Dublin, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The "U.S. Business Process As A Service (BPaaS) In Healthcare Payers Market Size, Share & Trends Analysis Report By Solution Coverage (Traditional BPaaS, Best-of-breed BPaaS), Buyer Type, Value Chain Processes, Buyer Size, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. business process as a service (BPaaS) in the healthcare payers market is poised for substantial growth, projected to achieve a market size of USD 9.6 billion by 2030. The market is expected to expand at a Compound Annual Growth Rate (CAGR) of 5.81% from 2023 to 2030.
Shaping Healthcare with BPaaS
BPaaS engagements are proving to be a significant driver of revenue for healthcare payer business process outsourcing. The market's growth is fueled by the ongoing transition towards value-based care, which has been accelerated by the impact of COVID-19. The U.S. healthcare system's shift from fee-for-service to a value-based care model places emphasis on patient outcomes and quality of care, making BPaaS adoption an ideal solution.
Emergence of Value-Based Care and BPaaS
The Affordable Care Act has made healthcare providers more prominent, rendering them well-positioned to leverage the BPaaS opportunity. As the U.S. healthcare system moves towards value-based care, the focus on quality and patient outcomes over the volume of services provided has intensified. Escalating healthcare costs have placed mounting pressure on the system, prompting the rise of value-based healthcare services. BPaaS can play a pivotal role in delivering value-based care by providing advanced analytics and data management tools to healthcare organizations.
Navigating Compliance Challenges
Industry-specific regulatory compliances such as HIPAA, HITECH, and PCI DSS have had a significant impact on the industry. BPaaS providers can bridge compliance gaps between verticals and adapt to changing regulations, thereby fostering industry growth. Compliance management is now approached as an administrative activity, allowing BPaaS solutions to effectively manage adherence difficulties.
Report Highlights
- The shift towards digital health, value-based care, and increasing consumerism has transformed payer operations. The traditional BPS outsourcing model is yielding to a platform-led BPaaS model, promising digital transformation at a lower cost and enhanced technology access.
- Small and medium-sized payers, constituting over 70% of all payers in 2022, show a strong preference for the BPaaS model. Medicare advantage and managed medicaid have emerged as viable business cases, with MA holding a significant market share.
- Administrative processes like care management have witnessed substantial BPaaS adoption. Payers are recognizing the potential of BPaaS in claims management, population health management, member engagement, and cost reduction.
Market Dynamics
Drivers:
- Changing regulations
- Expanding healthcare consumerism
- Shift towards value-based healthcare
Restraints:
- Risk concerns regarding data security
- High costs
Companies Mentioned
- Accenture
- Cognizant
- HCL Technologies Limited
- IBM
- Infosys Limited
- NTT DATA Corporation
- Optum
- TATA Consultancy Services Limited
- UST
- Wipro
- EXL
- Softheon, Inc.
- Genpact
- Change Healthcare
- Firstsource
- Celegence
- Highmark Health
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 92 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $6 Billion |
| Forecasted Market Value (USD) by 2030 | $9.6 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | United States |
For more information about this report visit https://www.researchandmarkets.com/r/gynkis
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