drive the payer services market for tightening its security systems.Healthcare fraud includes malpractices such as individuals obtaining subsidized or fully-covered prescription pills that are actually unneeded and then selling them on the black market for a profit billing by practitioners for care that they never rendered, filing duplicate claims for the same service rendered, altering the dates and modifying medical records.
The healthcare industry continues to suffer losses attributed to frauds and errors.For instance, according to the National Health Care Anti-Fraud Association, in the USA the loss from healthcare fraud was estimated to be $300 billion.
Therefore, increasing healthcare fraud in the healthcare industry is propelling the demand for rigid security systems, thereby driving the growth of the payer services market.
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.
Increased adoption of technologically advanced products is gaining substantial popularity in the payer services market.This has led to improved price transparency, affordable payer services, higher utilization of resources, increasing quality reach, and member satisfaction and loyalty towards the service provider.
For instance, in July 2019, Blue Shield California (BSC), with the help of Gemini Health, has built up an online tool to remove out-of-pocket drug spending for individuals.The price transparency tool plots the cost data for accessible suppliers and medical clinics.
The innovation recommends lower-cost choices like it coordinates the current drug with lower-cost, dose-equivalent options.
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 regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the payer services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06229193/?utm_source=GNW
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