Global Healthcare Payer BPO Market Is Expected to Reach USD 46.15 Billion by 2027 : Fior Markets
Healthcare Payer BPO Market by Service (Finance & Accounts, Claims Processing Services, HR Services, Member Services), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027
Newark, NJ, Sept. 30, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the *global healthcare payer BPO market* is expected to grow from USD 19.6 billion in 2019 to USD 46.15 billion by 2027, at a CAGR of 11.3% during the forecast period 2020-2027.
The effect of legislative reforms and major policy proposals are important drivers that improve the demand for healthcare payer BPOs. For example, policies by the Indian government like the Pradhan Mantri Jeevan Jyoti Bima Yojana and the Pradhan Mantri Suraksha Bima Yojana are expected to help millions of people pursuing life insurance and compensation for personal injuries. As a consequence, they are expected to lead to the growth of the BPO sector for health care payers over the forecast period. Other key drivers contributing to the growth of the market are regulatory changes, growing global geriatric population, and the requirement to improve payer’s efficiency & customer satisfaction.
Healthcare payer BPO activities have concentrated mainly on the organizational side of the payer sector, with a particular emphasis on increasing process performance. The main company procedures include call center claims collection, registration, and data entry. Outsourcing operations to BPOs has significantly improved productivity and lower costs. The healthcare BPO services for payers & suppliers help to maximize efficiencies & performance, minimize costs & risk, and boost their net promoter scores.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets. However, the coronavirus pandemic has boosted the healthcare payer BPO market. With the over-saturation of healthcare providers due to an influx of covid-19 affected patients, hospitals are outsourcing administrative and accountancy operations to BPOs.
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Key players operating in the global healthcare payer BPO market include Cognizant Technology Solutions, Exlservice Holdings Inc., Wipro Limited, Xerox Corporation, HCL Technologies Ltd., Hinduja Global Solutions, Accenture, Hewlett-Packard, and Genpact Limited, among others. To gain a significant market share in the global healthcare payer BPO market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Accenture and Exlservice Holdings Inc. are some of the most prominent players in the global healthcare payer BPO market.
*Claims processing services dominated the market and held the largest market share of 52.6% in the year 2019*
Based on service, the global healthcare payer BPO market has been segmented into finance & accounts, claims processing services, HR services, and member services. Claims processing services dominated the market and held the largest market share of 52.6% in the year 2019. The primary reason behind this segment’s large share is the high penetration of insurance coverage in developed and developing nations across the globe. The Affordable Care Act has had a very high positive impact on the BPO industry as a whole for healthcare payers. This act ensures coverage for millions of Americans to healthcare and Medicare. According to statistics released in 2013 by CMS & ObamaCare, nearly eight million people registered in 2013 and about 11.7 million people registered in 2015. The growth in these figures is a clear sign of rising pressure on healthcare payer services, and as a result, the healthcare payer BPO market is projected to be improved significantly over the forecast period. On the other hand, the member services segment is forecasted to grow at the highest CAGR in the upcoming years due to extensive competition to get new customers & retain the existing clientele, increasing customer service requirements, and growing requirements for value-added services.
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*Regional Segment Analysis of the Healthcare Payer BPO Market*
· North America (U.S., Canada, Mexico)
· Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
· Asia-Pacific (China, Japan India, Rest of APAC)
· South America (Brazil and Rest of South America)
· Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global healthcare payer BPO market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 45.25% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the presence of an ethical reimbursement framework, favorable government policies, high private as well as public healthcare expenditure, and a high rate of claim records. Countries like the U.S. and Canada invest billions of dollars in medicare insurance and ensure full compliance with healthcare regulations. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like improving economic conditions, increasing public & private healthcare expenditures, market penetration of insurance services in rural & urban areas, and supportive government policies.
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*About the report: *
The global healthcare payer BPO market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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