Analysis of Emerging Healthcare Payment Solutions Market Growth, Future Demand, and Business Opportunities 2027 – FLA News
Healthcare payor solution providers help public and private payers as well as health insurers manage claims, member engagement, audits, medical documents and customer relationships. These companies have dedicated units, which improve the overall performance of the health system by optimizing the quality of care; reduce costs and improve the customer experience and performance of healthcare providers; and leverage distinctive capabilities in data and analytics, pharmaceutical care services, population health, health care delivery and health care operations. With all of these services, healthcare payer solution providers help their clients improve operational efficiency and reduce operational costs.
The global healthcare payment solutions market was valued at $ 19,409.52 million in 2019 and is expected to reach $ 41,906.64 million by 2027, registering a CAGR of 10.6% from 2020 to 2027 .
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- The Covid-19 pandemic and followed by containment has affected several manufacturing industries.
- The prolonged lockdown has resulted in a disruption in the supply chain and rising commodity prices.
- However, as the world recovers from the pandemic, the market is expected to get back on track.
Rising cost of healthcare system and drive to cut down on unnecessary spending are major drivers of global healthcare payment solutions market. In addition, payers are experiencing significant losses due to the increase in healthcare fraud, further increasing the need for solutions for healthcare payers, thus contributing to the growth of the global market. In addition, a significant increase has been observed in health insurance enrollments, which has a positive impact on the growth of the market.
In addition, the increase in the use of healthcare IT solutions and the implementation of various healthcare reforms are fueling the growth of the healthcare payment solutions market. However, increasing number of data breaches and loss of privacy along with cultural and language barriers are expected to hamper the growth of the market. Conversely, the potential growth opportunities offered by emerging economies and increasing adoption of AI and analytics are expected to provide remunerative opportunities for market growth during the forecast period.
The recent COVID-19 outbreak has disrupted the health care system of all of the worst-affected countries, due to the alarming increase in the number of patients diagnosed with COVID-19. It is expected that due to this overload of COVID-19 on the health system, it will cause huge losses in administrative functioning. Outsourcing partners with a proven track record of improving the efficiency of claims operations, supplier network management, medical document management, fraud management and all others apps should help payers in the market. In addition, increasing demand for health coverage in emerging markets due to the COVID-19 pandemic and increasing awareness of health insurance among previously uninsured patients is expected to drive the growth of the health insurance market. healthcare payment solutions.
The global healthcare payment solutions market is segmented into services, applications, end users, and regions. On the basis of service, the market is divided into Business Process Outsourcing (BPO) Services, Information Technology Outsourcing (ITO) Services, and Knowledge Process Outsourcing (KPO) Services.
Applications covered by the study include pharmacy audit and analysis systems, complaints management services, fraud management services, computer-assisted coding (CAC) systems, membership eligibility, vendor network management services, payment management services, document management services, and general ledger and payroll management.
On the basis of end user, the market is divided into private and public end user. By region, it is analyzed in North America (United States, Canada and Mexico), in Europe (Germany, United Kingdom, Italy, Spain, France and the rest of Europe), in Asia-Pacific (Japan, China , India and rest of Europe). Asia-Pacific) and LAMEA (Brazil, South Africa, Saudi Arabia and rest of LAMEA).
By service, the business process outsourcing services segment has acquired the major part of the healthcare payment solutions market and is expected to grow rapidly during the forecast period due to the high demand for BPO services. . Moreover, the sharp increase in investments by major cloud computing players to strengthen their portfolio is increasing the growth of the healthcare business process outsourcing services market.
By application, the claims management services segment has dominated the market, owing to the urge to reduce unnecessary spending in healthcare and increasing demand to streamline the process. However, the Computer Assisted Coding Systems (CAC) segment is expected to grow at the fastest rate during the forecast period, owing to increased implementation of ICD-10 code globally.
Regionally, North America has gained a significant share of the market, due to the presence of key players offering healthcare payer solutions in the region and the high demand for healthcare payer solutions. health care. However, Asia-Pacific is expected to experience the fastest growth during the forecast period, owing to the increase in adoption of healthcare IT solutions and the presence of a large base. of uninsured population which offers significant opportunities for market growth.
In addition, emerging economies offer lucrative opportunities for healthcare payment solution providers to grow their businesses. In addition, the ever changing healthcare industry is driving the growth of the market in developing economies such as India and China.
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The main key players are:
UnitedHealth Group Incorporated, McKesson Corporation, HMS Holdings Corp, International Business Machines Corporation, Change Healthcare, Inc., Accenture plc, Cognizant Technology Solutions Corporation, Hinduja Global Solutions Limited, Inovalon Holdings, Inc. and Wipro Limited.
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