Healthcare BPO Market Growth Rate and Opportunities By 2027
Healthcare BPO is a process which includes the business process outsourcing of particular operational requirements to most suited third party vendors. Healthcare BPO is a solution for clients to adopt intelligent approaches that will support the organization by reducing the cost pressures and increasing the overall productivity. Healthcare BPO market provides various solutions, such as customer account setup, front end services, billing and account receivables, enrollment services, provider network services, claims services, membership services, Medicare services and pharmacy benefits management.
Healthcare BPO Market: Dynamics
Healthcare BPO market is primarily driven by a few key factors such as lack of in-house trained professionals for specific processes, cost-effective availability of workforce, and lack of industry knowledge. In addition to this healthcare BPO market also observes significant growth due to the increased government regulations to reduce the overall healthcare costs. Healthcare BPO is efficient in handling errors in finance, accounting; provides efficient customer care services to clients, and reduce the infrastructure cost for the customers. However, with the ongoing trends in the healthcare BPO, the customers face challenges in data security & reliability, increasing regulatory compliance, and handling huge amount of healthcare data restricts the growth of the healthcare BPO market.
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Healthcare BPO Market: Segmentation
Healthcare BPO market is undergoing massive transformation with the ever changing landscape of U.S. healthcare system, and along with it, healthcare BPO market is developed. By end user we can segment the healthcare BPO market into the following:
- Life Science Companies
By various services provided to the end user by the healthcare BPO we can segment the market into the following:
- Marketing Intelligence and Analytics
- Patient Access Services
- Revenue Cycle Management
- Policy Administration
- Claims Administration
- Financial Administration
- CRO Services
- Clinical Trials Data Management
- Risk Management
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Healthcare BPO Market: Region-wise Outlook
Based on geography, the healthcare BPO market can be segmented into five major regions: North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. At present, North America holds a leading position in the healthcare BPO market followed by Europe. The major driving factors which have driven the growth of the healthcare BPO market in these regions are steadily increasing the prevalence of regulatory scenario, pressure on healthcare institutions to reduce costs and rising trend for healthcare IT, big data and cloud computing. Following North America, European countries are also anticipated to show steady growth in the healthcare BPO market.
In the next few years, Asia-Pacific would show remarkable growth in the healthcare BPO market as it is developing at a very rapid pace and has shown the emergence of many regional players. The factors which would fuel the growth of healthcare BPO market in Asia-Pacific are increasing awareness regarding various healthcare IT solutions, increase in the number of key players and rapid development in the healthcare infrastructure across the Asian countries. Healthcare BPO market would evolve at a rapid rate across the regions. However, North America would maintain its position in the overall healthcare BPO market.
Healthcare BPO Market: Key Players
In the past decade, the market has witnessed a massive influx of well-established players in the healthcare BPO market. Some of the top players operating in the healthcare BPO market are Accenture, HCL Technologies Limited, Eli Global, Gebbs, Genpact Limited, IBM Corporation, Parexel, QuintilesIMS Inc., Sutherland, Truven Health, Hewlett-Packard Inc., United Health Group, Lonza Group Ltd Cognizant Technology Solutions Corporation, Tata Consultancy Services Ltd, Infosys BPO Ltd., Xerox Corporation, Accretive Health, Inc, and many others. Healthcare BPO market has the presence of many regional players which have a huge market share in emerging countries.
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