The healthcare industry is facing many challenges and this is due to medical administrative services including office work behind healthcare, such as keeping records and billing patients and insurance companies. These activities can slow down the working of the sector. Many companies have come up with business process outsourcing (BPO) solutions which help lighten these tedious tasks. By partnering with an experienced business process outsourcing company, the healthcare sector can save time, manpower and effort. Healthcare BPO provides the healthcare sector with innovative technologies, deep knowledge about various business processes and sophisticated tools related to analytics. Healthcare BPO services and healthcare support services helps enrich resource allocation and boost financial performance. In addition, it helps healthcare providers to reduce administration costs, focus on their core competencies and increase profitability.
Some of the healthcare BPO services are medical billing and collection, medical records indexing, medical data entry services, medical claims processing services and revenue cycle management services. Factors such as constant changes in government regulations and mounting pressure on healthcare providers to reduce healthcare costs are leading to rising consolidation in the healthcare BPO industry. According to the Digital Journal, the global Healthcare BPO market is anticipated to reach US$ 68,198.3 Mn in 2025 from US$ 35,818.9 in 2017. The market is estimated to grow at a CAGR of 8.6% from 2018 to 2025.
The Healthcare BPO Market is divided based on type, end-user and regions. On the basis of type, the market is sub-divided into payer service, provider service, and pharmaceutical service. On the basis of regions, the United States dominates the market for healthcare BPO due to the presence of strong reimbursement framework, high public and private healthcare expenditures and a high percentage of claim records, followed by Europe and Asia-Pacific.
The key players in the market are Charles River Laboratories International Inc., HCL Technologies Limited, Accenture, Infosys Limited ,Eli Global, Gebbs, Lonza, Genpact Catalent Inc., IBM, Covance Inc., Parexel, Quintiles, Sutherland, United Health Group and Truven Health.
The key development in the healthcare BPO market is that as on April 2017, GeBBS Healthcare Solutions, Inc. has become the latest member of the Healthcare Administrative Technology Association (HATA).
The Healthcare BPO Market Report provides information on
- Recent and future healthcare BPO market outlook in the developed and emerging markets
- Analysis of various perspectives of the market
- The segment that is anticipated to dominate the market
- Regions that are anticipated to witness the fastest growth during the forecast period
- The latest developments, market shares, and strategies employed by the major market players.