Healthcare BPO Market: Information By Payer Service (Claims Management Services, Member Management Services, Provider Management Services, Care Management, Product Development and Business Acquisition Services, Billing and Accounts Management Services, HR Services and Integrated Front-End Services and Back-Office Operations) and Provider Service (Revenue Cycle Management, Patient Care and Patient Enrollment) – Forecast till 2027
Healthcare BPO Market
The Healthcare BPO market will grow with a CAGR of 10.20 % and to reach USD 488.2 Billion by 2027 in the forecast period. Outsourcing healthcare business processes allows healthcare organizations to outsource non-core activities and focus on their core capabilities. Healthcare firms can outsource non-essential tasks and concentrate on their core competencies by outsourcing their business processes. The desire to save healthcare costs, greater outsourcing in the life sciences and pharmaceutical sectors, and rising need for specialized services including documentation, fraud detection, care management, and structured processes are all contributing factors to the growth of the healthcare BPO market.
By implementing beneficial government policies that will hasten the expansion of the healthcare BPO market and boost attention to the healthcare business, the government can lower healthcare expenses. The primary justifications for outsourcing healthcare business processes in hospitals and healthcare organisations are safeguarding the confidentiality of patient-sensitive information, identifying and controlling network security scams, and preventing significant errors.
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For a number of factors, including an increase in the number of people seeking health insurance and the assurances of government assistance, the healthcare BPO industry is expanding and observing remarkable growth in the healthcare sector. Investment in high-quality therapies has expanded thanks to government backing and will take up a sizable portion of the healthcare BPO. The outsourcing of healthcare business processes is being driven by an increase in demand for affordable services.
Market Segmentation:
Payer service and provider service are the two divisions used to categorise the global healthcare BPO market.
Market segments based on payer services include claims administration, integrated front-end and back-office operations, member management, provider management, billing and accounts management, analytics and fraud management, and human resources. The claims management service is further divided into the following sub-segments: claims adjudication, claims settlement, information management, fraud detection and management, claims repricing, claims investigation, and claims indexing.
Regional Analysis:
The Healthcare BPO Market has been segmented into patient care, patient enrollment, and revenue cycle management based on provider service.
According to region, the global healthcare BPO market has been split into the Americas, Europe, Asia-Pacific, and Middle East & Africa. Due to its highly developed technology, high healthcare spending, and presence of the top companies, the Americas is anticipated to hold the greatest share of the global healthcare BPO market during the assessment period. The region’s residents are health-conscious, which fuels rising healthcare costs. Therefore, there is a greater requirement for healthcare BPO services to handle the growing healthcare income. Because of the advanced technology, the presence of the top competitors, and the high cost of healthcare, the Europe market is predicted to increase significantly.Due to the quickly evolving healthcare industry and the vast number of market development chances, Asia-Pacific is thought to be the region with the quickest growth rates worldwide. For instance, it was predicted that between 2015 and 2018, healthcare spending in China will increase at a pace of 8.8%. The Middle East and Africa have the smallest market share because of their underdeveloped and slowly industrialising nations, particularly in Africa.
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Key Players:
The Key Players in the Global Healthcare BPO Market—IBM (US), Accenture (Republic of Ireland), Cognizant (US), Infosys (India), Capgemini (France), GEBBS (US), Genpact (US), Parexel (US), IQVIA (US), Truven Health (US), United Health Group (US), NTT Data, Inc. (Japan), Concentrix (US), Conduent, Inc. (US), EXLService Holdings In. (US), and Hinduja Global Solutions (India).
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