Business, Knowledge & Information Outsourcing, Revenue Cycle Management, Healthcare Reimbursement, Medical Billing Outsourcing
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 from 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 Massachusettsand Group Health Cooperative.
The global payers services market is expected to grow from $ 93.905 billion in 2020 at 101.764 billion dollars 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 working and closing 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 increasing adoption of technologically advanced products is gaining popularity in the paid service market. This has led to better price transparency, affordable paid services, better use of resources, increased quality reach, member satisfaction and loyalty to the service provider.
For example, in July 2019, Blue Shield California (BSC), with help from Gemini Health, has developed an online tool to cut out-of-pocket drug spending for individuals. The Price Transparency Tool tracks cost data for accessible vendors and medical clinics. The innovation recommends lower cost choices as it coordinates the current drug with cheaper, equivalent dose options.
In April 2020, Molina, an American company engaged in the provision of managed care in the area of health insurance and medicaid programs, has announced that it will purchase Magellan Complete Care (MCC), a managed health care organization, in the part of an agreement worth about $ 820 million. This acquisition is expected to expand Molina’s geographic footprint in its core medicaid management activities. Magellan Complete Care (MCC) is an American company providing care management solutions.
The increase in healthcare frauds should prompt the paid services market to tighten its security systems. Healthcare fraud includes wrongdoing such as people obtaining subsidized or fully covered prescription pills that are actually unnecessary and then selling them on the black market for billing by practitioners for care that they are not using. they never returned, filing duplicate requests for the same service rendered, changing dates and modifying medical records. The healthcare industry continues to suffer losses from 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 propelling the demand for rigid security systems, thereby boosting the growth of the paid services market.
The growing incidence of data breaches and loss of privacy has always been a major challenge in the paid service 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 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 due to poor information maintenance leading to a vulnerable cyber attack. The increasing 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 payer services market
3. Trends and Strategies in the Payor Services Market
4. Impact of COVID-19 on paying services
5. Size and Growth of the Payor Services Market
5.1. Historical Global Paid Services Market, 2015-2020, in USD Billion
5.1.1. Market drivers
5.1.2. Market constraints
5.2. Global Paid Services Forecast Market, 2020-2025F, 2030F, Billion USD
5.2.1. Market drivers
5.2.2. Market constraints
6. Market segmentation of paid services
6.1. Global Payor Services Market, Outsourcing Services Segmentation, History and Forecast, 2015-2020, 2020-2025F, 2030F, in USD Billion
- Business process outsourcing services
- Knowledge Process Outsourcing Services
- Information Technology Outsourcing Services
6.2. Global Payor 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 Paid Services Market, End User Segmentation, History and Forecast, 2015-2020, 2020-2025F, 2030F, in USD Billion
- Public payers
- Private payers
7. Regional and national analysis of the payers services market
7.1. Global Payor Services Market, Divided by Region, History and Forecast, 2015-2020, 2020-2025F, 2030F, in USD Billion
7.2. Global Payor Services Market, Divided by Country, History and Forecast, 2015-2020, 2020-2025F, 2030F, in USD Billion
- United Health Group
- Concentrix Corporation
- United Healthcare
- Anthem Inc.
- Aetna, Inc.
- CIGNA Corp.
- Health Partners
- Blue Cross Blue Shield by Massachusetts
- Group health cooperative
For more information on this report, visit https://www.researchandmarkets.com/r/9iuqxu
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