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Companies Save About 15% by Hiring HAS Providers to Perform Healthcare Administration, Reports TechnavioTechnavio's latest market intelligence report on the HR health administration services (HAS) market in the US, forecasts the market to grow at a steady CAGR of more than 4% through 2020. The research study covers the present scenario and growth prospects of the HR HAS market in the US until 2020. The top key suppliers listed in the report include United Health Group, Anthem, Aetna, Mercer, and AON HEWITT. According to Angad Singh, a procurement intelligence specialist, "The HR healthcare administration services industry is expected to grow over the next three years due to stringency of healthcare-related regulations, emergence of various technological tools and platforms that help large organizations centralize HR healthcare administration processes, and the need for organizations to offer better healthcare benefits to their employees to retain talent." Request a sample report: http://www.technavio.com/request-a-sample?report=53740 Technavio's new market intelligence sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more. Category spend intelligence managers highlight the following four factors that are contributing to the growth of the HR HAS market in the US:
Need to comply with stringent regulatory norms HAS providers have developed expertise and knowledge in the field of manging stringent regulatory compliance issues (e.g. HIPAA compliance, ACA compliance) pertaining to healthcare services. Most of the time, organizations do not have the in-house talent required to take care of compliance issues. Focus on cost reduction Performing in-house healthcare administration becomes tedious and expensive for many organizations. To perform claim handling tasks, the company needs to recruit and train its own dedicated staff and invest in advanced technologies. Instead, companies hire HAS providers for these tasks, which results in savings of about 15%. The government's intervention to bring in technology to make healthcare more affordable is also increasing in the US. Growing need for better employee engagement initiatives Employee engagement involves activities or actions taken by the HR team to motivate their employees to enhance their performance. Taking care of the employees' healthcare needs and their families provides an opportunity for the HR team to create a strong bond with employees. By hiring expert HAS providers, the HR team ensures that its employees get the best services available in the market. As per Gallup's research in 2015, there was a growing need for better employee engagement initiatives in the US as only 32% of employees were engaged by their respective organizations. Increase in outsourcing As of 2015, almost 40% of the benefits administration services (including HAS) were outsourced to third-party administrators. The percentage of outsourcing is expected to increase in the near future, as most TPAs are refining their processes to enhance customer support. Some of the services provided by HAS providers include analytics support, digitization of processes, improving efficiency of work, improving regulatory compliance, and helping in managing changes in employee healthcare policies. Browse Related Reports:
Do you need a report on a market in a specific geographical cluster or country but can't find what you're looking for? Don't worry, Technavio also takes client requests. Please contact [email protected] with your requirements and our analysts will be happy to create a customized report just for you. About Technavio 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. If you are interested in more information, please contact our media team at [email protected]. View source version on businesswire.com: http://www.businesswire.com/news/home/20161021005061/en/ |
