Market Research Future published a cooked research report on “Healthcare BPO Market Research Report – Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023..
Healthcare BPO Market – Overview
The Healthcare BPO Market is growing with the rapid pace; mainly due to the technological innovations in medical care. 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 spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
The healthcare BPO services enrich resource allocation, boost financial performance and increase the effectiveness of providers. The healthcare BPO provides services such as: medical billing & collection medical billing, medical coding, medical data entry, medical records indexing, medical claims processing, and others.
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Notably, minimization of critical mistakes is the key factor driving the Healthcare BPO Market. Increasing incidence of errors in the medical bills has encouraged adoption of BPO services by healthcare organization. The BPO professionals ensure the highest accuracy rates in all tasks such as medical coding, billing, claims adjudication, accounts receivable, records indexing, and others, which will help in boosting the growth of the market. Other factors such as increase in cost saving, rise in recovery audits, and demand for niche services are also fuelling the growth of the market. Despite these significant driving factors, doubts over service quality is expected to decline the market growth. Service quality is the major issues in the developing regions. For instance, in 2015, British Telecom has announced plans to shut down its call centres in India due to complaints of poor customer service.
On considering the recent trends, it is observed that with the rise in development of healthcare sector, adoption of the advanced technology, and IT services have also been escalating. The major benefit associated with the adoption of BPO services is the minimization of operation cost and time. Healthcare BPO plays a key role in response to three major trends: managing the claims, electronic health records, and maintaining the financials record. Thus, many healthcare organization are adopting these services to improve the management.
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The Healthcare BPO Market is currently dominated by very few players. IBM is one of them and holds a strong share in the market. IBM is a U.S. based company that manufactures and markets computer hardware and software and offers hosting and consulting services in areas ranging from mainframe computers to nanotechnology. The prime emphasis of the company is on digital revolution by improving data, cloud, and mobile and social security. The company has entered into various collaborations to expand their product portfolio and market share. For instance, in June 5, 2017, IBM Watson Health teamed up with Novartis to use cognitive computing with an aim of improving results in advanced breast cancer research.
Cognizant is also one of the leading providers of BPO services along with information technology, information security, and consulting. In 2017, Cognizant acquired Brilliant Service Co. Ltd. to expand its digital transformation portfolio.
The major market players i.e., Sykes, IBM, Accenture, HCL, Cognizant, and INFOSYS accounted for more than 11.12% share of the global healthcare BPO market, in 2016.
Sykes (U.S.), IBM (U.S.), ACCENTURE (Republic of Ireland), Cognizant (U.S.), QUINTILES (U.S.), HCL (India), and INFOSYS (India), are some of the prominent players at the forefront of competition in the Healthcare BPO Market and are profiled in MRFR Analysis.
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Most of the existing market players are concentrated in the Americas owing to well-established market and high healthcare expenditures. According to the Centers for Medicare & Medicaid Services, in 2015, U.S. healthcare spending increased 5.8% reaching USD 3.2 trillion. Canadian healthcare specifically was stressed by an advancing demographic move. The increase of insurance coverage because of health care reform (Affordable Care Act, 2010) in the U. S. additionally prompted an expansion in health care spending. The North American healthcare BPO market is showing a huge potential to grow due to high adoption rate. Various U.S. based organizations such as Sykes, Cognizant, IBM, QUINTILES, and others are continuously putting efforts to come up with newly advanced technology to curb the surmounting healthcare cost, and other management issues. In current scenario, integration among companies have been observed. For instance, on Feb. 9, 2017, Accenture acquired iDefense Security Intelligence Services business to address enterprise security needs.
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