Healthcare market is in business
BPO industry’s healthcare payer market is in business with an expected USD 34.2 billion reach by 2022. The main reasons for its growth are because of Obamacare, shift to ICD-10 coding system, growing geriatric population, increasing disease burden and penetration of insurance coverage in emerging economies.
One of US’s major concerns nowadays is the increase in healthcare expenditures. There is a growing need to cut cost but at the same time not to compromise the goal to provide quality and universal access to healthcare. Faced with that need, government now prefers outsourcing payer services to onshore and offshore locations.
According to the estimates published by America’s Health Insurance Plans (AHIP) in 2013, which is the national trade association representing the health insurance industry, nearly USD 2.7 trillion is dedicated to healthcare spending plus its expected increase year on year.
Healthcare issues in the US
United States is known as one the countries wherein healthcare is considered a big deal. The government spends so much in healthcare services yet some critics say that it doesn’t deliver at its best quality. It has been experiencing major issues throughout the years. Here are some of the most frequent problems according to Forbes.com:
- There is too much unnecessary care
- Avoidable harm to patients
- Billions of dollars are being wasted
- Perverse incentives in how we pay for care
- Lack of transparency
In line with these common problems, a need for a sustainable and reliable solution is required in order to give citizens the healthcare they need and deserve. This explains why the market for healthcare payer services in the BPO industry continues to soar.
Resorting to business process management allows the healthcare sector to cut cost yet, with the right choice of subcontracting company, still maintain or improve quality of services offered.