Healthcare Payer BPO Market size is expected to reach US$ XX Bn. by 2026 from US$ XX Bn. in 2019, at a CAGR of 7.05% during the forecast period.
Healthcare Payer BPO Market Overview:
The competitive landscape of the Healthcare Payer BPO Market includes information about competitors. The contents include a corporate overview, financials, revenue generated, market potential, investment in research and development, new market efforts, geographical presence, firm strengths and weaknesses, product introduction, and application dominance. The preceding data points are solely relevant to the businesses' focus on the Healthcare Payer BPO market.
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Healthcare Payer BPO Market Scope:
This Healthcare Payer BPO market report discusses new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, opportunities in terms of emerging revenue streams, changes in market regulations, strategic market growth analysis, market size, segmented market growth, application niches, and dominance, product approvals, product launches, geographic expansion For more information on the Healthcare Payer BPO market, please contact Maximize Market Research for an Analyst Brief; our experts will assist you in making an informed market choice to achieve market growth.
Healthcare Payer BPO Market Segmentation:
Service Type and Application are the market segments for healthcare payer BPO globally. According to service type, the market includes member service, finance and accounting, and claims processing services. The claims processing services category, which accounts for roughly 56.7% of the global market, is one of these and is anticipated to hold its dominant position during the projected period. Thank goodness more and more people are purchasing health insurance. Insurance companies can cut costs and save time by outsourcing claim processing to healthcare payer service providers. In the MMR report, a more thorough examination of each section is provided.
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Healthcare Payer BPO Market Key Players: The following are the key players of the Healthcare Payer BPO market-
• UnitedHealth Group, Inc.
• Cognizant Technology Solutions
• IBM Corporation
• Genpact
• Accenture PLC
• Xerox Corporation
• Hewlett-Packard
• Aetna Inc.
• EXL Service Holdings, Inc.
• Wipro Limited
• Hinduja Global Solutions
• HCL Technologies Ltd.
• Others
Healthcare Payer BPO Market Regional Analysis:
The geographical section of the research also includes individual market influencing variables and changes in market regulations that effect current and future market trends. Data points such as downstream and upstream value chain analysis, technology trends, porter's five forces analysis, and case studies are only a few of the indicators used to forecast market scenarios for various countries.
COVID-19 Impact Analysis on Healthcare Payer BPO Market: The research also addresses the impact of COVID-19 on the Healthcare Payer BPO market. The basic purpose of this study is to help the user understand the market in terms of definition, segmentation, market potential, noteworthy trends, and the issues that the industry is facing across key regions. The study provides micro and macroeconomic analysis of the total impact of COVID-19 on the Healthcare Payer BPO Market. The specific analysis focuses on market share and size, which clearly demonstrates the influence that the pandemic has had and will have on the worldwide Healthcare Payer BPO Market in the next years.
Key Questions Answered in the Healthcare Payer BPO Market Report are:
- What will be the CAGR of the Healthcare Payer BPO market during the forecast period (2021-2027)?
- Which segment emerged as the leading segment in the Healthcare Payer BPO market?
- Which are the prominent players in the Healthcare Payer BPO market?
- What key trends are likely to emerge in the Healthcare Payer BPO market in the forecast period?
- What will be the Healthcare Payer BPO market size by 2027?
- Which company held the largest share in the Healthcare Payer BPO market in 2020?
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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.
Thee 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.
The focus instead should be on enhancing the processes in areas like the opportunities that have been brought in by the healthcare reform legislations.
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.
Key drivers attributing to the growth are ObamaCare, shift to ICD-10 coding system, growing geriatric population, increasing disease burden and penetration of insurance coverage in emerging economies.
Global healthcare payer BPO market is expected to reach over USD 34.2 billion by 2022 according to a new report by Grand View Research Inc.
In 2013, as per estimates published by the America’s Health Insurance Plans (AHIP), which is the national trade association representing the health insurance industry, one-sixth of the U.S. economy or nearly USD 2.7 trillion is dedicated to healthcare spending and the number is expected to increase year on year.
The estimated loss due to such inefficiencies is nearly 800 billion or approximately 20 to 30 percent of the overall expenditure.
In order to reduce the economic burden and provide universal access to healthcare, governments are encouraging outsourcing of payer services to onshore or offshore locations.
The shift from ICD-9 coding system to ICD-10 coding has created huge work load for the payers to upgrade their systems, train their staff and has significantly increased the financial burden.
The global Healthcare Payer Solution Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the healthcare payer solution market include 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., Wipro Limited.
Emerging advanced technologies and digitization to deliver economic health care services will prove beneficial to market growth.
A growing number of people with insurance coverage and increasing demand for accurate claim resolution, reduced fraud incidence, and an integrated healthcare system will boost market growth.
Increased focus on consumerism and advocacy of stringent healthcare regulatory policies by government organizations will further propel market growth.
