Global healthcare payer BPO market is hoped to reach over USD 34.2 billion by the year 2022 in accordance to a new report by Grand View Research Inc. Key drivers attributing to the progress are ObamaCare, shift to ICD-10 coding system, rising geriatric population, increasing disease burden and penetration of insurance coverage in emerging economies.
In the year 2013, as per estimates issued by the America’s Health Insurance Plans (AHIP), which is the national trade association representing the health insurance industry, one-sixth of the U.S. economy or nearly USD 2.7 trillion is committed to healthcare spending and the number is hoped to increase year on year. Although, the healthcare system is not capable to reap the benefits of such expenditure due to procedure inefficiencies and utilization of redundant systems. The estimated loss because of such inefficiencies is nearly 800 billion or approximately 20 to 30% of the overall expenditure.
Increasing healthcare expenditure is a huge concern for the U.S. and all the other major economies. In case to reduce the economic burden and offer universal access to healthcare, governments are motivating outsourcing of payer services to onshore or offshore locations.
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