The Healthcare BPO Market research report is a complete overview of the market, covering various aspects like product definition, segmentation based on various parameters, and the prevailing vendor landscape. With this Healthcare BPO Market report businesses can create a unique space in the global industry and get identified as the most consistent and dedicated growth partner for market research, strategy formulation and sustainable organizational development. The Healthcare BPO Market transformations are highlighted here which occur because of the moves of key players and brands like developments, product launches, joint ventures, mergers and acquisitions that in turn changes the view of the global face of Healthcare industry.
The Global Healthcare BPO Market is expected to reach USD 419.93 billion by 2025, from USD 191.68 billion in 2017, growing at a CAGR of 10.30% during the forecast period of 2019 to 2025.
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Some of the major players operating in the global healthcare BPO market are Xerox Corporation, Hinduja Global Solutions, DSM Pharma, Accenture, Cognizant Technology Solutions, Wipro, Genpact, EXLService, Hewlett-Packard, Catalent, HCL, Conduent, Invensis, Infinit Healthcare, AGS Health, Inc Outsource2india, Omega Healthcare, Pacific Ventures, WNS, TeamHGS, Flatworld Solutions, Taskforce BPO, among others.
The health care organizations are facing new challenges from an unpredictable global economy, where consumer expectations are growing every day. Major health care providers have been using business process outsourcing (BPO for better processes, speed transactions and reduced costs. Healthcare BPO involves certain job functions, which are done outside a company instead of having an in-house department handling the business operations by healthcare providers, payers and organizations. Healthcare BPO has many advantages like availability of skilled workforce at reduced cost and decrease in training and administrative expense. Moreover, healthcare BPO also provides standard patient care, with reduced cost required for infrastructure.
Healthcare service providers are dealing with many challenges, which hamper their work on administrative level. Invensis, a HIPAA compliant healthcare BPO services provider has offered customized solutions to remove the difficulties of these processes.
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Healthcare BPO Market Drivers and Restraints:
- Regulatory changes in the US with the implementation of PPACA
- Pressure to reduce rising healthcare costs
- Shift to ICD-10 coding standards and upcoming ICD-11
- Loss of revenue due to billing errors
- Consolidation increasing in the healthcare industry
- Rising need for structured processes and documentations
- Hidden costs of outsourcing
- Fear of losing visibility and control over the business process
Market Segmentation: Global Healthcare BPO Market
- The global healthcare BPO market is segmented based on payer service, by provider service and by pharmaceutical service
- Based on payer service, the global healthcare BPO market is segmented into claims management, integrated front-end services and back-office operations, member management, product development and business acquisition (PDBA), provider management, care management, billing & accounts management services and HR services
- On the basis of provider service, the global healthcare BPO market is segmented into revenue cycle management, patient enrolment & strategic planning and patient care. Patient care is further sub segmented into medical transcription, medical imaging and device monitoring.
- On the basis of pharmaceutical service the global healthcare BPO market is segmented into manufacturing services, R&D services and non-clinical services. Non-clinical services are further sub segmented into sales & marketing services, SCM and other non-clinical services. Sales & marketing services are further sub segmented into analytics, marketing services, research, forecasting, and performance reporting.
- Based on geography, the global healthcare BPO market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others.
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