New York, USA, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Healthcare BPO Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Healthcare BPO Market Information By Payer Service, Provider Service, and Region - Forecast till 2027", the market will grow at CAGR of 10.20 % and to reach USD 488.2 Billion by 2027.
Market Synopsis
A procedure that is outsourced to a third party is the healthcare business process. The government can lower healthcare costs by enacting favorable policies promoting market expansion and boosting concentration in the healthcare sector. Protecting the privacy of patient information, identifying and managing network security fraud, and ensuring that key errors are avoided are the main justifications for outsourcing business functions within hospitals and the healthcare system. The development of business process outsourcing in the healthcare industry has led to better patient care and more effective workflow. 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 the rising need for specialized services, including documentation, fraud prevention, patient care, and structured processes, are all contributing factors to the growth of the healthcare BPO market. The market has a large ecosystem of companies. Through BPO services, a wide range of time-consuming jobs are generally outsourced, which helps to reduce operational expenses. Some important end users are research and development, production, sales, and analytics. Medical coding and billing, payment processing, and data processing services are frequently sought-after healthcare services in the healthcare BPO sector.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 488.2 Billion |
| CAGR | 10.20% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Payer Service and provider Service |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increase in healthcare insurance seekers |
| Rising support from the government the healthcare business process outsourcing |
Market Competitive Landscape:
The chief companies in the healthcare BPO market are:
- Accenture (Republic of Ireland)
- Infosys (India)
- EXLService Holdings. (the United States)
- IBM (U.S.)
- Genpact (U.S.)
- UnitedHealth Group (U.S.)
- Concentrix (U.S.)
- Cognizant (U.S.)
- Conduent, Inc. (U.S.)
- GEBBS (United States)
- Hinduja Global Solutions (India)
- Truven Health (U.S.)
- Parexel (U.S.)
- IQVIA (U.S.)
- Capgemini (France)
- NTT Data, Inc. (Japan)
Market Dynamics:
Market Drivers:
During the projection period, increasing pressure to decrease rising healthcare costs, higher need for specialized services, and strict regulations are anticipated to boost market expansion for healthcare business process points. On the other hand, rising industry consolidation will open up new chances and drive the healthcare business process point market upward throughout the projection period. Due to several factors, including the growing number of people looking for health insurance and the promise of government assistance, the healthcare BPO market is expanding rapidly. Government support promotes increased spending on high-quality medical procedures and a large portion of the healthcare BPO industry for business process outsourcing.
Due to some factors, including a growth in the number of people looking for health coverage and the promise of government assistance, the healthcare business process outsourcing market is expanding quickly. Greater investment in high-quality medical procedures is encouraged by government support, which also accounts for a sizeable portion of the healthcare business process outsourcing (BPO) sector. In addition, tighter government regulations aimed at bringing down healthcare spending overall, pressure on healthcare providers to cut costs, a rise in the use of big data and cloud computing, greater awareness of healthcare IT solutions, a boost in the number of key players, and a quickening pace of infrastructure development all significantly contribute to the expansion of the healthcare BPO market.
Market Restraints:
The healthcare business process outsourcing (BPO) market's expansion during the projected period is likely to be hindered by the hidden costs of outsourcing and the anxiety over losing knowledge and transparency over the business process. A few factors that limit the growth of the healthcare BPO market over the forecast period include the high cost of keeping and installing the system, the fear of losing control over the outsourced process, uncertainty and threats regarding data security and service quality, and swift changes in economic strategies.
Browse In-depth Market Research Report (183 Pages) on Healthcare BPO: https://www.marketresearchfuture.com/reports/healthcare-bpo-market-1335
COVID 19 Analysis
Governments worldwide collaborate with pharmaceutical and biotech companies to address the COVID-19 epidemic, from assisting in the creation of vaccinations to preparing for problems with the supply chain for pharmaceuticals. COVID-19 has abruptly changed how businesses operate and live. Companies must develop their plans after thoroughly examining the healthcare BPO market and following market demand if they want to restore things to normal. Healthcare BPO Market anticipated that business process outsourcing in the sector would return in the second quarter of the upcoming year. COVID-19 is anticipated to impact the healthcare BPO market due to these considerations substantially.
The primary objective of healthcare business process outsourcing is to provide more affordable care for happier patients. Through this technique, insurance operations are also made simpler. The factors that motivate growth for healthcare business process outsourcing include accessibility to affordable treatments, excellent doctors' availability, customer care, and a decrease in essential errors, particularly when giving a patient's medical information.
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Market Segmentation
The market includes patient care, revenue cycle management and patient enrollment by provider service.
By Payer Services, Billing and Accounts Management Services, HR Services, Claims Management Services, Member Management Services, Care Management, Product Development, and Integrated Front-End Services and Back-Office Operations.
By Provider Service, Patient Care, Revenue Cycle Management, and Patient Enrollment.
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Regional Insights
Healthcare BPO providers based in underdeveloped economies have been fixated on North America. The trend of healthcare providers and payers using healthcare BPO services to reduce operating costs and enhance patient outcomes has enormous potential. Over the past three decades, the U.S. and Canada have been a hive of opportunity for competitors in the healthcare BPO business. One significant development that has generated enormous income streams in the local industry is the expanding use of AI in disease detection. Europe and the Asia Pacific are two more significant geographical areas.
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