LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global health insurance market is expected to grow at a CAGR of over 11% over the next five years due to the change in reimbursement structures.
The research report titled ‘Global Health Insurance Market: Procurement Intelligence Report 2017-2021’ 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.
“Buyers are increasingly relying on health insurance services due to innovations solutions and ensure compliance with laws where tax benefits can be obtained,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Health insurance companies are adopting technological advancement tools such as web portals and mobile-based applications to create more value and enhance customer experience,” added Angad.
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Cost Saving Opportunities in Health Insurance
The adoption of cost optimization levers allows buyers of insurance brokerage services to realize direct cost savings as well enhance category management and value benefits (including a reduction in procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the health insurance 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
Web-based portal implementation is a gateway for both healthcare providers and insurers to update the patient health data and information relating to medical tests. In addition, these portals improve patient engagement, medication process by a physician, and effective collaboration between patients and physicians.
From the traditional paper-based systems, the payment modes are digitized that enables quick transactions between suppliers and healthcare providers. The secured payment gateways are provided by suppliers where an insurer can pay using bank accounts.
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Optimization of procurement practices saving aspects
Due to the importance of health insurance, different plans should be designed with low rates. Also, facilities should be increased compared with normal insurance policies as they are more effective for senior and retired employees. Some insurers have some specific requirements such as maternity or any disease-related medical expenses. Hence, it is important for buyers to utilize the policies specific to the requirements.
Bundling of services saving aspects
Buyers prefer to engage with vendors that offer insurance claim for services such as treatment, lab tests, outpatient care, and medical bills. Suppliers offer diverse insurance plans, comprising complementary benefits such as dental check-up and routine health check-up along with the regular services to attract buyers. Buyers should prefer suppliers that offer additional benefits to insurers such as disease management programs and reduced Medicare facilities.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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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