This MRFR Market Perspective Examines the Historical Trends and Current Scenario of the “Global Healthcare BPO Market” to Deliver a Highly Pertinent Growth Forecast. The primary objective of the report is to deliver Industry insights, market facts and relevant data that will allow report users to make informed decisions and device growth strategies.
Healthcare BPO Market – Summary
The global healthcare BPO market growth is deemed to be impressive at 12.3% CAGR over the forecast period of 2017-2023, growing from USD 199,533.8 Million in 2017 to USD 449623.8 Million by the end of 2023, proclaims Market Research Future (MRFR) in a minutely analyzed research report.
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The global healthcare BPO market derives much of its growth from the increasing incidences of errors in medical billing and errors in patient medical record which has led to the adoption of BPO services by healthcare organizations. A princely sum of dollars is lost each year due to poor billing practices which has a direct impact on healthcare organizations’ bottom line. Outsourcing in the healthcare sector has picked up in the past few years to minimize critical mistakes and ensure smooth operational performance.
Additionally, healthcare institutions save a king’s ransom by outsourcing tasks, which, otherwise would require hiring of in-house employees. Healthcare BPO professional are highly skilled and help in the reduction of errors.
The global healthcare BPO market has been segmented on the basis of services which comprises of Pharmaceutical services, payer services, and provider services. The pharmaceutical segment has been further segmented into Research and Development, Manufacturing, and Non-clinical Services. Similarly, the payer services segment has been further segmented into Claim management, Member management, Provider management, Care management, and Product development & business acquisition. The provider services segment has been further segmented into Medical Billing, Medical Coding, Medical Transcription, and Finance & Accounts.
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This MRFR report offers a six-year forecast (2017-2023) for the global healthcare BPO market. The market analysis has been conducted after considering all the important parameters. The primary objective of the report is to deliver an objective outlook on the prospects of healthcare BPO industry for the next couple years. It also covers several pharmaceutical services, payer services, and provider services under healthcare BPO that are gaining considerable momentum under, which include research and development, non-clinical services, manufacturing, claim management, member management, provider management, care management and product development & business acquisition, medical billing, medical coding, medical transcription and finance & accounts.
Healthcare BPO Market – Regional Analysis
The Americas dominate the global healthcare BPO market owing to the presence of strong economic conditions and huge development in healthcare domain. Moreover, according to the Centers for Medicare & Medicaid Services, in 2014, recovery auditors identified and corrected USD 2.39 billion as overpayment and USD 173.1 million as underpayment. They also suggests that collectively 1.1million claims were registered to recover USD 2.57 billion.
Europe holds the second position in the market owing to healthcare spending has expanded slightly in UK and Germany. Western Europe continues to see a need to save money on healthcare because of a slight drop in financial growth and obstinate economic pressure. According to the Organization for Economic Co-operation and Development (OECD), the healthcare expenditure in Germany was EUR 321 billion in 2014, France recorded the second highest level of current healthcare expenditure of EUR 237 billion, followed by the United Kingdom of EUR 223 billion.
Asia Pacific is the fastest growing market owing to more number of developing nations present in this region, for instance, countries like India and China are encouraging the growth of the healthcare IT domain. Furthermore, increasing patient population from cancer in developing countries will directly increase the demand for various diagnosis & treatment methods and it will boost the growth of the market. Moreover, Healthcare spending in Asia expanded in 2016 due to an extension of state healthcare programs and the increasing affluence of the population. India, in specific, saw expansion in its healthcare expenditure due to a government resolution to enhance healthcare services, which is estimated to further will boost the market growth
The Middle East & Africa is expected to hold the least market share due to less availability of medical facilities, and less development in the healthcare domain. However, countries such as Qatar and Kuwait are focusing more on healthcare domain and developing medical facilities, which will boost the market growth in this region.
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