North America to Dominate Healthcare Payer Solutions Market through 2025
Growing insurance enrolments to drive the growth of
global healthcare payer solutions market
According to
TechSci Research report, “Global Healthcare
Payer Solutions Market By Service Type (BPO, ITO, KPO), By Application
(Claims Management Service, Provider Management Service, Member Management
Service, HR services, Analytics & Fraud Management Service, Billing &
Accounts Management Service, Others), By End User (Public v/s Private), By
Region, Forecast & Opportunities, 2025”, the global
healthcare payer solutions market is expected to witness formidable growth during
the forecast period on account of the increasing
demand for streamlined business process. Additionally, healthcare payer
solutions help payers transform their businesses and achieve their goals with
solutions across all the major touch points. Also, healthcare payer solutions
deliver a well-coordinated, affordable and cohesive healthcare experience
thereby positively impacting the market growth. Besides, progression of health
benefit plan designs and presence of healthcare regulatory policies is further anticipated
to propel the growth of market over the next few years. Furthermore, increasing
adoption of technology and expansion of service portfolio bolster the market
growth, globally. However, high claim denial rates and slow process of claim
approvals can hamper the market growth. Additionally, issues such as
administrative control breakdown might further hinder the market growth.
Furthermore, high costs associated with outsourcing along with the loss of
managerial control in outsourced projects is anticipated to negatively impact
the market growth through 2025. Also, challenges such as data breaches and
cybersecurity further obstruct the market growth. Loss of confidentiality,
skilled professionals and manual workflow of the entire process is expected to impede
the market growth over the next few years.
The global
healthcare payer solutions market is segmented based on service type,
application, end user, company and region. Based on service type, the market
can be categorized into BPO, ITO and KPO. The BPO segment is expected to
dominate the market during forecast period. The BPO segment is expected to
dominate the market during forecast period. This can be attributed to the fact that
BPO service provides customer support & assistance in various
administrative areas. This is in turn enables the payers to achieve cost
reductions and to speed time to market, which is majorly the key target of
payer organizations. The KPO segment is expected to witness significant growth
over the next few years owing to the growing demand for accurate claim
resolution and increasing need to reduce the number of fraud incidences. Based
on application, the market can be fragmented into claims management service,
provider management service, member management service, HR services, analytics
& fraud management service, billing & accounts management service and others.
The claim management service segment is expected to dominate the market through
2025 since it helps the organizations to create and deploy automated and agile
claim management process for full proof claim processing. They play a vital
role in solving challenges of the increasing claim denial rate cases and
stringent federal regulations thereby driving the growth of segment across the
globe.
Cognizant
Technology Solutions, Accenture plc, Concentrix Corporation, ExlService
Holdings, Inc., Xerox Corporation, Genpact Limited, Hewlett-Packard, Hexaware
Technologies Limited, FirstSource Solutions Limited, HCL Technologies Ltd. and others are some
of the leading players operating in global healthcare payer solutions market. The
companies operating in the market are using organic strategies such as product
launches, mergers and collaborations to boost their share.
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“North America is expected to dominate
the overall healthcare payer solutions market during the forecast period, owing
to the growing insurance enrolment in the region. Additionally, surging demand
for an integrated healthcare system in the region is further anticipated to
spur the market. Furthermore, the federal healthcare mandates in the United
States is expected to positively impact the market growth over next few years. Also,
the key vendors operating in the market are expanding their business in the
region creating lucrative opportunities for the growth of market.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Healthcare Payer Solutions Market By
Service Type (BPO, ITO, KPO), By Application (Claims Management Service,
Provider Management Service, Member Management Service, HR services, Analytics
& Fraud Management Service, Billing & Accounts Management Service, Others),
By End User (Public v/s Private), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global healthcare
payer solutions market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global healthcare
payer solutions market.
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