Global Healthcare Payer Services Market Growth, Trends, and Forecast 2018-2023 - Rise in Outsourcing Supportive Services by Healthcare Payers - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Oct 1, 2018--The “Global Healthcare Payer Services Market- Segmented by Type of Service, Application, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)” report has been added to ResearchAndMarkets.com’s offering.
The global Healthcare Payer Services market is expected to register a CAGR of nearly 11.5% during the forecast period, 2018-2023.
United States Healthcare Payer Services market will increase due to the introduction of Patient Protection and Affordable Care Act (PPACA). North America is expected to retain its dominance over the forecast period primarily owing to a rise in outsourcing supportive services by healthcare payers, an increase in number of individuals seeking insurance, and increasing stringency of regulatory healthcare landscape.
With significant change in the healthcare landscape on account of regulatory amendments and escalating costs, most healthcare firms adopted new technologies and outsourcing business models. Large companies are now collaborating with large BPO’s and KPO’s for services such as Health claims, Billing and Accounts, Healthcare IT operations, etc.
Companies like Conduent have developed an Intelligent Queue (IQ) process that is efficient and eliminates the need for rework on claim documents. These systems when quantified account for annual cost saving (50%), improvement in auto-adjudication, and reduction in turnaround time and overall cycle time.
As the population with insurance is on rise, managing the processes efficiently is becoming a lower-value contribution to the bottom line. Having benefited from the cost saving and improved efficiency in quality, more payers in this industry are outsourcing to large BPO organizations integrated cloud-based platform for claims administration and member lifecycle management.
Other factors that drive this market include Increasing Stringency of Regulatory Landscape, and Rise in Insured Population.
Market DriversRise in Outsourcing Supportive Services by Healthcare Payers Shortage of Skilled Healthcare IT Professional Increasing Stringency of Regulatory Healthcare Landscape Rise in Insured Population
Market RestraintsHigh Incidences of Data Breaches Unexpected Costs Associated With Outsourcing
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
6. Market Dynamics
7. Market Segmentation
8. Company Profiles & Competitive Landscape
9. Future of the Market
Companies MentionedAccenture Cognizant Concentrix Corporation ExlService Holdings Inc Hexaware Technologies Teleperformance Group Genpact HCL Technologies Conduent FirstSource Solutions Limited
For more information about this report visit https://www.researchandmarkets.com/research/2crjvl/global_healthcare?w=4.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181001005655/en/
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Related Topics:Health Insurance
KEYWORD: UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY INTERNET SOFTWARE HEALTH OTHER HEALTH PROFESSIONAL SERVICES INSURANCE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 10/01/2018 10:41 AM/DISC: 10/01/2018 10:41 AM