Healthcare Payer BPO Market 2020 Industry Analysis, Size, Market Demand, Growth, and Showing Impressive Growth by 2026
Pune, Maharashtra, India, December 22 2020 (Wiredrelease) Brandessence Market Research and Consulting Pvt ltd –:Global Healthcare Payer BPO Market is valued at USD 19876.42 Million in 2019 and expected to reach USD 41789.93 Million by 2025 with the CAGR of 11.2% over the forecast period.
Increasing prevalence of various health conditions such as cardiovascular diseases, cancers and etc. in geriatric population and growing technological advancements in healthcare IT sector are expected to boost the growth of Global Healthcare Payer BPO Market.
Scope of Global Healthcare Payer BPO Market Report–
Healthcare Payer BPO operations have mainly focused on the operational side of the Payer business with specific focus on improving the efficiency of the process. Some of the key business processes include claims processing contact center, enrollment, and data entry. The BPO participation has tremendously increased the efficiency and brought down the cost of the process on a high scale for the Payers who have participated in this space because of cost arbitration.
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The healthcare BPO services for payers and providers help increase efficiencies and outcomes, reduce costs and risk, improve their Net Promoter Scores and deliver competitive services cost-effectively. But in light of the recent regulatory changes, BPO service providers have to move beyond the traditional lift and shift. The focus instead should be on enhancing the processes in areas like the opportunities that have been brought in by the healthcare reform legislations. By focusing on the following areas, the BPO space can directly contribute to the core of the business areas like utilizations and as well contribute to the operating margin of the payers. Healthcare BPO services enrich resource allocation, boost financial performance and increase the effectiveness of providers. However, the healthcare system is not able to reap the benefits of such expenditure due to process inefficiencies and use of redundant systems.
Global Healthcare Payer BPO Market report is segmented on the basis of type, application, and region & country level. Based on type, global healthcare payer BPO market is classified as the claims processing services, member services, HR services, finance and accounts. Based upon application, global healthcare payer BPO is classified into large hospitals, middle hospitals, pharmacy and insurance companies.
The regions covered in this healthcare payer BPO market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of healthcare payer BPO is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players for Global Healthcare Payer BPO Market Report-
Some major key players for Global Healthcare Payer BPO Market are Cognizant, Xerox, Accenture, Hinduja Global Solutions, Exlservice, HPE, HCL Technologies, Genpact and others.
Global Healthcare Payer BPO Market Dynamics–
The rapidly increasing healthcare costs, advancement in the healthcare IT technology, growing need of capable professionals and increasing demand for improved healthcare are some of the factors driving the market growth. In addition, the high cost associated with R&D and manufacturing of drugs and reduced productivity are also compelling the major pharmaceuticals companies to outsource their business processes. According to the National health Expenditure projected in 2018, estimate 4.4% in from 3.9% growth and to have reached $3.6 trillion Faster projected growth in Medicare spending of 1.7% primarily drives the projected acceleration price growth as measured by the personal health care price index is projected to have increased from 1.3% in 2017 to 1.7 % in 2018 due primarily to faster economy wide inflation.
Rising incidences of diseases lead to increased workload for the insurance companies. Thus, to handle high volume claim records patient records and to ensure quick turnaround time the payer companies need to invest resources in technology infrastructure and in acquiring able talent pool leading to very high operational costs which is also supplementing to market growth. According to the world organization (WHO), the health spending were sponsored by the federal government 28.3% and the households 28.4% the private business share of health spending accounted for 19.9% of total health care spending, state and local governments accounted for 16.5%, and other private revenues accounted for 6.9 % of the health expenditures.
Conversely, the healthcare payer BPO market is anticipated to grow with a significant rate in the coming years owing to factors such as market growth with increasing total geriatric population & governing changes and pressure to reduce rising healthcare expenses. However, data security and privacy concerns, unforeseen costs, and difference in the regulatory processes within different countries may hamper the growth of the global healthcare payer BPO market. The Healthcare BPO services enrich resource allocation, boost financial performance and increase the effectiveness of providers. In spite of that, the various technological developments in the healthcare industry are expected to offer growth opportunities for the players operating in the healthcare payer BPO market.
Global Healthcare Payer BPO Market Regional Analysis–
North America is expected to dominate due to the highest market share in terms of profits in overall market of healthcare payer BPO services due to the presence of strong reimbursement framework, high public and private healthcare expenditures, favorable government policies, and a high percentage of claim records in this region. According to the Center for American Progress 2019 in U.S , the NAM’s percentages of billing insurance rate (BIR) costs to recent projections of national health expenditures from the Centers for Medicare and Medicaid Services (CMS), estimates that BIR costs will amount to 496 billion According to CAP’s calculations, this includes 158 billion in overhead for private insurance 56 billion for administration of public insurance programs about 282 billion for the BIR costs of hospitals other care providers.
The Asia Pacific is expected to be the fastest growing market over the forecast period owing to high economic development in the region, favorable government initiatives and growth in insurance penetration across urban and rural center, and favorable government policies in this region. According to the world organization (WHO) in 2050, the number of older people in the Asia-Pacific region is rising at an unprecedented rate and it is at the forefront of the global phenomenon of population ageing, the people in Asia Pacific will be over 60 years old, the population of older persons aged over 60 in the region will triple between 2010 and 2050, reaching close to 1.3 billion people.
Global Healthcare Payer BPO Market Segmentation:–
Claims Processing Services Member Services HR Services Finance and Accounts
Large hospitals Middle hospitals Pharmacy Insurance companies
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