Outsourcing is emerging as a cost-effective tool for healthcare payers. Therefore, the growing trend of outsourcing is working in favor of the global healthcare payer services market. The increasing dependence of technologically advanced solutions to deliver economical business process services, growing popularity of digital technology, and the enforcement of strict health care regulations in several parts of the world are among the primary factors stoking the growth of the market.
The growth of the market is also supplemented by the growing investments in healthcare IT (HCIT) and increasing number of private healthcare insurance companies. Moreover, the introduction of favorable policies by governments is escalating the growth of the global healthcare payer services market. On the flip side, the mounting cases of data breaches are resulting in increased skepticism regarding the loss of confidentiality, which in turn is limiting the widespread adoption of healthcare payer services. While outsourcing makes the overall procedure of healthcare payer services easy, it also induces unforeseen costs. This is, in turn, hampering the growth of the global market.
The majority of key players in the global healthcare payer services market are focusing towards implementing mobile technology with health plans to lure in a greater number of customers. A raft of large players are also emphasizing on mergers and acquisitions in order to stay ahead in the market.
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Global Healthcare Payer Services Market: Overview
The healthcare industry is at an interesting cusp at present with breakthrough technologies, practices, and services. This also translates as higher costs of treatment and consumer empowerment with digital transformation. Besides, tough regulations and better reimbursement policies are also transforming the contours of the industry. This has spawned the global healthcare payer services market which is primed for robust growth on account of the above factors. Major players operating in the market are focused on mergers and acquisitions to diversify business portfolio and improve delivery outcomes.
In healthcare, payer refers to entities other than the patient that finance or reimburse the healthcare services cost. Typically, they include insurance carriers, third-party payers, or health plan sponsors such as employers or unions. Application of payer services include management services, provider management services, billing and accounts management services, integrated front office services and back office operations, member management services, analytics and fraud management services, and HR services. The types of payer services available in the market are BPO services, ITO services, and KPO services. Among them, the BPO services gross maximum revenue.
A report by TMR Research offers essential information on the key trends in the global healthcare payer services market. It presents a granular analysis of the various growth drivers and restraints in the market. The report also presents a detailed assessment of the competitive landscape and identifies key players contributing towards its growth. Further, it leverages market-leading analytical tools to gauge the opportunities and threats awaiting players.
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Global Healthcare Payer Services Market: Trends and Opportunities
Some of the factors at the forefront of driving the global healthcare payer services market are increased adoption of technologies – particularly digital technology – to bring about economical business process services, growing focus on consumerism, and a host of healthcare regulatory policies. No wonder then, tech titans are some of the main players in the market. They are increasingly integrating mobility and health plans to engage enrolled members.
Other factors helping the market’s growth are the increasing private healthcare insurance exchanges and IT investments. The pressing demand to bring down the overall administrative costs of member management services, rising need for cost effective solutions for the healthcare payer services, and the alarming instances of healthcare fraud cases are few things expected to shape the course of the market in the near future.
At present, the private payers are ahead of the public payers in the global market for healthcare payer services. This is because of the massive investment by private players in the healthcare payer vertical and significant government efforts to induce private investment in the healthcare industry. Public payers, however, are slated to clock solid growth in the years ahead.
Global Healthcare Payer Services Market: Regional Outlook
Geographically, North America holds a dominant position in the global market for healthcare payer services at present, powered mainly by the U.S. This is because of the rising number of health insurance enrollment, helpful reimbursement framework, and dearth of skilled professionals. Besides North America, Asia Pacific is another emerging market that holds out a strong promise of growth. In fact, India, an emerging economy in the region, is a global market leader in the knowledge process outsourcing (KPO). China and Japan in the region are also slated to contribute substantially to the market. In the Rest of the World, Mexico and Brazil are shining stars poised to impact the global market growth.
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Companies Mentioned in the Report
Some of the prominent companies competing in the global market for healthcare payer services, profiled in the report are Cognizant Technology Solutions, Accenture plc, Xerox Corporation, Genpact Limited, Hewlett-Packard, Hexaware Technologies Limited, HCL Technologies Ltd., Teleperformance Group, Hinduja Global Solutions Ltd., and Wipro Limited.
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