Healthcare BPO Market Development and Opportunity Overview
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.
Acknowledging the huge expansion that the global healthcare BPO market is growing at a rapid pace is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the booming global healthcare BPO market is poised to touch a valuation of USD 449,623.8 MN by 2023, registering approximately 12.3% CAGR throughout the forecast period (2017-2023). In 2017, the market had valued over USD 199,500 MN.
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Additional major factors that are driving the growth of healthcare BPO market include the developments in digital technologies that are transforming processes from electronic records to telemedicine which is further allowing many healthcare providers to deliver services in innovative ways.
Major Players:
Key players leading the global healthcare BPO market include
- 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)
- and WNS (India) among others.
Moreover, addition to the health services that are evolving and allowing individuals to involve in healthcare decisions that impact them and call for easier access are fostering the growth of the market. In the recent years, outsourcing has played a major role in delivering quality patient care.
Additionally, stricter requirements related to patient privacy, safety, treatment and payments, are creating a major demand in the healthcare BPO market, altering compliance processes. Cloud-based BPO is identified as a current trend in the market which is revolutionizing business outsourcing processes, helping healthcare organizations to reduce cost by using global delivery models and secure data access.
Global Healthcare BPO Market – Segments
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.
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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.
India has been attracting foreign healthcare organizations with its advanced futuristic BPO services alongside the efficient workforce. With its high-quality and low-cost services, India has become the most preferred outsourcing destinations in the world and the first choice of healthcare providers based in the USA and Europe.
India’s well-developed pharmaceutical and medical education system is a key driving force. India’s quality of education, medical infrastructure and facilities are also regarded as useful. Factors such as large English-speaking population, and large talent pool of graduates and post-graduates in various technical and non-technical fields and the presence of more than 500 firms engaged in providing BPO services are impacting the growth of the market.
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Industry/innovation/Related News:
April 24, 2019 —- eSimplify (the US), a leading global provider of Patent Pending Physician Analytics announced that it would be presenting its innovative patent-pending physician analytics software solution at the AAPC HEALTHCON 2019, to be held during April 28 – May 1, 2019.
The American Association of Professional Coders (AAPC), HEALTHCON features sessions, covering various specialties, including medical coding, audit/compliance, billing, practice management, and legal trends and issues.
eSimplify analytics help Healthcare BPO Services, RCM Consultants, and Medical Device Suppliers to reduce their customer acquisition costs and help independent physicians, independent physician groups, and small- to mid-sized medical practice groups discover missed revenue.
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