The global healthcare payer services market may be in a nascent stage but the growing ubiquity of smartphones will open vast new revenue opportunities for the vendors operating in this market, according to a recent intelligence study by TMR Research.
The global healthcare payer services market may be in a nascent stage but the growing ubiquity of smartphones will open vast new revenue opportunities for the vendors operating in this market, according to a recent intelligence study by TMR Research. The report has estimated that the demand in the global healthcare payer services market will increment at a formidable CAGR during the forecast period of 2017 to 2025, rising like a phoenix on the back of digitalization bandwagon that is engrossing every region and country across the world.
The report, titled “Healthcare Payer Services Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” has been prepared by a group of professional and experienced research analysts and aspires to service as a credible decision-making tool for its targeted audiences such as vendors of healthcare payer services and third party service providers, end users such as healthcare payers of both public and private sectors, government agencies, business consultants, and venture capitalists. The report begins with an elaborated overview of the current scenario of the global healthcare payer service market and then dives into providing quantitative and qualitative analysis of all important dynamics that will define the demand in the near future, such as trends, drivers, restraints, challenges, and opportunities.
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The report recognizes the need to segment the market into smaller aspects as several vendors often concentrate on a few categories that are more profitable than others. Along the similar lines, the report highlights the potential of the demand for healthcare payer services in various regions and countries in order to provide lucrativeness of each. To complete a throughout study, the report also has a dedicated section on competitive landscape, wherein a number of leading companies of the global healthcare payer services market have been profiled for their business overview, product portfolio, and recent strategic decisions.
As per the findings of the report, the global healthcare payer services market will gain traction from a number of factors such as growing dependency on outsource, which has turned into a highly cost-effective solution for healthcare payers, federal mandates in the developed country of the U.S. in order to curb increasing payer workload, dynamic nature of health benefit plans that adequately meet with these services, increasing number of frauds pertaining to healthcare and insurance, and in-house shortage of skilled personnel.
On the other hand, substantial costs associated with the outsourcing processes to start bearing fruits, cultural difference and language barriers for prosper installation of outsourcing, hesitancies in migrating from legacy systems, growing incidences of data beach and consequent loss of confidentiality, and loss of managerial control are a few factors obstructing the prosperity of the global healthcare payer services market. Nevertheless, the vendors of this market are expected to gain new opportunities from the advent of advanced data analytics, switching to LCD-10 standards, and expanding their service portfolio in order to meet greater masses of consumers.
Based on service type, the global healthcare payer services market can be segmented into ITO services, BPO services, and KPO services, whereas application-wise, the market can be bifurcated into integrated front office service and back office operations, claims management services, provider management services, member management services, analytics and fraud management services, HR services, and billing and accounts management services. End users of this market can be private payers or public payers.
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Accenture PLC, Cognizant Technology Solutions, Exl Service Holdings, Inc., Concentrix Corporation, Xerox Corporation, Hewlett-Packard, Genpact Limited, Hexaware Technologies Limited, HCL Technologies Ltd., FirstSource Solutions Limited, Teleperformance Group, SourceHOV, Sutherland Global Services, Hinduja Global Solutions Ltd., and Wipro Limited are some of the key companies operating in the global healthcare payer services market.
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