Healthcare BPO Market Overview

Healthcare costs are minimized as the government is making favorable policy changes to support the expansion of the healthcare BPO market and thus increase concentration in the market. As per MRFR, the global market is forecasted to gain a CAGR of 10.20% and achieve income worth USD 488,202.72 Million by 2027.For numerous reasons, including the expanding number of people looking for healthcare insurance and the promise of government assistance, the healthcare BPO business is rising and generating significant progress in the healthcare market. The availability of high-quality doctors, low-cost treatments, improved customer service, and the avoidance of critical errors, particularly when giving a patient's medical information, are all driving expansion in health care business process outsourcing.

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. The favorable regulatory changes, the pressure to reduce rising healthcare costs, and increasing consolidation in the healthcare industry are anticipated to drive the global Healthcare BPO Market growth. In addition, increasing adoption of healthcare BPO services is seen in hospitals and healthcare systems that allow privacy of patient information, network security, fraud detection and management, and medical transcription. The growing demand for these services is primarily driven by the need to address the challenges of a regulated, evolving, cost-intensive, and value-based healthcare landscape.

Healthcare BPO or healthcare business process outsourcing is the practice of contracting a specific work process or processes to an external service provider. The shift to value-based care changed the fundamental dynamic of healthcare purchasing and delivery, respectively. Due to digitalization, smartphones, texting, social media, and increased online engagement have made it easy for consumers to compare prices and plans, receive recommendations, and read reviews from experiences shared on sites than ever before. However, clinical process outsourcing (CPO), an aspect of business process outsourcing (BPO), will continue to increase, finding mainstream applications in broader ranges will drive the market. The utilization of healthcare BPO services has resulted in higher workflow efficiencies and increased quality of patient care. However, hidden costs of outsourcing and security concerns are expected to restrict the market growth.

Healthcare BPO Market Segmentation

For ease of understanding, the analysis has been segmented into two key dynamics:

 

By Services                       : Pharmaceutical Services, Non-Clinical Services, Claim Management, Payer Services, Member Management, Medical Billing, Provider Services, and Medical Coding Services

By Regions            : North America, Asia Pacific, Europe, and the Rest-of-the-World.

Healthcare BPO Market Regional Analysis

The North American region, heading with the constant advancements in healthcare technology accounts for the leading market in the global healthcare BPO market. Factors such as the concentration of major market players and an increase in the number of outsourcing of services in the hospitals, healthcare organizations, and healthcare insurance companies have boosted the growth of the regional market.

Also, the mandatory implementation of ICD-10 codes accounts for a major driving force fuelling the growth in the regional market. The healthcare BPO market in North America is expected to create a substantial revenue pocket growing at a phenomenal CAGR over the forecast period.

The healthcare BPO market in the European region accounts for the second-largest market, globally. Factors fostering the regional market include the increasing number of people seeking insurance, consolidation of the healthcare system, the pressure to cut healthcare costs, and pharmaceutical companies facing patent cliffs.

Moreover, factors such as the constant improvements in the regulatory scenario, the pressure to reduce healthcare costs, and rising uptake of healthcare IT, big data, and cloud computing are propelling the growth in the regional market. The European healthcare BPO market is expected to grow at a considerable CAGR throughout the forecast period.

The Asia Pacific healthcare BPO market has emerged a promising market, globally. Especially India, among other rapidly developing APAC countries has emerged as a lucrative market. Although in an embryonic stage, the Indian healthcare BPO market is already considered as a strong market. 

Healthcare BPO Market Players

  • Accenture Plc. (U.S.),
  • Cognizant Technology Solutions Corporation (U.S.)
  • Infosys BPO Ltd. (India)
  • Allscripts Healthcare Solutions (U.S)
  • IBM Corporation (U.S)
  • Wipro (U.S), Tata Consultancy Services Ltd. (India)
  • WNS (India) among others

Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/healthcare-bpo-market-1335

 

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

Contact us:

Market Research Future (part of Wantstats Research and Media Private Limited),

99 Hudson Street, 5Th Floor,

New York, New York 10013

United States of America

+1 628 258 0071

Email: [email protected]