“Latest Market Overview for Healthcare Payer Services Market Research Report 2018-2023 with CAGR 11.5%
Global Healthcare Payer Services Market Report 2018 provides actionable intelligence on factors that have been driving demand; key trends that are impacting the Healthcare Payer Services market; challenges that affect the market dynamics along with the market size, a SWOT analysis of the key vendors, and various segments.
Competitor Analysis: by product types, market share, applications, sales, and revenue.
- Concentrix Corporation
- ExlService Holdings
- Hexaware Technologies
- Teleperformance Group
- HCL Technologies
- Conduent and FirstSource Solutions Limited among others.
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Description of Healthcare Payer Services Market: 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 introduction of Patient Protection and Affordable Care Act (PPACA). North America is expected to retain its dominance over the forecast period primarily owing to Rise in outsourcing supportive services by healthcare payers, Increase in number of individuals seeking insurance, and Increasing Stringency of Regulatory Healthcare Landscape.
Rise in Outsourcing Supportive Services by Healthcare Payers
With significant change in 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 are efficient and eliminates the need for rework on claim documents. These systems when quantified, account for annual cost saving (50%), Improvement in Auto-adjudication, Reduction in turnaround time and overall cycle time.
As 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 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
High Incidences of Data Breaches
The major concerns in outsourcing payer services to third party providers are health data security and privacy. With these concerns in mind many outsourcing contracts are delayed as clients need assurance that their vendors are safeguarding the privacy of healthcare data.
Health data security is the major challenge when it comes to outsourcing. The changes in health insurance portability and accountability act and technology laws companies have become more cautious. It is estimated that healthcare breaches in United States cost 6.2 billion USD each year. A breach effects the organizations reputation and consequences of financial loss and may impact its sustainability if it cannot create enough confidence clients.
Other factor impeding this market include Unexpected Costs Associated with Outsourcing
US is the Chief Region for Healthcare Payer Services Market
The implementation of Affordable Care Act (ACA) led to coverage of millions of Americans who were uninsured earlier. This has caused increased work load and rise in cost of delivering solutions. The Healthcare Payer Services in United States has undergone major shift owing to new regulatory mandates such as cut in funding of Medicare Plan. With increase in insured people and stringent scrutiny by government, most insurance companies responded by outsourcing their support services such as claims adjudication services, claims repricing and billing and accounts management services etc to countries like India.
In an attempt to reduce the costs while providing better quality patient care, healthcare insurance payers are streamlining the process. The steady growth of people opting insurance and technological advancement has paved the path for increase in Healthcare payer services.
With major Business Process Outsourcing and Knowledge Process Outsourcing service providers such as Accenture, Wipro, Concentrix Corporation etc having established themselves as one stop to cater most services the United States will continue to grow as a major region in the Healthcare Payer Services market.
Reasons to Purchase the Report
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The Global demand for Healthcare Payer Services Market is forecast to report strong development driven by consumption in major evolving markets. More growth opportunities to come up between 2018 and 2025 compared to a few years ago, signifying the rapid pace of change.
Following market aspects are enfolded in Global Healthcare Payer Services Market Report:
- A wide summarization of the Global Healthcare Payer Services Market.
- The present and forecasted regional market size data based on applications, types, and regions.
- Market trends, drivers and challenges for the Global Healthcare Payer Services Market.
- Analysis of company profiles of Top major players functioning in the market.
Healthcare Payer Services Market report passes on a fundamental overview of the Market including its definition, applications, and advancement. Furthermore, the Industry report investigates the ecumenical Major Healthcare Payer Services Market players in detail. Healthcare Payer Services Market report gives key bits of Cautiousness and subsisting status of the Players and is a basic Source obviously and heading for Companies and people energized by the Industry.
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Which are the important factors that are mentioned in the Healthcare Payer Services Market report 2023?
- Key Market Dynamics: The Global Healthcare Payer Services Market research report provides complete forecasts on the latest market trends, development methods, and research methodologies. Some of the factors that are directly in affecting the market including the Strategic Production and Methods, development platforms, and the product model itself, and even a minute change within the product profile would result in huge amount of changes within the mentioned factors. All of these factors are explained in detail in the research study.
- Major Growth Prospects:The report also focuses on some of the Key growth prediction, including new product launches, Mergers and Acquisitions, Research and Development, joint ventures, collaborations, agreements, partnerships, and growth of the key Manufacturers working effectively in the market, both in terms of regional and global scale depending on geography.
- Key Market Highlights: The report gives us an in-depth Market analysis on some of the Healthcare Payer Services Market key factors, including revenue, cost, capacity, capacity utilization rate, production, production rate, consumption, supply, demand, Market share, CAGR, and gross margin. Additionally, the report presents a comprehensive study of the market growth factors and their latest trends, along with related Market sections and subsections.
Browse Detailed TOC, Tables, Figures, Charts, and Companies Mentioned in this Market Research Report @ https://360researchreports.com/Healthcare Payer Services-13104439
The growth of this market worldwide is subjected to various factors; including consumer world-class Healthcare Payer Services Market of many Healthcare Payer Services Market products, inorganic company growth models, price volatility of raw materials, product innovation along with economic prospects in both producer and consumer countries.
Conclusively, this report will provide you a clear view of each fact of the market without a need to refer to any other research report or a data source. Our report will provide you with all the facts about the past, present, and future of the concerned Market.