LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the market for HR health administration services US is expected to grow at a CAGR of 4.1% over the next five years due to the implementation of the Affordable Care Act.
The research report titled ‘Health Administration Services US: Procurement Intelligence Report 2016-2020’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the market for HR health administration services US will be driven by increasing government intervention, in the form of the Affordable Care Act, which is expected to make healthcare services affordable,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, the market is expected to witness an increase in outsourcing of healthcare administration services of employees to implement cost reduction,” adds Angad.
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Cost saving opportunities in the market for HR health administration services US
The adoption of various cost-optimization levers helps buyers of HR health administration services US realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the US HR health administration services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Technologies such as retail technology platforms, cloud-based technology for CRM, and healthcare-specific mobile applications can help minimize administration costs, to the extent of 30% of total category spend.
There is a growing demand for benefit suites that are easy to navigate. Employers prefer suites that help them reduce complexities involved in managing employee health benefits. For instance, ADP Workforce Now and Vantage are solutions with user-friendly GUIs that decrease the complexities of accessing various benefits programs by employees.
Adoption of negotiation strategies saving aspects
Optimization of resources is critical in the HR health administration services US market. Technavio analysts suggest negotiation strategies that help to procure customized solutions that can be easily integrated with existing processes and systems.
Service providers such as Businessolver, bswift, and Empyrean offer customized solutions that help buyers comply with healthcare regulations as well as manage the complexities of benefits programs.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the HR health administration services US market is the need for consolidation and unification of all their benefits-related requirements from a rationalized supply base. This involves end-to-end services such as advisory, analytics, consumer-driven health plans, and improved communication services.
Additionally, some organizations prefer to club secondary services, such as personalized customer services, online enrollments, personalized benefit guides, and total compensation statements and source them from the same set of providers as a value-added package.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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