The Healthcare BPO Market size is estimated to reach $74.1 billion by 2026, growing at a CAGR of 9.8% during the forecast period 2021-2026. Healthcare business process outsourcing is a systematic technology that helps healthcare professionals to select the most appropriate third-party vendor for specific business activities. It will assist hospitals and medical professionals contribute their valuable time improving patient care amenities. Medical management professionals utilize symptoms and signs as clues to diagnose diseases. A listing of potential diagnoses may be prepared termed as differential diagnosis. Electronic health records (EHRs) are digital or electronic versions of the paper chart of a patient. Integrating electronic health records with Healthcare BPO is organically fitting. Pharmaceutical outsourcing, chiefly for contract research organizations (CROs) and contract manufacturing organizations (CMOs), has advanced all along the past decade. Pharmaceutical Services may be outsourced to outsourcing specialists. Enhancement of patient care is an active process and must be foremost in the minds of Medical-Care staff.
The boost in the count of communities looking for insurance and the increasing pressure to decrease healthcare delivery costs is set to drive the Healthcare BPO Market. Furthermore, the increasing adoption of Cloud-Based Business Process Outsourcing (BPO) in healthcare firms is set to propel the growth of the Healthcare BPO Market during the forecast period 2021-2026. The growth is owed to the decreased costs, progressive global delivery models, and safe data access resulting in the greater focus of healthcare firms on patient care. This represents the Healthcare BPO Industry Outlook.
Healthcare BPO Market Segment Analysis – By Provider Service:
The Healthcare BPO Market based on provider service can be further segmented into Patient Enrollment and Strategic Planning, Patient Care Service, Revenue Cycle Management. The Revenue Cycle Management Segment held the largest market share in 2020. This growth is owing to the boost in government initiatives, to increase the acceptance of RCM (revenue cycle management) solutions, raising revenue loss owing to billing errors, and heighten the acceptance of electronic health records. Most hospitals are currently relying on third-party providers for denial management service, owing to the dearth of specialist knowledge and time to administer the reimbursement process. Typical billing errors are inclusive of failure to validate insurance and filing an incomplete claim. The revenue loss to hospitals, owing to billing errors, can be averted by specialty revenue cycle management service providers and this is fueling the growth of the revenue cycle management segment.
Furthermore, the Patient Care segment is estimated to grow with the fastest CAGR of 11.2% during the forecast period owing to the increased cases of incessant ailments like cardiovascular diseases (CVDs) requiring enhanced patient care.
Healthcare BPO Market Segment Analysis – By Payer Service:
The Healthcare BPO Market based on payer service can be further segmented into Human Resource Management, Claims Management, Customer Relationship Management (CRM), Operational / Administrative Management, Care Management, Provider Management, Others. The Claims Management Segment held the largest market share in 2020. This growth is owing to the boost in the count of patients accepting e-health (electronic health) services like electronic health records. The increasing predominance of incessant ailments like cardiovascular diseases (CVDs) is resulting in greater hospital admissions and a subsequently higher count of claims being generated which is fuelling the growth of the Claims Management segment.
Furthermore, the Operational / Administrative Management segment is estimated to grow with the fastest CAGR of 10.7% during the forecast period 2021-2026 owing to the enhanced integration in front-end services and back-office operations resulting in enhanced focus on patient care for healthcare firms.
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Healthcare BPO Market Segment Analysis – By Geography:
The Healthcare BPO Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America (Healthcare BPO Market) held the largest share with 37% of the overall market in 2020. The growth of this region is owing to the enhanced patient care, great percentage of claim records, and the soaring concentration of key players like Genpact in the region. Furthermore, the boost in the count of people seeking insurance and the increasing internally coached professionals for specific techniques and cost-effective accessibility of workspace are propelling the growth of the Healthcare BPO Market in the North-American region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2021-2026. This growth is owing to factors like supportive economic growth rate, rapid outsourcing to Indian Healthcare BPOs from all over the world, and the expanding spend on healthcare for superior patient care which are fuelling the progress of the Healthcare BPO Market in the Asia-Pacific region.
