Pune, India, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The global healthcare BPO market is estimated to reach USD 300.03 Billion in 2021 and is expected to grow at a CAGR of 8.73% during the forecast period, according to a recent market study by Quince Market Insights. Healthcare BPO is a process, which involves a healthcare provider who contracts its non-core activities to the external party. It hires a third-party firm to perform the work for them rather than doing the work by themselves. Factors attributing to the global healthcare BPO market growth are to increasing government support and growing adoption of healthcare insurance services, which leads to quality treatment procedures. Additionally, the high cost involved for maintaining and installing of system as well as threat of data security are factors restraining the global market of healthcare BPO to grow.
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The increasing adoption of quality service, easy access to high quality doctors and reduction in the critical mistakes especially in providing patient’s medical reports are providing better satisfaction to patients, providing opportunities for the healthcare BPO service providers.
Further, lack of top management support, lack of internal control over patient information, and outdated procedures and policies, and risk of data breach while transfer between BPO service providers and healthcare organizations are creating major challenges for the vendors catering to the healthcare industry.
COVID-19 Impact on Global Healthcare BPO Market
The global pandemic has abruptly affected the lives and working of every business organization. Due to lockdown across the countries, most of the employees of healthcare BPO’s were forced to move to their hometowns, which has resulted in a loss in the revenue structures of global healthcare BPO.
To recover from this COVID-19 situation, healthcare BPO’s need to plan their policies by performing a thorough scan of the environment and take action according to the market demands. As the government across the world are opening business organization slowly with the decrease in the COVID-19 cases, the global healthcare market will recover its position in business process outsourcing in the coming years.
Global Healthcare BPO Market, by Provider Service
Based on provider service, the market is segmented into patient care, patient enrolment & strategic planning, and revenue cycle management. The revenue cycle management captures the largest market share in 2021 and is expected to remain largest during the forecast period. The segment growth can be due to reduction of healthcare costs, growing government initiatives for implementing revenue cycle management solutions, and increasing expenditure of healthcare industry.
Global Healthcare BPO Market, by Payer Service
Based on payer service, the market is segmented into claims management, member management, provider management, billing and accounting management, integrated front-end services and back-office operations, and HR services.
Claims management segment holds the largest market share for global healthcare BPO in 2021 and is estimated to remain largest during the forecast period. Claim management includes a process which handles claims by developing strategies to cut costs and reduce fraud with customers satisfaction. This is expected to drive segment growth.
Global Healthcare BPO Market, by Pharmaceutical Service
Based on pharmaceutical service, the market is segmented into manufacturing, research and development, and non-clinical services. Further non-clinical service is segmented into supply chain management, sales and marketing services, and others.
Research & development is expected to be the fastest growing segment during the forecast period also. The segment growth can be attribute to increasing investments in the research & development sectors for innovative drugs and vaccines with increasing COVID-19 cases.
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Global Healthcare BPO Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America dominates market share for global healthcare BPO market and is expected to remain dominant during the forecast period.
Factors attributing the growth of North American market are increasing government investments to reduce the cost of services in the region. Also, the leading market players of healthcare BPO operating in this region such as Cognizant, IQVIA, IBM Corporation, Southerland Global, and others expected to contribute to regional market during the forecast period.
Recent Developments in the Global Healthcare BPO Market
- May 2021 – NTT DATA and ScoreData both contracted a multi-year agreement to deploy the latter’s nudge engines with NTT DATA’s Artificial Intelligence solutions that will predict the risk for early onset of chronic diseases for provider communities and health insurance.
- March 2021 – Firstsource Solutions partnered with IntelliH to distribute turn-key remote patient monitoring solutions to health plans and provider organizations in U.S.
- May 2020 – Wipro partnered with PLEXIS Healthcare Systems to accelerate digital transformation for healthcare payers by allowing efficient, accurate, streamlined, and integrated plan to support healthcare payers and plan sponsors worldwide.
- September 2019 – Emids announced partnership with New Mountain Captains. This acquisition will be providing better-modified healthcare business process outsourcing solutions.
Some Key Findings of the Global Healthcare BPO Market Report Include:
- The analysis includes a global healthcare BPO market study, expansions, and forecasts, along with a country-specific analysis
- An in-depth analysis of the global healthcare BPO market comprises segment by provider service, payer service, pharmaceutical service, and regions with an analysis of trend-based insights and factors
- Product offering details on competitive benchmarking and evolution approach adopted by the industry players, along with their investments in the last five years in the global market have been provided in the report
- The market research includes a study of the provinces, boundaries, drivers, prospects, guidelines, challenges, and procedures that are propelling the global healthcare BPO market
- The study also offers complex measures of potential market effect during the forecast period and an in-depth overview of the leading companies operating in the global market
- External as well as internal variables that are expected to have a positive or negative effect on companies have been evaluated, which will offer the decision-makers a strong futuristic view of the industry
- The research also helps understand the dynamics of the healthcare BPO market structure by analyzing market segments and by projecting the size of the market
- The report helps to understand the effects of COVID-19 pandemic on healthcare BPO market
- Some major industry players functional in the global healthcare BPO market are: Accenture, Invensis, WNS Global Services, Cognizant, Octopus Tech Solutions, Tata Consultancy Services, NTT Data Corporation, IQVIA, Lonza, Access Healthcare, Akurate Management Solutions, IBM Corporation, Wipro, Infosys BPM
For more information on this topic please visit our website report titled, “Healthcare BPO Market, by Provider Service (Patient Care, Patient Enrollment & Strategic Planning, Revenue Cycle Management), Payer Service (Member Management, Claims Management, Provider Management, Integrated Front-end Services and Back-office Operations, Billing and Accounts Management, HR Services), Pharmaceutical Service (Manufacturing, Research and Development, Non-clinical Services {Supply Management, Sales and Marketing Services, Others}), and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America)”— in-depth analysis along with the table of contents (ToC).
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