Healthcare BPO Market Outlook
The Global Healthcare BPO Market size is bound to touch USD 449,623.8 million by 2023. It is expected to display 12.3% CAGR over the forecast period. It is driven by the emphasis placed on patient care and need to curb healthcare expenses. For instance, the healthcare expenditure in the U.S. had reached USD 3.6 trillion in 2018. The need to lower spending and curtail expenses of surgeries as well as lower operating expenses can bode well for the market.
Rising patient inflow, increasing recovery audits, and need for minimizing critical mistakes are other factors which can induce the demand for healthcare BPOs. Emergence of various hospitals and their need to reduce reliance on government funds and improve their bottom-line margins can drive the need for outsourcing services. Development of bots and virtual assistants to handle queries of patients can reduce the load of workers and assist them in focusing on pertinent tasks.
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Healthcare BPO Market Overview
Healthcare business process outsourcing (BPO) companies are involved in handling the non-core or supportive work of healthcare companies. These include pharmaceutical and biopharmaceutical companies. Medical coding and billing, claims processing, and data entry services are 3 major services conducted by healthcare BPO firms. The global healthcare BPO market looks at the factors and challenges of major healthcare organizations and its prospects for the period of 2019 to 2024 (forecast period).
Healthcare BPO Market Segmentation
Based on services, the global healthcare BPO market has been segmented into pharmaceutical service, payer services, and provider services. The pharmaceutical services need to scale its services by focusing on patient care and development of innovative technologies with the help of machine learning and artificial intelligence. The focus on research and development would require data analytics which can assist companies in making decisions pertaining to vaccines, drugs, and other potential launches.
Healthcare BPO Market Regional Analysis
The global healthcare BPO market, based on region, is segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas are expected to lead the healthcare BPO market owing to the need to curtail unnecessary overhead expenses in hospitals. Complex payor systems and long patient queues for processing of claims can drive the need for outsourcing services in the U.S. The need to provide high-volume services and requirement of capital for upgradation of hospital infrastructure can bode well for the global market in the coming years. North America will generate the maximum revenue for the Americas healthcare BPO market.
Europe accounted for 21.1% global healthcare BPO market share. The well-developed healthcare infrastructure, disposable income levels of patients, and digital disruption are major factors bolstering healthcare BPO market demand. Minimizing critical mistakes is a pivotal factor of the market with companies adhering to latest regulations set by medical boards such as HIPAA. Poor processing of bills has led to losses which have culminated in shutdown of hospitals. Furthermore, training services provided to employees with regards to updates of latest technologies can augur favorably for the market.
APAC seems to be lucrative for the global healthcare BPO market owing to heavy investments from healthcare firms. Cost-efficiency measures undertaken by these firms for lowering the percentage of mistakes and reducing overhead expenses can lead to massive setups by parent healthcare organizations. India seems to contribute the maximum to the industry owing to their efficient training programs and skilled workforce. Adoption of medical transcription services and development of software applications which are compliant with regulations of international hospitals can augur favorably for the healthcare BPO market.
Healthcare BPO Market Competition Outlook
Healthcare BPO companies currently operational include Sykes, HCL, Cognizant, ACCENTURE, IBM, QUINTILES, and INFOSYS.
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