About Healthcare Payer BPO
Healthcare Payer BPO has the main focus on the operational side of the Payer business with a specific focus on improving the efficiency of the process such as claims processing, enrollment, contact center, and data entry. The factors such as Increasing Healthcare Expenditure, Increasing Demand for Medical and Billing Services, and Rise in the Disease Burden and Penetration of Insurance Coverage in Emerging Companies are the key drivers for the global Healthcare Payer BPO market. In addition, the Increasing Number of Insurance Service Providers also fueling the growth of the market. However, Data Privacy and Security Concerns and the Lack of Skilled Professionals may hamper the market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 9.2% |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Healthcare Payer BPO market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Cognizant (United States), Xerox Holdings Corporation (United States), Accenture plc (Ireland), Hinduja Global Solutions Limited (India), Wipro Limited (India), Capgemini SE (France), Genpact (United States), HCL Technologies Ltd (India), EXLService Holdings Inc. (United States), Catalent, Inc. (United States) and Hewlett Packard Enterprise (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Healthcare Payer BPO market by , Application (Large hospitals, Middle hospitals, Pharmacy and Insurance companies) and Region.
On the basis of geography, the market of Healthcare Payer BPO has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Service, the sub-segment i.e. Claims Processing Services will boost the Healthcare Payer BPO market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Number of Insurance Service Providers
Market Growth Drivers:
Increasing Healthcare Expenditure, Increasing Demand for Medical and Billing Services and Rise in the Disease Burden and Penetration of Insurance Coverage in Emerging Companies
Challenges:
Lack of Skilled Professionals
Restraints:
Data Privacy and Security Concerns
Opportunities:
Growth in the Geriatric Population and Growing Healthcare Industry Worldwide
Market Leaders and their expansionary development strategies
In October 2023, Access Healthcare, a global leader in revenue cycle management (RCM) and healthcare services, announced the acquisition of Envera Health, a market leader in patient engagement services. This acquisition, a testament to Access Healthcare’s focus on providing innovative and superior revenue cycle solutions, broadens its service portfolio to include enhanced patient engagement capabilities.
In April 2023, Cognizant and Microsoft announced in a release that under this collaboration, healthcare payers and providers will have easy access to cutting-edge technology solutions, streamlined claims management, and improved interoperability to optimise business operations and deliver better patient and member experiences.
Key Target Audience
Healthcare Payer BPO Companies, Research Professionals, Emerging Companies and End-users
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.