The Healthcare Payer BPO sector has become one of the leading sectors in the world. The basic function of healthcare organizations is to diagnose diseases and treat patients as per it. The organizations can provide successful treatment when they have efficient and excellently skilled professionals. So, there’s a lot of need for staff management in the hospitals. It’s because patient experience begins right from the diagnosis stage to check-in, recover, and to discharge. The more satisfied the patient is the more chances of returning or recommending to others. So, it’s imperative to provide the best experiences to the patient and it requires a lot of investment in manpower, resources, and most importantly the TIME.
Healthcare Payer BPO Market Segmentation:-
Market segment by Type, the product can be split into
Claims Processing Services, Member Services, HR Services, Finance And Accounts
Market segment by Application, split into
Large hospitals, Middle hospitals, Pharmacy, Insurance companies
The first two things, i.e, resources, and manpower can be easily handled by the hospitals, but giving enough time to patient care may become cumbersome. It’s because of the fact that the healthcare industry has several other responsibilities including patient care such as medical billing and coding, maintaining patient records, medical transcription, healthcare software solutions, etc. The medical staff already have the core job of treating patients and they can’t spend their precious time performing these tasks. Even if they do, there are chances of blunders, delays in accounts receivables, insurance verification, etc. So, the best option to cope with these requirements is to partner with outsourcing healthcare service provider who has the expertise, workforce, and resources to accomplish results in an efficient manner.
The market continues to remain consolidated at the top, with Accenture, Cognizant, Conduent, and HPE, together accounting for over 60% of the market by revenue
The payers continue to withdraw from health insurance exchanges citing rising losses as a reason; a trend which would eventually reduce competition in the market and may give rise to monopolistic behavior by remaining players
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