Healthcare BPO Market Drivers
Global Prevalence Of Incessant Ailments Is Projected To Drive The Growth Of Healthcare BPO Market:
As per World Health Organization (WHO), approximately 17.9 million people lost their lives from cardiovascular diseases (CVDs) in 2019, depicting 32% of all demises worldwide and of these demises, 85% were owing to heart attack and stroke. The increasing predominance of cardiovascular diseases (CVDs) worldwide and the handling of crisis situations in healthcare requiring enhanced patient care is fuelling the growth of the Healthcare BPO Market. By way of healthcare business process outsourcing (Healthcare BPO), healthcare firms outsource business procedures to external vendors. Depending less on staff and machinery on-site to administer computers, employees, customers, and accounting facilitate a healthcare firm to concentrate essentially on patient care which is vital in the treatment of incessant ailments like cardiovascular diseases (CVDs) and therefore is driving the growth of the Healthcare BPO Market during the forecast period 2021-2026.
Technological Innovations Are Expected To Boost The Demand Of Healthcare BPO:
Technological innovations are driving the growth of the Healthcare BPO market. WNS associates with 35+ global healthcare firms to co-create superior care management solutions built by domain expertise, analytics, and the digital way. They work with the payer and provider communities to assist in the exploration of the challenges of an evolving, controlled, cost-intensive, and evidence- and value-based healthcare panorama. Collaborative care management is influenced to enhance patient care while decreasing costs. The wide clinical expertise translates into robust results across utilization management, medical and case management, provider management, claims intake, and adjudication and medical bill review for payers. For providers, end-to-end Revenue Cycle Management (RCM) and clinical management are propelled. The telemedicine solutions, built by digital and analytics, are allowing firms to impel ingenious, economical, and remote care. WNS-HealthHelp, certified by HITRUST and URAC, is a utilization management associate that cooperates with health plan leaders and providers to enhance patient care and recognizes sustained cost savings. These kinds of technological innovations are driving the growth of In Vitro Diagnostics (IVDs) during the forecast period 2021-2026.
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Healthcare BPO Market Challenges
New Hiring, High Installation And Maintenance Costs And Meeting The Customer Expectation In Healthcare BPO Are Challenging:
Different social media channels and heightening competition in the market has led to huge customer expectations which are frequently difficult to meet. The cost of installing and maintaining the systems in healthcare BPOs is soaring high. Accelerated alterations in economic strategies may also hamper the market. Recruiting new hires with the relevant skills for high-end profiles requiring life-science graduates and paramedics with superior knowledge of human anatomy, medical terminologies besides basic knowledge of ailments and treatments, who are career-centric in their respective roles and plan to continue in their careers in the healthcare BPO sector and offering them relevant incentives to retain them in the long-term is challenging for any healthcare BPO. These are some of the issues hampering the growth of the Healthcare BPO Market during the forecast period 2021-2026.
Healthcare BPO Market Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Healthcare BPO Market. Key companies of this market include:
Accenture
Genpact
IQVIA
IBM
Parexel
Cognizant
Tata Consultancy Services (TCS)
Xerox Corporation
WNS (Holdings) Limited
NTT Data Corporation
Acquisitions/Product Launches:
In August 2021, NTT DATA declared the kick-off of a Health and Wellbeing initiative in cooperation with additional NTT Group firms. This NTT point of view signals to raise the significance of Health and Wellbeing at every level, singularly and jointly.
In September 2021, IQVIA, a worldwide provider of progressive analytics, technology solutions, and clinical research services to the life sciences industry, declared that it has included novel AI-powered technologies to improve its current Medical Information (MI) Contact Center services.
Key Takeaways
Geographically, North America Healthcare BPO Market accounted for the highest revenue share in 2020 and it is poised to dominate the market over the period 2021-2026 owing to the powerful reimbursement foundation and the great public and private spending on healthcare for enhanced patient care in the U.S. in the North American region.
Healthcare BPO Market growth is being driven by the accelerated boost in clinical process outsourcing (CPO) and application of federal statutes like the Patient Protection and Affordable Care Act (PPACA) termed conversationally as Obamacare in the U.S. forcing healthcare players to progress towards outsourcing in an attempt to offer superior patient care. However, the burden of failing in the outsourced process and the lack of confidence concerning service/product quality are some of the major factors hampering the growth of the Healthcare BPO Market.
Healthcare BPO Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Healthcare BPO Market report.
Related Report:
Healthcare Outsourcing Market
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