Unit V EssayInstructionsPayers’ Influence on the Health Care IndustryPrivate insurance companies as well as the Centers for Medicare & Medicaid Services (CMS) have great influence over vital aspects of health insurance coverage in the United States. These third-party payers take on the responsibility to help improve a health insurance market undergoing a great deal of change right now.In a three-page essay, answer the questions listed below.What are the new programs and initiatives that commercial insurance companies and the government are creating in order to help curb the rising cost of health care? Discuss these initiatives.How are these third-party payers impacting pricing in the health insurance industry?In your opinion, what are some strategies that could be utilized to help better control costs as well as reduce fraud and waste in the medical industry?Be sure to include an introduction for your essay. This essay must be at least three pages in length and be double-spaced. You are required to use at least one outside source. Please adhere to APA Style when creating citations and references for this assignment. APA formatting, however, is not necessary.