Global healthcare payerBPO market is expected to reach over USD 34.2 billion by 2022
according to a new report by Grand View Research Inc. 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.
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. However, the healthcare system is not able to reap the benefits of such
expenditure due to process inefficiencies and use of redundant systems. The
estimated loss due to such inefficiencies is nearly 800 billion or
approximately 20 to 30 percent of the overall expenditure.
Increasing healthcare expenditure is a major concern for the U.S. and
all the other major economies. 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 ICD-9 code system had 13,000
codes, where as the ICD-10 code system has nearly 68,000 codes. This shift from
the legacy system to the latest system has significantly increased the need for
medical coding, accounting, HR, and other technical professionals, thereby is
expected to positively reinforce the healthcare payer BPO outsourcing market
growth in the next seven years.
Full Research Report On healthcare payer BPO
market Analysis: http://www.grandviewresearch.com/industry-analysis/healthcare-payer-bpo-market
Further key findings from the study suggest:
·
In 2014, claims processing services
accounted for the maximum share of approximately 55%. Key reasons attributed
are growth in new member enrolments due to ObamaCare, increase in disease
burden. For instance, as per data published by ObamaCare and CMS, in 2013
nearly 8 million people enrolled through the marketplace and nearly 11.7
million people were enrolled in 2015.
·
However, 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 centers. For instance, the Indian
government’s initiatives such as Pradhan Mantri Suraksha Bima Yojana and
Pradhan Mantri Jeevan Jyoti Bima Yojana, are expected to benefit millions of
people seeking life insurance and personal accident coverage and as consequence
is expected to contribute to the healthcare payer BPO market expansion over the
forecast period.
·
Some key players operating in the market
include, Xerox Corporation, Genpact Limited, Wipro Limited, Capgemini, Hinduja
Global Solutions, HCL Technologies Ltd, Cognizant Technology Solutions,
EXLService Holdings Inc., and Accenture. These players dominate the market
owing to their strong product and service delivery portfolio, and presence of
large customer base in the U.S and European markets.
View More Reports
Of This Category By Grand View Research At: https://www.grandviewresearch.com/industry/healthcare-it
Grand View Research has segmented the Healthcare payer BPO market on the
basis of services and region:
Global Healthcare
Payer BPO Services Outlook (USD Million, 2015 - 2022)
·
Claims Processing Services
·
Member Services
·
HR Services
·
Finance And Accounts
Healthcare Payer
BPO Regional Outlook, (USD Million, 2015 - 2022)
·
North America
o U.S.
o Canada
·
Europe
o Germany
o UK
·
Asia Pacific
o India
o China
·
Latin America
o Brazil
o Mexico
·
MEA
o South Africa
View
Press Release of this research report by Grand View Research: https://www.grandviewresearch.com/press-release/global-healthcare-payer-bpo-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
