DUBLIN, May 26, 2021 / PRNewswire / – The report “Pay Services Global Market Report 2021: COVID-19 Growth and Change to 2030” has been added to ResearchAndMarkets.com offer.
The major players in the paid services market are United Health Group, Anthem, Concentrix Corporation, United Healthcare, Anthem Inc., Aetna, Inc., CIGNA Corp., HealthPartners, Blue Cross Blue Shield of Massachusetts, and Collective health cooperative.
The global payers services market is expected to grow by $ 93.905 billion in 2020 at $ 101.764 billion in 2021 at a compound annual growth rate (CAGR) of 8.4%.
The growth is mainly due to companies resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges.
The market is expected to reach $ 183.723 billion in 2025 at a CAGR of 16%.
The growing adoption of technologically advanced products is gaining popularity in the payer services market. This has led to better price transparency, affordable payment services, higher use of resources, increased quality scope, as well as member satisfaction and loyalty to the service provider. services.
For example, in July 2019, Blue Shield California (BSC), with help from Gemini Health, has set up an online tool to eliminate direct drug spending for individuals. The Price Transparency Tool tracks cost data for accessible suppliers and medical clinics. The innovation recommends lower cost choices, as it coordinates the current drug with lower cost equivalent dose options.
In april 2020, Molina, an American company specializing in the provision of managed care in the field of medicare and medicare programs, announced the acquisition of Magellan Complete Care (MCC), a healthcare organization managed, under an agreement worth approximately $ 820 million. The acquisition is expected to expand Molina’s geographic footprint in its core Medicaid management business. Magellan Complete Care (MCC) is an American company providing care management solutions.
The increase in fraud in the healthcare sector should prompt the payers services market to strengthen its security systems. Healthcare fraud includes wrongdoing such as people obtaining subsidized or fully covered prescription drugs that are not in fact needed, and then selling them on the black market for a profit billed by practitioners for care that is not needed. ‘they never rendered, filing duplicate claims for the same service rendered, changing dates and changing medical records. The healthcare industry continues to suffer losses attributed to fraud and error.
For example, according to the National Health Care Anti-Fraud Association, in the United States the loss due to healthcare fraud has been estimated at 300 billion dollars in 2018. Therefore, the increase in fraud in the healthcare industry is driving the demand for rigid security systems, leading to the growth of the market for paid services.
The growing incidence of data breaches and loss of privacy has always been a major challenge in the payor services industry. In recent years, the healthcare industry has always been at the forefront of privacy breaches 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.
In addition, in August 2019, Avenna Healthcare at Georgia detected a phishing attack on 166,077 patients in February and began reporting a potential breach. This was caused due to poor information maintenance leading to a vulnerable cyber attack. The growing incidences of data breaches and loss of privacy are thus hampering the growth of the paid services market.
Main topics covered:
2. Characteristics of the paid services market
3. Trends and Strategies in the Payor Services Market
4. Impact of COVID-19 on paid services
5. Size and growth of the paid services market
5.1. Historical global payment services market, 2015-2020, in USD billion
5.1.1. Market drivers
5.1.2. Market restrictions
5.2. Global Payment Services Forecast Market, 2020-2025F, 2030F, in USD Billion
5.2.1. Market drivers
5.2.2. Market constraints
6. Market segmentation of paid services
6.1. Global payment services market, segmentation by outsourcing services, history and forecast, 2015-2020, 2020-2025F, 2030F, billion dollars
- Business process outsourcing services
- Knowledge Process Outsourcing Services
- Information Technology Outsourcing Services
6.2. Global Payment Services Market, Segmentation by Application, History and Forecast, 2015-2020, 2020-2025F, 2030F, in USD Billion
- Revenue cycle management
- Reimbursement of health care
- Outsourcing of medical billing
6.3. Global payment services market, segmentation by end user, history and forecast, 2015-2020, 2020-2025F, 2030F, in USD billion
- Public payers
- Private payers
7. Regional and national analysis of the paid services market
7.1. Global payment services market, divided by region, historical and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
7.2. Global payment services market, divided by country, historical and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
- Uni Health Group
- Concentrix Company
- United health
- Hymn inc.
- Aetna, Inc.
- CIGNA Corp.
- Blue Cross Blue Shield Massachusetts
- Collective health cooperative
For more information on this report, visit https://www.researchandmarkets.com/r/9iuqxu
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