The global healthcare payer services market is expected to grow with a CAGR of 12.2% during the forecast period 2016-2023. The healthcare payer services has expanded its applications to various fields such as fraud management services, member management services, provider management services and billing and accounts management services. The global healthcare payer services market is mainly driven by rising healthcare frauds, dynamic nature of healthcare benefits plan designs, in-house shortage of skilled personnel, rising outsourcing activities and federal mandates in US increasing payer workload. Moreover, key restraints for the global healthcare payer services market are unforeseen cost associated with outsourcing, loss of managerial control and rising incidences of data breaches and loss of confidentiality. Apart from this, global healthcare payer services market face challenges such as mitigation from legacy system and cultural differences and language barriers. The major opportunities of the healthcare payer services market are service portfolio expansion and advanced data analytics which will drive the growth of market in forecasted period.
Global healthcare payer services market report covers segmentation analysis of service type, application and end-user. Report covers further segments of its service type which are business process outsourcing services, information technology outsourcing services and knowledge process outsourcing services. The market further segmented by its applications such as claim management services, integrated front-end and back office operations, member management services, provider management services, billing and account management services, analytics and fraud management services and HR services. Further, the global healthcare payer services market by end-user is further segmented into private payer and public payers.
North America accounts dominates the market in terms of revenues due to lack of low-cost skilled professionals, rising demand for integrated healthcare system and rising insurance enrollment and these factors are the key driving factors in this region. Moreover, Asia-pacific is the fastest growing region in the healthcare payer services market due to the presence of skilled workers to provide high-end process services and it is assumed to be dominating factor of growth in this region.
The key vendors of the Global healthcare payer services market are Cognizant Technology Solutions, Accenture PLC, Exlservice Holdings, Inc, Concentrix Corporation, Hewlett-Packard, Hinduja Global Solutions Limited, Xerox Corporation, Dell, Inc. Genpact Limited, Wipro Limited and HCL Technologies Ltd. These companies are using various strategies such as merger & acquisitions, collaboration, partnership and product launch. Whereas, merger and acquisition and product launch is the key strategy adopted by the companies in the global healthcare payer services market.