North America Healthcare BPO Market Size, Share, Industry, and Outlook (2024-2031)

North America Healthcare BPO Market is segmented By Provider Service (Patient Enrollment and Strategic Planning, Revenue Cycle Management, Patient Care Service) By Payer Service (Provider Management, Human Resource Management, Claims Management, Care Management, CRM, Other Payer Services), By Pharmaceutical Service (Research and Development, Manufacturing, Sales and Marketing Services, Other Non-clinical Services) and By Country (US, Canda, Mexico, and Rest of North America) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Report Overview

The North America Healthcare BPO Market is expected to grow at a CAGR of 8.98% during the forecast period 2024-2031

Healthcare business process outsourcing is a procedure that is entrusted to an outside supplier. The government can reduce healthcare costs by enacting favourable government policies that support healthcare business process point market growth and boost healthcare sector consolidation. The primary reasons for outsourcing healthcare business operations inside hospitals and the healthcare system are to safeguard the confidentiality of personal patient information, identify and manage network security fraud, and prevent significant errors. The invention of healthcare business process outsourcing has resulted in enhanced patient care and greater workflow efficiency.

North America Healthcare BPO Market Scope
 

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Market Key Drivers

One of the primary elements driving the growth of the North American healthcare BPO industry is the rising demand to minimise healthcare costs. Healthcare BPO provides excellent solutions that relieve the stress on healthcare management while saving money for both the healthcare industry and patients.

By outsourcing non-clinical services and using thorough data collection, BPO promotes increased corporate development while retaining operational efficiency. It contributes significantly to the reduction of substantial mistakes in healthcare administration by guaranteeing secure access to patient records, medical information, and sensitive data. BPO makes health insurance procedures more convenient, improves regulatory compliance, and promotes cost-effective treatment alternatives.

The growth of the North American healthcare BPO market is further propelled by the rising prevalence of chronic diseases and an expanding patient population. A stunning study indicates that over half of all Americans have at least one chronic condition. Lifestyle changes, increasing alcohol and tobacco intake, and hormonal changes all contribute to the increased prevalence of chronic diseases in the population. Healthcare firms may shift their attention to patient care by using BPO services, giving them important extra time. This, in turn, makes it easier to provide high-quality healthcare services.

Furthermore, by reducing the load on healthcare professionals and workers, BPO allows for increased job productivity without sacrificing performance due to stress.

Key Market Trends

Implementation of Artificial Intelligence and Machine Learning

The increasing implementation of new technologies, particularly artificial intelligence and machine learning, helps to drive the expansion of the North American healthcare BPO industry. Healthcare BPO firms are aggressively combining cutting-edge technology and software solutions to improve operational efficiency and service capabilities. This intentional use of sophisticated technology aims to streamline procedures and provide quicker and more efficient services.

Furthermore, increased R&D activities, strong government support in North America, an expanding presence of pharmaceutical businesses, and an increasing number of product approvals all contribute to the growth of the North American healthcare BPO market.

North America Healthcare BPO Market Segment Analysis

The North America Healthcare BPO Market is segmented by provider service, payer service, and pharmaceutical service.

Among all segments, the Human Resource Management Segment is predicted to lead the healthcare BPO market throughout the forecast period due to the rising disease burden and patient pool across the world. It is a procedure in which a company engages a third-party company to manage its human resources and administrative functions.

Regional Insights

By Region, the North America Healthcare BPO Market is segmented into US, Canada, Mexico.

In 2022, the United States healthcare BPO market led the regional market. The adoption of the PPAC Act, which increased insurance coverage to more than 35 million US individuals, has significantly distorted the US healthcare payer market. The expanding geriatric population is credited to market expansion; the increasing number of patients with chronic illnesses in the nation is contributing to regional market growth. The most significant market growth in the United States may be attributable to rising healthcare IT spending. In comparison to other nations, the United States has the highest healthcare expenses.

Over the years, the United States spent $3.3 trillion on healthcare. Healthcare costs in the United States have grown considerably in recent years. It was 5% in 1960, but it has already been raised to 18% in 2016. According to the CMS, this growth will continue and will surpass $5.7 trillion by 2027.

Key Market Players

Significant players in the North America Healthcare BPO Market include Infosys BPO Ltd, Cognizant Technology Solutions Corporation, Genpact Limited, Tata Consultancy Services Ltd., Accenture PLC, and Xerox Corporation.