The global healthcare payer BPO market was valued at USD 15,084.6 millions in 2014. It is expected to grow at a CAGR of more than 10% during the forecast period. The market's growth is due to several factors, including the growing global geriatric population and regulatory changes. Additionally, healthcare costs are rising. It is also important to improve the operational efficiency of payers and customer satisfaction.
The United Nations published estimates that the global geriatric population in 2012 was close to 809 million. It is projected to rise to nearly 2 billion by 2050. Market growth will be driven by the constantly increasing geriatric population. This segment is susceptible to many health conditions, including cancers, heart disease, respiratory disease, orthopedic problems, eye problems, and other diseases.
North America's payer BPO market, by type of service, 2012-2022 (USD Billion).
Insurance companies are faced with increasing workload due to rising incidences of these diseases. Payer companies must invest in technology, infrastructure and in talent to handle large volumes of patient records and claim records. This will increase market growth.
According to data from the Centers for Medicare & Medicaid Services, almost 950,000 healthcare providers received USD 89 billion in Medicare Payments in 2013. This includes USD 72 billion for health and medical services and USD 17 billion for drugs that were administered.
Public and private organizations outsource payer administrative functions to reduce costs, increase operational efficiency, and improve service delivery to clients. Outsourcing vendors provide 24/7 customer support for patients and providers.
The market for healthcare payer BPO services is divided into member services, claims processing services and finance services. Key factors driving the growth of the healthcare payer BPO market are regulatory changes and key policy initiative.
The largest share, nearly 55%, was held by the claims processing services segment in 2014. The key factors are the increasing penetration of insurance coverage in both developed and developing countries. The Affordable Care Act has a significant impact on the overall healthcare payer BPO market. The Affordable Care Act provides access to healthcare and Medicare for millions of Americans. According to CMS and ObamaCare data published 2013, almost eight million people were enrolled through the marketplace, while nearly 11.7million people were enrolled in 2015. This is an indicator that the healthcare payer market is growing and will be bolstered over the forecast period.
The fastest-growing segment in the forecast is the member services segment. The key factors are an increase in customer services requirements, the need for value-added service, and high competition to retain and enroll existing clients.
North America held the largest share, with over 55% in 2014. This market is driven by strong reimbursement, high public- and private healthcare spending, favorable government policies and high claim records. The U.S., Canada and other countries spend billions of dollars on healthcare reimbursement. ensure compliance with and proper implementation of healthcare policies.
Asia Pacific will be the fastest-growing market during the forecast period. Market growth is attributed to high economic development, increased public and private healthcare spendings, the penetration of insurance services in urban centers and rural areas, and favorable government policies.
Cognizant Technology Solutions is one of the key players in the BPO market for healthcare payers. Other players include Accenture Wipro Limited and Hinduja Global Solutions. Hewlett-Packard, HCL Technologies Ltd. and Genpact Limited are also key players. They hold the largest share due to their strong technology platforms, expertise in BPO delivery functions and ability to meet the high compliance and regulatory standards of the U.S. as well as European regions.
Up Market Research published a new report titled “Healthcare Payer BPO Market research report which is segmented by Service (Finance And Accounts, HR Services, Claims Processing Services, Member Services), By Players/Companies rising healthcare costs, increasing global geriatric population, regulatory changes, the need to improve payer’s operational efficiency and customer satisfaction”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Healthcare Payer BPO Market Research Report |
By Service | Finance And Accounts, HR Services, Claims Processing Services, Member Services |
By Companies | rising healthcare costs, increasing global geriatric population, regulatory changes, the need to improve payer’s operational efficiency and customer satisfaction |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 216 |
Number of Tables & Figures | 152 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Service (Finance And Accounts, HR Services, Claims Processing Services, Member Services).
Healthcare Payer BPO Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Healthcare Payer BPO Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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