New York, 14 Feb. 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “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 primarily due to businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote work and the closure of business activities that have resulted in operational challenges. The market is expected to reach $209.73 billion in 2026 with a CAGR of 15.8%.
The payer services market consists of the sale of payer services by entities (organizations, sole proprietorships, and partnerships) that provide health services outsourced by health insurance providers/payers. These outsourcing solutions help payers streamline their business processes and provide better services to their customers.
Only goods and services exchanged between entities or sold to final consumers are included.
The major paying services outsourcing services are business process outsourcing services, knowledge process outsourcing services, and information technology outsourcing services. The practice of outsourcing a specific work process or procedures to an external service provider is known as business process outsourcing (BPO).
Different applications include revenue cycle management, healthcare reimbursement, medical billing outsourcing, and more. and are used by various sectors such as public payers, private payers.
The increase in healthcare fraud should prompt the payer services market to strengthen its security systems. by practitioners for care they never rendered, make duplicate requests for the same service rendered, change dates and alter 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.
Hence, the rise in healthcare fraud in the healthcare industry is propelling the demand for rigid security systems, thereby driving the growth of the payment services market.
The increasing incidence of data breaches and loss of privacy has always been a major challenge in the payer services industry. In recent years, the healthcare industry has always been at the forefront of privacy breach cases and the resulting loss of confidential data.
The healthcare industry accounted for 45% of data breaches in 2019, costing the industry over $17.76 billion. Additionally, in August 2019, Avenna Healthcare in Georgia detected a phishing attack against 166,077 patients in February and began reporting a potential breach. It was caused due to improper information maintenance leading to vulnerable cyber attack. The growing incidence of data breaches and loss of privacy thus hamper the growth of the paid services market.
The increased adoption of technologically advanced products is gaining popularity in the payment services market. This has led to better price transparency, affordable payment services, better resource utilization, increased quality, member satisfaction and loyalty to the service provider.
For example, in July 2019, Blue Shield California (BSC), with the help of Gemini Health, implemented an online tool to remove drug spending by individuals. The Price Transparency Tool tracks cost data for accessible providers. and medical clinics.
The innovation recommends lower-cost choices because it coordinates the current drug with lower-cost, dose-equivalent options.
In April 2020, Molina, a US-based company that provides managed care under Medicare and Medicaid programs, announced that it would acquire Magellan Complete Care (MCC), a managed healthcare organization, in the part of a deal worth approximately $820 million. The acquisition is expected to expand Molina’s geographic footprint in its core managed Medicaid business.
Magellan Complete Care (MCC) is a US-based company providing care management solutions.
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, United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06229193/?utm_source=GNW
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