Healthcare BPO Market 2022
Healthcare BPO or healthcare business process outsourcing is the practice of contracting a specific work process or processes to an external service provider. The shift to value-based care changed the fundamental dynamic of healthcare purchasing and delivery, respectively. Due to digitalization, smartphones, texting, social media, and increased online engagement have made it easy for consumers to compare prices and plans, receive recommendations, and read reviews from experiences shared on sites than ever before. However, clinical process outsourcing (CPO), an aspect of business process outsourcing (BPO), will continue to increase, finding mainstream applications in broader ranges will drive the market.
The favorable regulatory changes, the pressure to reduce rising healthcare costs, and increasing consolidation in the healthcare industry are anticipated to drive the global healthcare BPO market growth. In addition, increasing adoption of healthcare BPO services is seen in hospitals and healthcare systems that allow privacy of patient information, network security, fraud detection and management, and medical transcription. The growing demand for these services is primarily driven by the need to address the challenges of a regulated, evolving, cost-intensive, and value-based healthcare landscape. The utilization of healthcare BPO services has resulted in higher workflow efficiencies and increased quality of patient care. However, hidden costs of outsourcing and security concerns are expected to restrict the market growth.
Global Healthcare BPO Market is expected to register a CAGR of 12.74% during the forecast period and is expected to hit USD 78,793.0 Million by 2027.
Major Key Players:
healthcare bpo companies are—IBM (US), Accenture (Republic of Ireland), Cognizant (US), Infosys (India), Capgemini (France), GEBBS (US), Genpact (US), Parexel (US), IQVIA (US), Truven Health (US), United Health Group (US), NTT Data, Inc. (Japan), Concentrix (US), Conduent, Inc. (US), EXLService Holdings In. (US), and Hinduja Global Solutions (India).
Global Healthcare BPO Market has been divided based on Payer Service and Provider Service.
Based on payer service, the market has been segregated into claims management, integrated front-end services and back-office operations, member management, provider management, billing and accounts management, analytics and fraud management, and HR. The claims management service is further sub-segmented into claims adjudication services, claims settlement services, fraud detection and management, information management services, claims repricing, claims investigation services and claims indexing services.
Based on provider service, the Healthcare BPO Market has been divided into revenue cycle management, patient care, and patient enrollment.
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Global Healthcare BPO Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and Middle East & Africa. The Americas is likely to account for the largest share of the global healthcare BPO market during the assessment period due to the well-developed technology, high healthcare expenditure, and the presence of the leading players. People in this region are health-conscious, which adds fuel to the increasing healthcare spending. Thus, to manage the increasing healthcare revenue, the need for healthcare BPO services has increased. The Europe market is expected to register substantial growth in the market because of the well-developed technology, the presence of the leading players, and high healthcare expenditure. Asia-Pacific is estimated to be the fastest-growing region globally due to the rapidly changing healthcare sector and the presence of huge development opportunities for the market. For instance, the healthcare spending in China was expected to grow at a rate of 8.8% during 2015-2018. The Middle East & Africa accounts for the least share of the global market due to poor and slow developing countries, especially in Africa.
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