Healthcare BPO Market Overview
The healthcare BPO market to attain a CAGR of 10.20% between 2020 and 2027. Also, by 2027, the market value should be USD 488,202.72 Million expects Market Research Future (MRFR).
Healthcare BPO Market Boosters and Main Barriers
The healthcare BPO market is quite lucrative, by virtue of the steady increase in clinical process outsourcing along with lesser errors in non-vital functions such as accounting, customer care services, financing, etc.
Significant rise in insurance seekers, building up pressure to bring down costs of healthcare delivery and pharmaceutical firm dealing with patent cliffs would also raise the demand for healthcare BPO services. With the mounting pressure on healthcare service providers and the escalating need to mitigate the fraud risks and losses, outsourcing of services have become the latest trend. This gives a substantial push to the business growth.
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Global vendors are finding lucrative opportunities in emerging counties, especially India. The country is a highly preferred destination for provider and payer outsourcing, given the host of benefits including the massive pool of skilled healthcare professionals offering cost-effective services, vast patient pool and lesser costs and time for recruitment.
Healthcare BPO Market Segmentation
Payer service and provider service are the key segments considered in the MRFR review study of the healthcare BPO industry.
The Healthcare BPO market, with respect to payer service, caters to claims management, integrated front-end services and back-office operations, member management, provider management, billing and accounts management, HR, and analytics and fraud management.
The global Healthcare BPO Market is divided based on provider service into patient care, revenue cycle management, and patient enrolment. The revenue cycle management (RCM) segment will be leading the worldwide market owing to the surging number of government initiatives that encourage the use of these solutions. The rising revenue loss owing to billing errors, and the escalating use of EHR/EMR in various medical facilities enhance the segmental growth as well. The majority of the hospitals are at present rely heavily on third-party providers when it comes to denial management service, since they lack expert knowledge as well as time required for managing the reimbursement process. Considering this factor, the RCM segment is bound to see notable growth in the years to come.
Healthcare BPO Market Regional Study
Currently, America is the healthcare BPO market leader, thanks to the surge in the medical data volume and the steady rise in healthcare insurance seekers. The United States is the forerunner in America, considering the escalating adoption of cloud services along with the extensive pool of renowned cloud-based solution payers such as Microsoft, Oracle, and more.
The healthcare BPO market in Asia Pacific will gain at the fastest rate between 2020 and 2027, in view of the robust reimbursement framework, and large-scale public & private spending on healthcare. The significant surge in the number of claim records, improving healthcare infrastructure and the incredible growth of the healthcare IT industry should enhance the market share as well.
Healthcare BPO Market Key Players
Concentrix (U.S.), Truven Health (U.S.), Cognizant (U.S.), Infosys (India), GEBBS (U.S.), IBM (U.S.), IQVIA (U.S.), United Health Group (U.S.), NTT Data, Inc. (Japan), Capgemini (France), Parexel (U.S.), Conduent Inc. (U.S.), Hinduja Global Solutions (India), Genpact (U.S.), Accenture (Republic of Ireland), EXLService Holdings In. (the U.S.) are the top healthcare BPO firms listed in the review report.
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ManageWare LLC, a well-known name in the workers’ compensation managed care sector, introduces its latest provider management application called NetworkManager. NetworkManager facilitates the simplification as well as improvement of provider network management activities. This advanced integrated workflow platform streamlines various administrative tasks associated with provider credentialling, recruiting, maintenance, and contracting.
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