Segments

It is estimated that the Healthcare BPO market will see an upwards trend with a CAGR of 10.20% and the expected value during the forecasted period between 2020 to 2027 in the healthcare BPO market is valued at USD 488.2 Billion.

MRFR’s report comes up with a thorough segmental analysis of the market based on services. Based on services, the worldwide healthcare BPO market has been segmented into payer services, provider services, and pharmaceutical services. The pharmaceutical services segment has been sub-segmented into manufacturing, non-clinical Services, and research and development. The payer services segment has been sub-segmented into member management, claim management, care management, product development & business acquisition and provider management. The provider services sector has been sub-segmented into medical coding, medical billing, finance & accounts, and medical transcription.

Healthcare BPO Market Overview

Healthcare BPO services optimize the utilization of capital, improve financial results, and maximize product productivity. The healthcare BPO offers medical billing & medical billing collection, medical coding, medical data entry, indexing of medical reports, filing of medical claims, among others.The global healthcare BPO market is growing at a rapid pace. Factors that are propelling the growth of the market include the burgeoning healthcare sector and increasing insurance claims. Moreover, factors such as the advancements healthcare IT, new business models & processes, and the increasing use of digital technologies in healthcare are escalating the healthcare BPO market on the global platform.

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Acknowledging the huge expansion that the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the booming global healthcare bpo services market trends,Forecast Trends is poised to touch a valuation of USD 449,623.8 MN by 2023, registering approximately 10.20% CAGR throughout the forecast period (2020-2027). In 2017, the market had valued over USD 199,500 MN. Notably, the primary trend driving the healthcare BPO industry is the minimization of fundamental errors. The rising frequency of mistakes in medical bills has prompted the healthcare association to introduce BPO programs

Additional major factors that are driving the growth of healthcare BPO market include the developments in digital technologies that are transforming processes from electronic records to telemedicine which is further allowing many healthcare providers to deliver services in innovative ways. Moreover, addition to the health services that are evolving and allowing individuals to involve in healthcare decisions that impact them and call for easier access are fostering the growth of the market. In the recent years, outsourcing has played a major role in delivering quality patient care.

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 Regional Analysis

Asia Pacific is likely to flourish at a comparatively higher CAGR. The factors responsible for propelling the market on an upward route are quickly sprouting healthcare sector, developing healthcare organizations & industries, enhancing technology, and available opportunities for the expansion of the market. A report by World Health Organization (WHO) states that in 2013, the per capita health care expenditures in Japan and Australia were USD 3,966 and USD 6,110 respectively. Moreover, healthcare outlay in China is likely to develop at a rate of 8.8% over 2015-2018. The trend is expected to benefit and continue the propagation of the healthcare BPO market in Asia Pacific.

Geographically, the healthcare BPO market has been segmented into Europe, Americas, the Middle East & Africa, and Asia Pacific. Americas hold a substantial share of the worldwide healthcare BPO market. It is expected to demonstrate considerable growth over the next couple of years. Factors such as technological advancements, rising healthcare expenditure, growing health cognizance about healthcare facilities, etc. have portended well for the market players. Furthermore, the presence of key players and their tactics for gaining popularity in the market are poised to have an encouraging influence on the development of the regional market. The region is well devised for the adoption of the updated techniques, which when coupled with administrative support has influenced the market to a great extent.

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