Rising Practices of Outsourcing of Services for Improved Healthcare Fosters Adoption of Healthcare Payer Services
Services outsourced by healthcare providers and insurance payers are known as healthcare payer services. It allows business players in healthcare sector to provide enhanced patient care quality by reducing costs, improving customer-service provider communication, and thereby streamlining the entire payment and insurance claims processes. These services aid in improving patient experience, care provider performance, optimizing the quality of treatment and services, and reducing costs. Rapid advancements in healthcare infrastructure and growing competition makes services in global healthcare payer services market lucrative outsourcing opportunities for players in healthcare industry. Other market motivators include increasing instances of healthcare insurance frauds and player focus on expansion of the offered services.
Cost of outsourcing these processes is relatively much lower than the cost of managing them in-house. Rising strides in technology and increasing adoption of data analytics in healthcare industry are also expected to drive the global healthcare payer services market in coming years. Integration of emerging technologies such as AI and IoT can assist professionals and medical services providers to cumulate massive amounts of accurate patient data that can be accessed in real time, even remotely. This can aid the overall medical and life sciences industries as the gathered data, utilized ethically and scientifically, can provide researchers, practitioners, insurance providers, and people with remarkable and valuable insights. This can assist computational systems and service providers in increasing productivity, reduce operational costs, and ensure consistent and accurate claiming decisions. On the other hand, loss and displacement of sensitive and confidential patient data remains a concern for the players in market. Rising instances of cyber theft and hidden costs associated with outsourcing can hamper the growth of global healthcare payer services market in near future.
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Claims Management Services Expected to Account for Leading Share in Healthcare Payer Services Market
Services provided in global healthcare payer services market include business processes outsourcing (BPO), knowledge processes outsourcing (KPO), and information technology outsourcing (ITO). Increasing pressure on cost cutting along with increasing implementation of ICD-10 codes are key motivators for the growth of business process outsourcing segment in global healthcare payer services market in near future. Categories in global healthcare payer services market based on end-user are public payers and private payers.
Applications for services in global healthcare payer services market can be found in various departments related to medical and healthcare industries such as human resources services, analytics and fraud management, claims management, and billing and accounts management. Rising number of people opting for health insurance is expected to lead the demand for claim management services in global healthcare payer services market in coming years. Claims calculation is a rigorous and time-consuming process that takes up many work hours and involves massive amount of paperwork. Outsourcing these processes can help healthcare professionals and medical support staff to manage and optimize their time and assist patients in speeding up the discharge and check out process. Outsourcing claim management processes can also aid insurance companies for saving costs and time.
Extensive Technological Advancements Drive North America Healthcare Payer Services Market
North America region is expected to hold the largest share in global healthcare payer services market in coming years. Key trends responsible for this leading share include extensive technological advancements, increasing number of healthcare payer service providers, and rising implementation of ICD-10 codes in United States. Other motivators stimulating growth in North America healthcare payer services market include developed and IT-aided healthcare infrastructure in the region and rising number of residents opting for health insurance. Enhanced digitalization in healthcare industry and rising adoption of technologically enhanced medical systems is expected to propel demand in Europe healthcare payer services market in coming years.
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Some of the prominent players in global healthcare payer services market are Cognizant Technology Solutions, Genpact, Xerox Corporation, Aetna Inc., Wipro Limited, UnitedHealth Group, Inc., IBM Corporation, Accenture PLC, EXL Service Holdings, Inc., and Hewlett – Packard.