Healthcare BPO Market Outlook:
Healthcare BPO Market is expected to grow 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 and training centers are contributing to the growth of the healthcare and life sciences industry thereby fueling the demand for medical process outsourcing. Factors that are responsible for the growth of the market include a rapid increase in clinical process outsourcing (CPO), implementation of PPACA compelled healthcare players to move toward outsourcing, and fewer errors in several non-critical functions, like finance and accounting, customer care services, etc.
The cloud-based BPO is also a growing trend in the market, which is developing business outsourcing processes, helping healthcare organizations to 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 the processes with low expenditure costs.
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Market Segmentation:
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
Regional Share Insights
North America holds the dominant market share for healthcare BPO in 2018, and it is expected to maintain the growth over the forecast period, 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, cloud computing increasing government initiatives, and improvements are some of the factors driving the growth of the healthcare BPO market in this region.
The Asia-Pacific healthcare BPO market is growing at the highest CAGR during the forecast period (2020-2027), owing to rising demand in emerging countries such as India. Factors like a mature pharmaceutical and medical education system, low-cost base, large English-speaking population; large talent pool, and diverse set of business process outsourcing (BPO) providers including local and multinational BPO companies are driving outsourcing in healthcare in India.
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Recent Developments in the Industry:
- In May 2019, MiraMed Global Services, Inc. (MiraMed), a leader in healthcare revenue cycle management (RCM) services and business process outsourcing (BPO) solutions, completed its merger with Medac, Inc., a leading provider of anesthesia revenue cycle management.
- In January 2019, Conduent Inc acquired Health Solutions Plus, a major developer of healthcare payor administration solutions. The acquisition enables Conduent to better serve current and prospective commercial and government payer clients with core administration processing technology.
- In March 2018, Cognizant acquired Bolder Healthcare Solutions, a privately-held provider of revenue cycle management (RCM) solutions to hospitals, physician practices, and other specialist healthcare organizations in the United States.
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