The Global Healthcare BPO Market is expected to reach USD 419.93 billion by 2025, from USD 191.68 billion in 2017, growing at a CAGR of 10.30% during the forecast period of 2018 to 2025.
Market Segmentation: Global Healthcare BPO Market
- The global healthcare BPO market is segmented based on payer service, by provider service and by pharmaceutical service.
- payer service: the global healthcare BPO market is segmented 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 and HR services.
- provider service: the global healthcare BPO market is segmented into revenue cycle management, patient enrolment & strategic planning and patient care. Patient care is further sub segmented into medical transcription, medical imaging and device monitoring.
- pharmaceutical service: the global healthcare BPO market is segmented into manufacturing services, R&D services and non-clinical services. Non-clinical services are further sub segmented into sales & marketing services, SCM and other non-clinical services. Sales & marketing services are further sub segmented into analytics, marketing services, research, forecasting, and performance reporting.
- Geography: the global healthcare BPO market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others.
The upcoming market report contains data for historic years 2015 & 2016, the base year of calculation is 2016 and the forecast period is 2018 to 2025.
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Global Healthcare BPO Market By Payer Service (Claims Management, Integrated Front-end Services and Back-office Operations, Member Management, Care Management, PDBA, HR Services), By Provider Service (Revenue Cycle Management, Patient Care), By Pharmaceutical Service (Manufacturing Services, R&D Services, Non-clinical Services), By Geography (APAC, Europe, Middle East, Africa, North America & South America) – Industry Trends and Forecast to 2025.
Global Healthcare BPO Market : Definition
Healthcare BPO is a process in which healthcare organization provide business operations to the outside vendors. It helps the companies to be more focused toward the care of patients. Healthcare BPO usually have skilled professionals at low cost without any training and administrative cost. Medical transcription, medical billing, medical coding and healthcare claim processing are some of the other common function of healthcare BPO. Healthcare service providers are dealing with many challenges, which hamper their work on administrative level. Invensis, a HIPAA compliant healthcare BPO services provider has offered customized solutions to remove the difficulties of these processes.
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Major Market Drivers and Restraints:
- Regulatory changes in the US with the implementation of PPACA
- Pressure to reduce rising healthcare costs
- Shift to ICD-10 coding standards and upcoming ICD-11
- Loss of revenue due to billing errors
- Consolidation increasing in the healthcare industry
- Rising need for structured processes and documentations
- Hidden costs of outsourcing
- Fear of losing visibility and control over the business process
Competitive Analysis: Global Healthcare BPO Market
The global healthcare BPO market is highly fragmented and the major players have used various strategies such as:-
- New product launches
- Joint ventures
and others to increase their footprints in this market.
The report includes market shares of healthcare BPO market for :-
- North America
- Asia Pacific
- and South America.
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Major Market Players: Global Healthcare BPO Market
Some of the major players operating in the global healthcare BPO market are: –
- Xerox Corporation
- Hinduja Global Solutions
- DSM Pharma
- Cognizant Technology Solutions
- Infinit Healthcare
- AGS Health
- Inc Outsource2india
- Omega Healthcare
- Pacific Ventures
- Flatworld Solutions
- Taskforce BPO
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