Business Process Outsourcing (BPO) is a process in which healthcare providers select the most suited third party vendor for some specific business process. It allows the hospitals and medical professionals to spend their energy and valuable time on patient care rather than doing some paper work in office.
The Global Healthcare BPO Market is estimated to be valued at USD XX billion in 2016 and is projected to reach USD XX billion by 2021, at a CAGR of XX% during the forecast period from 2016 to 2021. Lack of properly trained In-house professionals for specific work and availability of highly skilled professionals for lower cost outside healthcare institution or the country is the key driver this market.
Implementation of The Patient Protection and Affordable Care Act (PPACA) has also compelled the healthcare provider to go for outsourcing by putting more economic pressure on healthcare provider, which already works on very thin margin of profit and was unable to bear anymore burden.
Additionally, declined no. of errors in several non-critical functions like Finance and Accounting, customer care services etc. and all these facilities without any infrastructural cost made win-win situation for both, third party and healthcare provider, and hence contributed in growth of this market.
When any business is given to third party, there is always fear of losing control over business processes and adding to it, reliability and data security and privacy concerns is posing a considerable hindrance to this market. Complicated regulatory compliances is also restraining this market.
However, this sector has several opportunities as well. One among these is – Introduction of IT in healthcare is going to produce massive data, and with data comes the challenge of storing and analyzing. This again will require highly skilled professionals and advance machine, which will ultimately compel providers to reach to third party
The global healthcare BPO market is segmented on the basis of payer service (Human Resource Management, Claims Management, Customer Relationship Management (CRM), Operational/Administrative Management, Product Development, Care Management, Provider management), provider service (Patient enrollment and strategic planning, Medical Billing, Medical Transcription, Device monitoring, Revenue Cycle Management), Pharmaceutical service (Manufacturing outsourcing, Pharmacovigilance services, Clinical data management) and Geography (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America).
The major market players in this market are Accenture, Eli Global, Gebbs, Genpact, IBM, Parexel, Quintiles, Sutherland, Truven Health, United Health Group etc.
Key Deliverables in the Study
Market analysis for the Global Healthcare BPO Market, with region specific assessments and competition analysis on global and regional scales
Market definition along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the global healthcare BPO market on both global and regional scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
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