17-Aug-2022 | Zion Market Research
The global healthcare BPO market size was worth USD 275.7 million in 2021 and is estimated to grow to USD 464.9 million by 2028, with a compound annual growth rate (CAGR) of approximately 9.1% over the forecast period. The report analyses the healthcare BPO market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the healthcare BPO market.
Business process outsourcing in the healthcare sector, or BPO, initially arose in the 1980s. Healthcare providers outsource some of their responsibilities through healthcare BPO activities rather than having an inside department for operations like medical billing. In other words, healthcare providers hire a third-party business to carry out the task on their behalf. The three most significant BPO services are data entry, claims processing, and medical billing & coding. Aside from allowing healthcare professionals to focus on their areas of expertise, healthcare BPO also lowers costs, boosts operational effectiveness, and improves the patient experience by allowing more time for direct patient care.
The global healthcare BPO market is anticipated to grow due to the growing government backing and increased use of healthcare insurance services, which result in high-quality medical operations. Additionally, issues limiting the growth of the global healthcare BPO market include the high cost associated with system installation and maintenance as well as the concern of data security. Better patient satisfaction is achieved thanks to the growing use of high-quality services, easy access to excellent physicians, and a decrease in serious errors, particularly when providing patients' medical reports. These factors are also creating opportunities for healthcare BPO service providers. Vendors serving the healthcare sector face significant difficulties due to a lack of support from top management, internal controls over patient information, outdated procedures and policies, and the risk of a data breach when information is transferred between BPO service providers and healthcare organizations.
The global healthcare BPO market is segregated based on provider, payer, life science, and region. The market is divided into revenue cycle management, patient enrolment, and patient care based on provider service. Among these, the revenue cycle management segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on payer service, the market is classified into claims management, product development & business acquisition (PDBA), member management, provider management, care management, integrated front-end services & back-office operations, billing & accounts management services, and HR services. In 2021, the claim management category dominated the global market. Based on life science services, manufacturing, research & development, and non-clinical services are segments of the global market. In 2021, the R&D category dominated the global market.
The global healthcare BPO market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America dominates the global market, which is anticipated to continue during the forecast period. Growing government investments to lower the cost of services in the area contribute to expanding the North American market. Additionally, during the projection period, the major healthcare BPO players operating in this region, including Cognizant, IQVIA, IBM Corporation, Southerland Global, and others, are anticipated to contribute to the regional market.
Key players in the global healthcare BPO market include Accenture, Cognizant, Tata Consultancy Services, Xerox Corporation, WNS (Holdings) Limited, NTT Data Corporation, IQVIA (US), Mphasis, Genpact, Wipro, Infosys BPM, Firstsource Solutions, IBM Corporation, HCL Technologies, Sutherland Global, GeBBS Healthcare Solutions, Lonza, Omega Healthcare, R1 RCM, Invensis Technologies, UnitedHealth Group, Sykes Enterprises, Parexel International, Access Healthcare, and Akurate Management Solutions.
Browse the full “Healthcare BPO Market By Provider Service (Revenue Cycle Management, Patient Enrollment, and Patient Care), By Payer Service (Claims Management, Product Development & Business Acquisition (PDBA), Member Management, Provider Management, Care Management, Integrated Front-End Services & Back-office Operations, Billing & Accounts Management Services, HR Services), By Life Science Service (Manufacturing, R&D, Non-Clinical Service), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/healthcare-bpo-market
Global Healthcare BPO Market is segmented as follows:
By Provider Service
By Payer Service
By Life Science Service
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