Miami, FL -- (SBWire) -- 03/22/2019 --Global Healthcare Payer BPO Market size was expected to grow at CAGR of over +10% over the forecast period 2019-2026 and is expected to reach over USD 35 Billion by 2026. Key factors contributing to industry growth include increased elderly population and health care costs, changes in the ICD-10 coding system, and innovation and development in IT and regulatory changes.
Claims Processing Services led the product sector and accounted for more than 50% of the total Healthcare Payer BPO market share in 2018. The spread of penetration in developing and developed countries was a major factor.
The North American Healthcare Payer BPO market dominated the global industry, accounting for more than 50% of total sales in 2018. Public and private health care costs are high, reimbursement plans are abundant, claims records are high and government is favorable policy played a key role in this part. The United States and Canada are investing heavily in medical care to ensure the rigorous agreement and implementation of health care policies.
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Top key players are including in this report: Xerox Corporation, Hinduja Global Solutions, DSM Pharma, Accenture, Cognizant Technology Solutions, Wipro, Genpact, EXLService, Hewlett-Packard, Catalent, HCL etc.
Asia-Pacific is expected to be the most attractive region due to high economic growth, increased public and private health care costs, increased insurance services in rural and urban areas, and government policies.
The growing number of elderly people is expected to be a major contributor to a number of health problems, including cardiovascular disease (CVD), respiratory illness, cancer, ophthalmic treatment problems, and orthopedic disorders. I work for an insurance company. In order to process these large amounts of patient and claim data and ensure rapid turnaround times, payment companies are expected to invest in infrastructure, skills and skilled workforce, which is expected to accelerate the Healthcare Payer BPO market due to higher operating costs.
The transition from ICD-9 to the ICD-10 coding system has created an enormous workload that increases the financial burden of payers by upgrading their systems and training their staff. The ICD-9 code system has 13,000 codes, while the ICD-10 code system has almost 68,000 codes. These changes are expected to increase the need for medical coding, HR, accounting, skilled people and other skills to actively strengthen industry growth for the expected period.
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Many public and private organizations outsource administrative tasks to payers to reduce the economic burden, improve operational efficiency, universally provide health services and streamline the delivery of complete services to customers. Outsourcers provide 24-hour customer support to patients, suppliers and other shareholders. Data security and confidentiality issues are constraints on the Healthcare Payer BPO market growth.
Based on the services provided, the industry is categorized as HR, Membership, Claims Processing, Accounting and Financial Services. The Patient Protection and Affordable Care Act (PPACA) is generally a United States centralized measure that improves the accessibility, affordability and quality of healthcare with affordable therapy (ACA) or Obamacare.
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Major Factors:
- Global Healthcare Payer BPO Market Overview
- Economic Impact on Market
- Market Competition
- Global Healthcare Payer BPO Market Analysis by Application
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analysis, Distributors/Traders
- Global Healthcare Payer BPO Market Effect, Factors, Analysis
- Global Healthcare Payer BPO Market Forecast
Expecting Massive Growth in Healthcare Payer BPO Market - Business Opportunity and Analysis 2026: Xerox Corporation, Hinduja Global Solutions, DSM Pharma
High Demand in Healthcare Payer BPO Market 2026 - Top Leading Players Xerox Corporation, Hinduja Global Solutions, DSM Pharma