The healthcare BPO services enrich resource allocation, boost financial performance and increase the effectiveness of providers. The healthcare BPO provides services such as: medical billing & collection medical billing, medical coding, medical data entry, medical records indexing, medical claims processing, and others.
The global healthcare BPO market size is bound to touch USD 449,623.8 million by 2024. It is expected to display 12.3% CAGR over the forecast period. It is driven by the emphasis placed on patient care and need to curb healthcare expenses. For instance, the healthcare expenditure in the U.S. had reached USD 3.6 trillion in 2018. The need to lower spending and curtail expenses of surgeries as well as lower operating expenses can bode well for the market.
Rising patient inflow, increasing recovery audits, and the need for minimizing critical mistakes are other factors which can induce the demand for healthcare BPOs. The emergence of various hospitals and their need to reduce reliance on government funds and improve their bottomline margins can drive the need for outsourcing services. The development of bots and virtual assistants to handle queries of patients can reduce the load of workers and assist them in focusing on pertinent tasks.
Regional Analysis
The global healthcare BPO market, based on region, is segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas are expected to lead the market owing to the need to curtail unnecessary overhead expenses in hospitals. Complex payor systems and long patient queues for the processing of claims can drive the need for outsourcing services in the U.S. The need to provide high-volume services and the requirement of capital for upgradation of hospital infrastructure can bode well for the global market in the coming years. North America will generate the maximum revenue for the Americas healthcare BPO market.
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Europe accounted for 21.1% share of the global market. The well-developed healthcare infrastructure, disposable income levels of patients, and digital disruption are major factors bolstering market demand. Minimizing critical mistakes is a pivotal factor of the market with companies adhering to latest regulations set by medical boards such as HIPAA.
Competition Outlook
Healthcare BPO companies currently operational include Sykes, HCL, Cognizant, ACCENTURE, IBM, QUINTILES, and INFOSYS.
Segmentation
Based on services, the global healthcare BPO market has been segmented into pharmaceutical services, payer services, and provider services. Pharmaceutical services need to scale its services by focusing on patient care and the development of innovative technologies with the help of machine learning and artificial intelligence. The focus on research and development would require data analytics which can assist companies in making decisions pertaining to vaccines, drugs, and other potential launches.
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