Business Process Outsourcing (BPO) is a process where healthcare providers select the most appropriate third party vendors for some of the specific business procedures. It allows the hospitals and medical professionals to spend their energy and valuable time on patient care rather than doing some paper work in the office. Healthcare BPO is a solution for clients to adopt intelligent approaches that will support the organization to reduce the cost pressures and increase in the overall productivity. Healthcare BPO market provides various solutions, such as front-end services, customer account setup, billing & account receivables, provider network services, enrollment services, claims services, Medicare services, membership services, and pharmacy benefits management.
Some of the top players operating in the healthcare BPO market are:
IQVIA,HCL Technologies Limited, Accenture, Eli Global, IBM Corporation, Genpact Limited, Parexel, Sutherland, Hewlett-Packard Inc., Truven Health Analytics, United Health Group, Cognizant, Lonza Group Ltd, Accretive Health, Inc., Tata Consultancy Services Ltd, Xerox Corporation, Infosys Limited., and many others.
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Healthcare BPO market is primarily driven by a few key factors such as lack of in-house trained professionals for specific processes, cost-effective availability of workforce, and lack of industry knowledge. The pressure to decrease delivery costs healthcare sector, rise in number of insurance seeking patients, pharmaceutical companies facing patent expiries, consolidation of the healthcare systems and implementation of the ICD-10 codes and lower cost of manufacturing in developing countries are the major drivers for the healthcare BPO market. However, with the ongoing trends in the healthcare BPO, customers face challenges in data security & reliability, increasing regulatory compliance, and handling huge amount of healthcare data, fear of losing the control over many outsourced process, probability of decreased quality of services or products, and insecurity for the data are the factors anticipated to hamper the healthcare BPO market growth.
Healthcare BPO market is segmented on the basis of provider services, payer services, pharmaceutical services, end users, and geographical regions.
Healthcare BPO Market by provider services:
Medical Billing
Medical Coding
Medical Transcription
Finance & Accounts
Healthcare BPO Market by payer services:
Integrated Front-end Services and Back-office Operations
Provider Management
Claims Management
Billing and Accounts Management
HR
Analytics and Fraud Management
Member Management
Healthcare BPO Market by pharmaceutical service:
Manufacturing
Research and Development
Non-clinical Services
Sales and Marketing
Supply Chain Management and Logistics
Other Non-clinical Functions
HR
Finance and Accounts
IT
Healthcare BPO Market by end-user:
Hospital
Dental Clinics
Public Service
Others
The major factor that drives the growth of healthcare BPO is increase in development of healthcare IT. Furthermore, new business models & processes and increase in use of digital technologies in healthcare are driving the growth of healthcare BPO market. Globally healthcare BPO market is expected to grow with a significant CAGR from 2016 to 2027. Rise in geriatric population is expected to be major factor, owing to the susceptibility to several health issues which includes respiratory disorders, cardiovascular diseases (CVD), eye care problems, orthopedic disorders, cancers etc. and rise in the prevalence rate of those diseases led to the increased amount of work for insurance companies. Hence, in order to handle that much of data about huge pool of patients and data of the payer companies need to invest in technology, skilled personnel and infrastructure which led to high operational cost which is anticipated to accelerate the healthcare payer BPO market. Shift from the ICD-9 to ICD-10 coding system posed heavy workload for payers in order to up gradation of their systems, training of staff in turn increases the financial burden. The ICD-9 code system had 13,000 codes, while ICD-10 code system has nearly 68,000 codes. This variation augmented need for HR, accounting, medical coding, skilled personnel and technical operations, hence anticipated to propel the growth of the healthcare BPO markets.
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Research objectives:-
– To study and analyze the global Healthcare BPO consumption (value & volume) by key regions/countries, product type and application, history data.
– To understand the structure of the Healthcare BPO market by identifying its various sub-segments.
– Focuses on the key global Healthcare BPO manufacturers, to define, describe and analyze the sales volume, value, market share, market competitive landscape, SWOT analysis, and development plans in the next few years.
– To analyze the Healthcare BPO with respect to individual growth trends, future prospects, and their contribution to the total market.
– To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
Table of Content
1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered
2 Global Growth Trends
2.1 Healthcare BPO Market Size
2.2 Healthcare BPO Growth Trends by Regions
2.3 Industry Trends
3 Market Share by Key Players
3.1 Healthcare BPO Market Size by Manufacturers
3.2 Healthcare BPO Key Players Head office and Area Served
3.3 Key Players Healthcare BPO Product/Solution/Service
3.4 Date of Enter into Healthcare BPO Market
3.5 Mergers & Acquisitions, Expansion Plans
4 Breakdown Data by Product
4.1 Global Healthcare BPO Sales by Product
4.2 Global Healthcare BPO Revenue by Product
4.3 Healthcare BPO Price by Product
5 Breakdown Data by End User
5.1 Overview
5.2 Global Healthcare BPO Breakdown Data by End User
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In the end, Healthcare BPO industry report specifics the major regions, market scenarios with the product price, volume, supply, revenue, production, and market growth rate, demand, forecast and so on. This report also presents SWOT analysis, investment feasibility analysis, and investment return analysis.
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