BigTech is stepping into the healthcare arena armed with a technological advantage and an ability to help healthcare payers improve their meager margins, which traditionally hover around 2 to 4%. According to Everest Group, payers are primarily utilizing the solutions and products of BigTechs to improve their member experience and operational processes, with care management being the primary area of focus.
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BigTechs are helping payers to improve their customer-facing platforms, leverage chatbots to handle customer traffic, and have better access to members' health data – leading to better customer experience and business growth. Payers are also using automation solutions (such as automated claims management services) from these firms to enhance their operational efficiencies and reduce cost.
Payers are currently investing $22.8 billion in the IT services (ITS) market, with 21% devoted to digital platforms and technologies. Everest Group predicts $32.2 billion in ITS spending by healthcare payers (a 5.9% increase) by 2025, with a 13.8% increase in spending on digital as compared to a 3.2% increase in traditional IT services.
"BigTechs such as Amazon, Apple, Facebook, and Google already have a track record of disrupting major industries such as retail and telecommunications," said Nitish Mittal, vice president, Technology, at Everest Group. "These technology giants are now invading the healthcare payer industry – with many already making/announcing significant investments for transforming the industry.
"The healthcare industry makes an attractive target for BigTech," continued Mittal. "Healthcare is one of the biggest industries in the U.S., expected to account for 19.4% of the GDP by 2022, and it is notorious for its rampantly rising costs and poor performance on quality indicators. The BigTech companies bring their data analytics expertise, customer-centric digital solutions, agility and consumer-trusted brands—all of which can be leveraged to improve care management and every other stage of the payer value chain, from product development to policy servicing and from IT infrastructure to claims management and business processes."
Everest Group explores the potential implications of BigTech's investments in the healthcare industry in its recently published report, Healthcare Payer State of the Market – Trends, Service Provider Performance in 2019, and Outlook for 2020. The report examines the global 2019 healthcare Information Technology Services (ITS) service provider landscape and covers themes expected to garner greater interest in 2020, including the following:
***Download a complimentary abstract of the report***
About Everest Group
Everest Group is a consulting and research firm focused on strategic IT, business services, and sourcing. We are trusted advisors to senior executives of leading enterprises, providers, and investors. Our firm helps clients improve operational and financial performance through a hands-on process that supports them in making well-informed decisions that deliver high-impact results and achieve sustained value. Our insight and guidance empowers clients to improve organizational efficiency, effectiveness, agility and responsiveness. What sets Everest Group apart is the integration of deep sourcing knowledge, problem-solving skills and original research. Details and in-depth content are available at http://www.everestgrp.com. Continue reading.
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