Healthcare Payer Services Market Vigorous Growth with CAGR of 11.5% By 2023, Analysis by Top Manufacturers, Product Type, Focused Application
Global “Healthcare Payer Services Market 2020-2023” has been providing up and changing the worldwide economy as far as growth rate, revenue, deal, market proposition, and scope. The Global Healthcare Payer Services market Consumption market report is an extensive analysis of this corporate field, which has been established to be one of the most profitable business verticals in futures. The Report specifies the complete estimate of Global Healthcare Payer Services market business terms, in addition to presenting a brief segmentation of the industry, the expansion opportunities, as well as Key region.
Top-Listed Players in Healthcare Payer Services Market Research Report 2020-2023
- Accenture
- Cognizant
- Concentrix Corporation
- ExlService Holdings
- Inc
- Hexaware Technologies
- Teleperformance Group
- Genpact
- HCL Technologies
- Conduent and FirstSource Solutions Limited among others.
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Overview of Healthcare Payer Services Market:
The global Healthcare Payer Services market is expected to register a CAGR of nearly 11.5 % during the forecast period, 2020-2023. United States Healthcare Payer Services market will increase due to introduction of Patient Protection and Affordable Care Act (PPACA). North America is expected to retain its dominance over the forecast period primarily owing to Rise in outsourcing supportive services by healthcare payers, Increase in number of individuals seeking insurance, and Increasing Stringency of Regulatory Healthcare Landscape.Rise in Outsourcing Supportive Services by Healthcare PayersWith significant change in healthcare landscape on account of regulatory amendments and escalating costs most healthcare firms adopted new technologies and outsourcing business models. Large companies are now collaborating with large BPO’s and KPO’s for services such as Health claims, Billing and Accounts, Healthcare IT operations etc. Companies like Conduent have developed an Intelligent Queue (IQ) process that are efficient and eliminates the need for rework on claim documents. These systems when quantified, account for annual cost saving (50%), Improvement in Auto-adjudication, Reduction in turnaround time and overall cycle time.As population with insurance is on rise, managing the processes efficiently is becoming a lower-value contribution to the bottom line. Having benefited from the cost saving and improved efficiency in Quality, more Payers in industry are outsourcing to large BPO organizations integrated cloud-based platform for claims administration and member lifecycle management.Other factors that drive this market include Increasing Stringency of Regulatory Landscape, and Rise in Insured PopulationHigh Incidences of Data BreachesThe major concerns in outsourcing payer services to third party providers are health data security and privacy. With these concerns in mind many outsourcing contracts are delayed as clients need assurance that their vendors are safeguarding the privacy of healthcare data.Health data security is the major challenge when it comes to outsourcing. The changes in health insurance portability and accountability act and technology laws companies have become more cautious. It is estimated that healthcare breaches in United States cost 6.2 billion USD each year. A breach effects the organizations reputation and consequences of financial loss and may impact its sustainability if it cannot create enough confidence clients.Other factor impeding this market include Unexpected Costs Associated with OutsourcingUS is the Chief Region for Healthcare Payer Services MarketThe implementation of Affordable Care Act (ACA) led to coverage of millions of Americans who were uninsured earlier. This has caused increased work load and rise in cost of delivering solutions. The Healthcare Payer Services in United States has undergone major shift owing to new regulatory mandates such as cut in funding of Medicare Plan. With increase in insured people and stringent scrutiny by government, most insurance companies responded by outsourcing their support services such as claims adjudication services, claims repricing and billing and accounts management services etc to countries like India.In an attempt to reduce the costs while providing better quality patient care, healthcare insurance payers are streamlining the process. The steady growth of people opting insurance and technological advancement has paved the path for increase in Healthcare payer services.With major Business Process Outsourcing and Knowledge Process Outsourcing service providers such as Accenture, Wipro, Concentrix Corporation etc having established themselves as one stop to cater most services the United States will continue to grow as a major region in the Healthcare Payer Services market.
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Key Highlights from Healthcare Payer Services Market Report 2020.
Revenue and Sales Estimation — Historical Revenue and sales volume is presented and further data is triangulated with top-down and bottom-up approaches to forecast complete market size and to estimate forecast numbers for key regions covered in the report along with classified and well recognized Types and end-use industry. Additionally, macroeconomic factor and regulatory policies are as curtained in Healthcare Payer Services industry evolution and predictive analysis.
Manufacturing Analysis —the report is currently analyzed concerning various product type and application. The Healthcare Payer Services Market provides a chapter highlighting manufacturing process analysis validated via primary information collected through Industry and Key officials of profiled companies.
Competition — Leading players have been analyzed depending on their company profile, product portfolio, capacity, product/service price, sales, and cost/profit.
Demand & Supply and Effectiveness — Healthcare Payer Services Market report additionally provides distribution, Production, Consumption for the complete industry.
Healthcare Payer Services Market Top Regions (regional analysis covers):-
- North America (the USA, Canada, and Mexico)
- Europe (Germany, France, UK, Russia, and Italy)
- Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
- South America, Middle East, and Africa
Reasons to Purchase the Report
- The current and future outlook of the global surgical microscopes market in the developed and emerging markets
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- The segment that is expected to dominate the market
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- 3-month analyst support, along with the Market Estimate sheet (in Excel)
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Healthcare Payer Services Market 2020 Report Brief:-
- The report covers forecast and analysis for the Healthcare Payer Services market on a global and regional level
- The report includes the drivers and the restraints that affect the growth of the market
- Detailed information about the market opportunities are discussed
- The key target audience for the market has been determined in the report
- The revenue generated by the prominent industry players has been analyzed in the report
- The market numbers have been calculated using top-down and the bottom-up approaches
- The market is segmented on the basis of product, technology, ownership, and end-user industry which in turn is bifurcated on the regional level as well
- All the segments have been evaluated based on the present and the future trends
- The report deals with the in-depth quantitative and qualitative analyses of the Healthcare Payer Services market
- The report includes detailed company profiles of the prominent market players
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