The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s payer services market report forecasts the payer services market size to grow to $239.49 Billion by 2027, with a CAGR (compound annual growth rate) of more than 15%.

Learn More On The Payer Services Market Report 2023 – https://www.thebusinessresearchcompany.com/report/payer-services-global-market-report

Payer Services Market Size Forecast
The global payer services market is expected to grow from $116.52 billion in 2022 to $134.65 billion in 2023 at a compound annual growth rate (CAGR) of 15.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The payer services market is expected to grow from $239.49 billion in 2027 at a CAGR of 15.5%.

North America held the largest payer services market share.

Key Payer Services Market Driver ­– Increase In Healthcare Frauds
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.

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Key Payer Services Market Trend – Increasing Adoption Of Technologically Advanced Products
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 January 2022, Jopari, a US-based customer-focused health information technology company supplying advanced medical EDI solutions to payers, launched an All-Payer Attachments model. This is a cost-effective solution that allows a standardized, efficient, and compliant approach that enables providers to deliver electronic Attachments to All Payers, regardless of the payer’s preference for electronic or paper submission.This has led to greater transparency and economical alternative for payers.

Payer Services Market Segment
1)By Outsourcing Services: Business Process Outsourcing Services, Knowledge Process Outsourcing Services, Information Technology Outsourcing Services
2)By Application: Revenue Cycle Management, Healthcare Reimbursement, Medical Billing Outsourcing, Other Applications
3)By End-User: Public Payers, Private Payers

Payer Services Market Major Players and Strategies
Major players in the payer 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 Group Health Cooperative.

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 Payer Services Global Market Report 2023 covers regional data on payer services market size, payer services market trends and drivers, opportunities, strategies, and payer services market competitor analysis. The countries covered in the payer services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Payer services help the payers to streamline their business processes and deliver better services to their customers. Organizations that determine service prices, collect payments, handle claims, and pay provider claims are known as payers in the health care sector. Examples of payers include Medicare, Medicaid, and health plan providers.

View More Reports Related To The Payer Services Market –
Revenue Cycle Management Software Global Market Report 2023
Value Based Care Payment Global Market Report 2023
Healthcare Reimbursement Global Market Report 2023

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