The Healthcare Payer BPO Market was valued at $18,000Million in 2018 and is forecast to grow at a modest12.0 % CAGR between2018 and 2025, culminating in 2026 global sales of $38.20Billion.
Healthcare Payer BPO is an Outsourcing vendor, which provide the 24 hours customer support such as Patients, providers, and shareholders. It delivers service like least cost administration and increasing patient satisfaction. Because of the maximum number of a healthcare professional, comfortable cost of living, decreased time & cost of recruitment, and the large patient pool are anticipated to propel the market growth. These segment demand for those graduates belongs from Life Science with a specialization of microbiology, biology, biochemistry, nursing, and physical therapy for medical coding support. Due to the shifting of ICD-9 to ICD-10 all the healthcare industry, coders, insurance carriers, and government agencies use ICD codes and provides proper clinical data with health records. Increasing of geriatric population is anticipated to grow the segment with different types of health condition like Cancer, Cardiovascular disease, Respiratory disease, eye care problem, and orthopedic problems in the coming future.Rising occurrences of such diseases created a huge workload for the insurance companies. So, to control the various patient records, a maximum number of claim records, and to get a quick result, the payer companies need to invest their assets in infrastructure, technology, skilled manpower, and their processing cost will move the market in coming future. According to WHO there are 950,000 healthcare providerspaid USD 72 Billion for medical services and USD 17 Billion for a drugs operation.
“Optimal Price Point (OPP) for Global Healthcare Payer BPO”
Estimated Average product/ service cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
Due to the wide array of products available in the market, pricing, positioning, and sales channel optimization play a vital role in the success of a product. On average, India Healthcare Payer BPOservicesare available at USD xxx- USD xxxx. However, high-end products are available at much higher prices. The prices in emerging countries and developed countries vary significantly due to the difference in purchasing power and availability of latest products.
Global Healthcare Payer BPO Market by “Key Service Categories”
We have segmented the Global Healthcare Payer BPO market based on Key Service are Claims Processing Services, Member Services, HR Services, Finance, And Accounts.
We have observed that Healthcare Payer BPO market dominated worldwide by the Claim Processing Service with the largest revenue share of 55.4% in the market 2014. The rising perforation of insurance coverage and inexpensive care can drive the healthcare payer BPO market.
According to Obama Care and CMS, there are 8 Million people joined by the market place in 2013 and 11.7 Million people joined in 2015. Somehow, the positive sign of the people is projected to boost the healthcare payer market over the forecast period.
The main factors are enhancing customer service necessity, need for value-added service, and customer relationship competition and customer loyalty is expected to the largest growing sectors over the forecast period.
North America and the Asia Pacific accounted for the maximum revenue share of over xx% in 2018 due to increased demand of Global Healthcare Payer BPOservices followed by EU- Top 5 countries contribute $X.6 Billion in 2018 and expected to reach $x.5 Billion by 2026.
The rapid growth of the healthcare expenditure and availability of Global Healthcare Payer BPO materials option, create an impact in developing countries for the demand for insurance service and implementation of healthcare policies.
“Competitive Landscape” and “Merger& Acquisition Insights”
The key market participants includeCognizant Technology Solutions, Xerox Corporation, Accenture Wipro Limited, Hinduja Global Solutions, Exlservice Holdings Inc., Hewlett-Packard, HCL Technologies Ltd., and Genpact Limited.are a few major players in Global Healthcare Payer BPO markets. TheGlobal Healthcare Payer BPO market is fragmented with a large number of global & local players. Merger &Acquisitions, collaborations & new products launch are some of the major strategies adopted by key market players. Apart from this innovation& new product development are a major focus area for dominant companies.
Global Healthcare Payer BPO Market by Key Service Categories(Revenue, Million, 2018 – 2026)
- Claims Processing Services
- Member Services
- HR Services
Global Healthcare Payer BPO Market Regional Outlook (Revenue, USD Million, 2018-2026)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
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