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. 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.
Browse
Details of Reports @
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.
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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