Healthcare BPO Market Overview
Healthcare business process outsourcing enables healthcare organizations to outsource non-essential services and focus on their key expertise. The worldwide healthcare BPO market is expected to reach USD 488 billion by 2027 at 10.20% CAGR, says Market Research Future (MRFR).
The growing outsourcing in the pharmaceutical and biopharmaceutical industries, the need to contain growing healthcare costs, increasing costs for niche services (like care management and fraud detection services), and the requirement for structured processes and documentation in the healthcare sector are all contributing to the market’s growth.
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The BPO market can be divided into payer services and provider services.
Payer Services: In the Healthcare BPO industry, payer services include claims management, member management, provider management, analytics, billing and accounts administration, fraud management, and human resources management. The claims management solutions are further separated into claims resolution and adjudication, fraud detection, information management, claims indexing and claims investigation.
Based on Provider Service:
The Healthcare BPO market is segmented depending on the providers’ service offerings. Providers provide services such as revenue cycle management, patient care, and patient enrollment, to name a few. Healthcare advancements have resulted in a better patient experience.
The Healthcare BPO Market may be geographically divided into North America, Europe, South America, Asia-Pacific, and the Rest of the World. In 2020, North America (Healthcare BPO Market) retained the highest share, accounting for 37 percent of the total market. The improved patient care, high percentage of claim records, and growing concentration of significant firms like Genpact have contributed to the region’s success. Furthermore, the increase in the number of people seeking insurance and the growing number of internally coached professionals for specialized approaches and cost-effective workspace availability are driving the expansion of the Healthcare BPO Market within the North American area.
Furthermore, throughout the projected 2021-2026, the Asia-Pacific region is expected to have the quickest CAGR rate. Factors like a favourable economic growth rate, increased outsourcing to Indian Healthcare BPOs from all over the world, and rising healthcare spending for better patient care are all driving the growth of the Healthcare BPO Market in the Asia-Pacific area.
Top Key Players of Healthcare BPO market are Truven Health (U.S.), Accenture (Republic of Ireland), Infosys (India), GEBBS (United States), Hinduja Global Solutions (India), EXLService Holdings. (the United States), IBM (U.S.), Conduent, Inc. (U.S.), Parexel (U.S.), IQVIA (U.S.), Capgemini (France), and NTT Data, Inc. (Japan), Genpact (U.S.), UnitedHealth Group (U.S.), Concentrix (U.S.), Cognizant (U.S.),
The healthcare BPO market is growing due to rising outsourcing in the pharmaceutical and biopharmaceutical industries, the need to contain rising healthcare costs, rising demand for niche services (like care management and fraud detection services), and the requirements for structured processes and documentation within the healthcare sector.
A major driving element for the healthcare BPO market is the rise of nearshore outsourcing destinations and access to technology. Companies have begun outsourcing business processes to BPO service providers in the same region because nearshoring allows them to benefit from the cultural, time zone, and language similarities, allowing them to produce higher-quality services.
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Because healthcare BPO operations entail data transfer between healthcare organizations and BPO service providers, vendors serving the healthcare industry confront a significant problem in developing a secure communication platform. Until secure solutions are provided, this could stymie the healthcare BPO business.
The healthcare BPO market’s growth prospects are projected to be boosted by rising government support via investments and the supply of higher-quality treatment approaches. Additionally, the global healthcare BPO market demand is influenced by the availability of qualified operators in customer care services.
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