The International Healthcare BPO Market is growing with the rapid pace; mainly due the burgeoning Healthcare Sector. According to a recent study report published by the Market Research Future, The global Healthcare BPO Market is booming and expected to gain prominence over the forecast period. The Market is forecasted to demonstrate a huge growth by 2023, surpassing its previous growth records in terms of value & volume. Global market of healthcare BPO is expected to reach USD 250 billion in 2023 from USD 140 billion in 2016 with a CAGR of approximately 12.7% during the forecast period 2017-2023.
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With digital technologies transforming processes from electronic records to telemedicine, many healthcare providers are delivering services in innovative ways. Additionally, health services are also evolving as individuals seek greater involvement in healthcare decisions that impact them and call for easier access. Stricter requirements related to patient privacy, safety, treatment and payments, are altering compliance processes. In the recent years, outsourcing has played a major role in delivering quality patient care.
the current trend of the market – as Cloud-based BPO which is said to have revolutionized business outsourcing processes and helps healthcare organizations at a reduced costs developing global delivery models, provides secure data access. Owing to the demonstrated benefits, Cloud-based BPO is increasingly adopted.
Healthcare BPO is a practice where healthcare organizations outsource business operations to vendors. Outsourcing of a number of activities like employee management, customers, and accounting helps a healthcare organization to focus primarily on patient care. The healthcare organization are able to concentrate on core activities that may directly affect the patient’s health and well-being. Outsourcing is done to minimize the burden of secondary activities carried out by the hospital staff. The healthcare BPO market is growing due to an increase in the number of patients getting admitted into the hospitals, increasing volume medical records requiring management, easy healthcare delivery and maintaining quality. Business process outsourcing has been productive for many healthcare organization as it helps in proper utilization of staff and resources available for patients care in the hospitals. Healthcare IT also favours the growth of this market. Information technology helps to maintain patient information electronically that can be used as and when required.
Top Players Mentioned in Healthcare BPO Market Research Report – Global Forecast till 2023 report are: 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), Xerox Corporation (U.S.) and WNS (India).
Well established players incorporate acquisition, collaboration, partnership, expansion, & technology launch in order to gain competitive advantage in this market and to maintain their market position. Service providers operating in the market compete based on pricing, innovation, service, reputation, distribution, and promotion. In view of growth and immense revenue generation opportunities potential that market is currently demonstrating is in turn attracting several new players to enter the Healthcare BPO market.
Deep industry and business process knowledge, a partnership approach, comprehensive service offerings and a proven track records enable Healthcare BPO market players to deliver business value to their clients (companies). Key Players are passionate about building a market leading company valued by clients, employees, business partners, investors and the communities.
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Global Healthcare BPO Global Market – Segments:
The Healthcare BPO market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Provider Services : Comprises Medical Billing, Medical Coding, Finance, Accounts and other.
Segmentation by Payer Services: Comprises HR services, Claims Management, Front/Back-Office Operations, Provider Management, Analytics, Fraud Management, and other.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
In 2016, Segment Medical Billing accounted for the largest market share whereas, segment Finance & accounts accounted for the second largest market share.
Healthcare BPO Market – Regional Analysis:
Globally, Healthcare BPO market consists of four regions Americas, Europe, Asia-Pacific and Middle East and Africa. North America is the largest market for Healthcare BPO. Attributed by the increasing development in healthcare technology. The North American market for Healthcare BPO is expected to grow at a substantial CAGR and is expected to reach at astronomical amounts by the end of the forecasted period. Concentration of major market players and increase in outsourcing of number of services in the hospitals and healthcare organizations has boosted the growth of this market in North American region.
Europe is the second-largest market for Healthcare BPO which is expected to grow at a considerable CAGR. Furthermore Asia pacific market is expected to be the growing market for Healthcare BPO market.
India has emerged as the fastest growing market. Embryonic Indian Market is already considered as a substantial market. The market shows steady growth in Middle East and Africa.
Major TOC for Healthcare BPO Market Research Report – Global Forecast till 2023:
1 Report Prologue
2.1 Scope of Study
2.2 Research Objective
2.3 Assumptions & Limitations
2.4 Market Structure
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