Global Healthcare BPO Market Share, Growth And Industry Trends By Services (Pharmaceutical Service, Payer Services And Provider Services) And Region (Americas, Europe, Asia-Pacific And The Middle East & Africa) – Forecast Till 2023
Most of the modern businesses today use Business Process Outsourcing (BPO) in some way. Some outsource their customer care. Some do the same for their hardware assembling or production. In the medical sector, BPO entered with the jobs of medical transcriptionists. Later various medical and healthcare services started getting outsourced too in order to reduce expenditures. Tasks in the healthcare sector are tedious, and healthcare BPO aims at reducing their complexity. The purpose of healthcare BPO services is to boost financial performance, enrich resource allocation, and increase the effectiveness of healthcare providers. These services include medical billing & collection medical billing, medical claims processing, medical coding, medical data entry, medical records indexing and more. In near future, the Healthcare BPO Market is expected to increase due to rising demand for health services from society experiencing population growth, and technological improvements in medical care. In the modern scenario, digital technologies are playing an important role in transformation of all the clusters, ranging from processes regarding electronic records to telemedicine. Medical bills can also have errors, healthcare BPO aims at avoiding critical errors and ensure maximum accuracy in data entry tasks.
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Market Research Future (MRFR) has published a research report about the global healthcare BPO market that estimates 12.3% CAGR (Compound Annual Growth Rate) growth during the forecast period (2017 – 2023). Apart from billing, the BPO professionals ensure highest accuracy rates tasks including (but not limited to) accounts receivable, claims adjudication, medical coding, records indexing, and others. This boosts the Healthcare BPO market. Other factors that boost this market are cost saving, demand for niche services and rise in recovery audits. In the modern healthcare market scenario, many companies are manufacturing and marketing computer hardware and software, offering consulting and hosting services in areas ranging from mainframe computers to nanotechnology. They are emphasizing on digital revolution via the cloud, data improvement, and mobile and social security. Various collaborations are taking place among companies offering Healthcare BPO services that aim at expanding the market share and product portfolio of partners. Many companies are also providing cybersecurity services so that hospitals can protect the data and medical reports of their patients.
The global healthcare BPO market is segmented on the basis of services and region. Service-based segmentation coveres payer services, pharmaceutical services, and provider services. The regional segmentation of global healthcare BPO market covers the Americas (North America and South America), Europe, Asia Pacific, Middle East & Africa (MEA) and rest of the world (RoW). The Americas dominate global healthcare BPO market due to huge development in healthcare domain and presence of strong economic conditions. Maximum revenue from this region comes from the United States of America (USA) and Canada. In the global market, Europe holds the second position after the Americas. Biggest markets in Europe include France, Germany, Italy, Spain and the United Kingdom (UK). The Asia Pacific, the fastest growing market for healthcare BPO garners maximum revenue from countries such as Australia, China, India, Japan and South Korea. In this region, higher number of cancer patients is increasing demands for various diagnosis & treatment methods. Such demands boost the market growth. In countries such as India, government resolutions are aiming to enhance healthcare services, not only due to a high percentage of population suffering from cancer like illnesses, but also due to the popularity of medical tourism.
Some of the key players in global Healthcare BPO Market include Accenture, Catalent, Inc., Charles River Laboratories International, Inc., Cognizant Cyber Securities, Covance Inc., Genpact, HCL Technologies Limited, IBM, Infosys Limited, Lonza, PAREXEL International Corporation, Quintiles IMS, Sykes, and SUTHERLAND.
Latest Industry News
- Omega Healthcare Management Services, a Bengaluru-based healthcare BPO firm has plans to open a 300-seater delivery center in Andhra Pradesh, India and hire 1,500 associates by the year-end. This step has been taken to support the surge in demand for its healthcare provider services. Ranked among top three service providers in the healthcare provider BPO market along with Access Healthcare and Cognizant, by the Everest Group, Omega Healthcare Management Services serves over 115 customers in the US from 5 delivery locations in India and two in the Philippines.
- Cognizant has announced its plans to buy Bolder Healthcare Solutions for an undisclosed amount. Cognizant aims to grow its revenue cycle management services for healthcare providers in the USA.
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