Healthcare BPO Market

SKU: DMHCIT1938 | Last Updated On: Nov 10 2022 | Available Formats

> Healthcare BPO Market Expected to reach a high CAGR of 10% By 2029

Healthcare BPO Market is segmented  By Provider Service (Patient Enrollment and Strategic Planning, Revenue Cycle Management, Patient Care Service (Device Monitoring, Medical Imaging, Medical Transcription)), By Payer Service (Provider Management, Human Resource Management, Claims Management (Claims Repricing, Information Management Services, Fraud Detection and Management, and others), Care Management, CRM, Other Payer Services), By Pharmaceutical Service (Research and Development, Manufacturing, Sales and Marketing Services (Marketing Services, Research, Analytics, Forecasting, Performance Reporting), Other Non-clinical Services), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Healthcare BPO Market Size, Share, Trends, and Growth Overview

Healthcare BPO Market size was valued USD million in 2021 and is estimated to reach USD million by 2029, growing at a CAGR of 10% during the forecast period (2022-2029). Healthcare Business Process Outsourcing (BPO) is a procedure that enriches resource allocation, boosts financial performance, and increases the effectiveness of healthcare providers. Healthcare BPO services allow hospitals and medical professionals to deliver quality patient care. Growing demand for high-end healthcare facilities and multi-specialty hospitals established medical and central lab infrastructure. Training centers are contributing to the growth of the healthcare and life sciences industry, fuelling the demand for medical process outsourcing.

As per DataM Intelligence, Healthcare BPO Market study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global Healthcare BPO Market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.

Among all regions, the North American region is expected to hold the largest share of the global market over the forecast period. Healthcare BPO Market in the United States and Canada produces the utmost share. Whereas the European Healthcare BPO Market is projected to continue its presence globally during the period of 2022- 2029.

Healthcare BPO Market - Strategic Insights

Metrics

Details

Market CAGR

10%

Segments Covered

By Provider Service, By Payer Service, By Pharmaceutical Service, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Healthcare BPO Market Growth Drivers Analysis

Developments in digital technologies leading to a shift from electronic records to telemedicine further allow many healthcare providers to deliver innovative services, which is expected to drive market growth.

A Medical Transcription (MT) service is one of the services, with voice notes being recorded and translated into various languages. The digitization of data by skilled personnel saves time for doctors while examining patients. In addition, implementing robotic process automation, big data, and artificial intelligence (AI) is expected to boost the market further by assisting in collecting patient data. For instance, HGS handles the enrollment process of patients looking for insurance. The company uses bots for auto-filling information in the right fields and saving time. Cloud-based BPO is also a growing trend in the market, developing business outsourcing processes, helping healthcare organizations reduce costs by using global delivery models and securing data access. Cloud BPO or Business-Process-as-a-Service (BPaaS) is a business model to scale processes with low expenditure costs. For instance, Infosys is the reputed partner of Aetna Inc., a pharmaceutical major in the U.S. It provides knowledge training to its personnel for handling queries of patients effectively, thereby saving costs for the company. In addition, it developed a management information system (MIS) for compiling a database of patients and their respective health-related data for easy access in case of claims. Hence, the adoption of cloud-based BPO services is increasing due to its several benefits, which are expected to contribute to the growth of the healthcare business process outsourcing market during the forecast period.

Industry Analysis

The healthcare BPO market provides in-depth analysis of the market based on various industry factors such as unmet needs, pricing analysis, supply chain analysis, regulatory analysis etc.

Healthcare BPO Market Segmentation Analysis

Revenue Cycle Management segment is expected to be the dominant segment in the market during the forecast period.

Healthcare systems use revenue cycle management (RCM) to track the financial dealings with patients, from their initial appointment to the final payment of the balance associated with the healthcare system. The RCM can be defined as all clinical and administrative functions contributing to managing and collecting patient service revenues. The market segment benefits from several factors, such as increasing government initiatives for implementing RCM solutions, decreasing reimbursements in the healthcare industry, and rising expenditure by the healthcare IT industry. Several hospitals depend on third-party providers for denial management services due to the lack of expert knowledge and time to manage the reimbursement process. The most common billing errors include lack of specificity, failure to verify insurance, filing an incomplete claim, missing filing deadlines, and coding errors. Most care providers are overcoming the challenge by working with third-party medical billing professionals who are overall revenue cycle management experts. Thus, the revenue cycle management service providers are increasingly in demand to overcome the revenue loss to hospitals due to billing errors, which can be prevented by specialty.

Healthcare BPO Market Geographical Analysis

North American region is expected to hold the largest market share in the global healthcare BPO market.

North America accounted for the largest market share in 2021. Owing to the presence of a large number of US-based companies providing all kinds of healthcare BPO services. Also, growing big data, healthcare IT, and cloud computing, increasing government initiatives, and improvements are some factors driving the growth of the business process outsourcing market in this region. The market players are entering into strategies such as collaboration, acquisitions, and others to expand their business. For instance, NextGen Healthcare, an ambulatory technology firm, announced plans to grow its portfolio in the RCM business for the fiscal year 2022 in January 2022. Moreover, Xerox Corporation acquired Groupe CT, an independent document management provider in Eastern Canada, in April 2021 to accelerate a digital transformation roadmap by combining its document management services expertise and leadership with Xerox's portfolio of workplace solutions to expand its North American market reach. Thus, from the above statements, the North American region accounted for the largest market share in the forecast period.

Healthcare BPO Market Competitive Landscape

Major key players in the healthcare BPO market are IBM, Accenture, Gebbs Healthcare Solutions, Eli Global, Gebbs, Parexel, United Health Group, Truven Health, IQVIA, Vee Bill, and Invensis Technologies.

International Business Machines Corporation (IBM):

Overview:

International Business Machines Corporation (IBM) is a technology company that delivers hybrid cloud and AI (artificial intelligence) solutions. It offers integrated solutions and products that use data and information technology (IT) in industries and business processes. Its segments include Software, Consulting, Infrastructure and Financing. The Software segment consists of two business lines: Hybrid Platform & Solutions, which includes software that enables customers to operate, manage and optimize their IT resources and business processes in hybrid multi-cloud environments, and Transaction Processing, which includes software that achieves the mission of the customer supports -critical, local workloads in different sectors. The Consulting segment is engaged in business transformation, technology consulting and application operations. The infrastructure segment deals with hybrid infrastructure and infrastructure support. The Financing segment is engaged in consumer financing and commercial financing business.

­Product Portfolio:

The company’s portfolio comprises Procurement and Sourcing Services, Finance Transformation Services, Talent and Transformation Services.

The global healthcare BPO market report would provide an access to an approx. 45+market data table, 40+figures and 180pages

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FAQ

What is the Healthcare BPO Market growth?

The market is growing at a CAGR of 10%

What is Healthcare BPO Market size in 2021

The Healthcare BPO Market size was valued at USD YY million in 2021

Who are the key players in Healthcare BPO Market?

IBM, Accenture, Gebbs Healthcare Solutions, Eli Global, Gebbs, Parexel, United Health Group, Truven Health.

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