Health crises like the current COVID-19 pandemic keep healthcare facilities and professionals quite busy, providing less time for data management tasks. Business process outsourcing services serve as a great relief for healthcare providers to reduce their administrative and back office burden. According to a recent report from Markets and Markets, the healthcare BPO market is estimated to grow at a CAGR of 10.2% from 2017 to 2022 to reach $312.43 billion by 2022, which was $191.68 billion in 2017.
The target audience of this market includes vendors/service providers, healthcare service providers, health insurance companies, business research and consulting service providers and research institutions.
The research report categorizes the global market by payer service, provider service, pharmaceutical service and geography.
By payer service, the market is divided into –
- Claims Management
- Integrated Front-end Services and Back-office Operations
- Member Management
- Product Development and Business Acquisition (PDBA)
- Provider Management
- Care Management
- Billing & Accounts Management Services
- HR Services
The product development & business acquisition services segment is expected to grow at the highest CAGR during the forecast period. With an increasing number of people enrolling in health plans, many payers outsource PDBA services to third-party authorities as they find it difficult to handle on their own the increase in volume and the risk associated with possible losses.
By provider service, the market includes –
- Revenue Cycle Management
- Patient Enrollment & Strategic Planning
- Patient Care
- Medical Transcription
- Medical Imaging
- Device Monitoring
Owing to factors such as decreasing reimbursements in the healthcare industry, reduction in the overall healthcare costs, initiatives undertaken by governments for implementing RCM solutions, and increasing expenditure by the Healthcare IT industry, the revenue cycle management segment is expected to grow at the highest CAGR during the forecast period.
By pharmaceutical service, the market is divided into –
- Manufacturing Services
- R&D Services
- Non-clinical Services
- Sales & Marketing Services
- Marketing Services
- Performance Reporting
- Other Non-clinical Services
- Sales & Marketing Services
Here, the non-clinical services segment is expected to account for the highest CAGR during the forecast period. The growth is based on factors like pricing pressure and the requirement of large field forces that have further contributed towards the emergence of contract sales organizations in the pharmaceutical industry.
Geographically, the market is segmented by source region and destination region.
By Source Region
By Destination Region
- Middle East
Based on factors like a mature pharmaceutical and medical education system, large English-speaking population, low-cost base, large talent pool, and diverse set of business process outsourcing (BPO) providers, including local and multinational BPO companies, India possesses lucrative growth potential in the healthcare BPO market.
The key players in the healthcare BPO market are Cognizant (US), Accenture (Ireland), Xerox (US), Genpact (Bermuda), TCS (India), and Infosys (India). These players focused on inorganic strategies such as acquisitions, agreements, and collaborations as well as organic strategies such as product launches and expansions to sustain their growth in the market.
Healthcare providers can consider partnering with reliable business process outsourcing companies that provide diverse solutions ranging from data entry services to back office support and transcription services.
Read our blog on Healthcare BPO Market to Reach USD 420.76 Billion by 2027