Healthcare Business Process Outsourcing or BPO refers to the process in which healthcare providers outsource their non-core functions to third party service providers. The healthcare company does not perform certain kinds of work and instead hires a third party firm to perform such work on its behalf.
The value of the global healthcare BPO market was USD 296.4 billion in the year 2021. This value is expected to reach USD 468.5 billion by the year 2026. The compound annual growth rate or CAGR of this market is projected to be 9.6% in the forecast period.
Rising adoption of outsourcing by the pharma and biopharma companies, increase in clinical process outsourcing, rise of niche services for non-critical tasks such as financing, accounting and customer service and fewer errors by BPO service providers are the main factors driving the growth of this market. Increasing preference of healthcare firms to outsource many of their processes to local BPOs in other to take advantage of similar time zone, language and culture is also an important growth driver.
Lack of significant cost savings tend to discourage healthcare companies from outsourcing their non-core functions. BPO services costing 15-30% more than in-house processes, improper financial planning for hiring BPO services and unforseen expenses commonly prevent cost savings. This is a major restraining factor on the growth of this market.
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On the basis of provider service, the global healthcare BPO market is divided into revenue cycle management, patient care, patient enrolment and strategic planning. Revenue cycle management held the largest share in 2021 and is estimated to remain the largest segment in the forecast period. Increasing government initiatives to adopt RCM solutions, increasing demand for RCM providers in view of rising billing errors and outsourcing of tasks such as verifying and determining health insurance claims are the main reasons for high growth of RCM segment.
On the basis of payer service, the global healthcare BPO Market is divided into claims management, member management, provider management, bill and accounting management, HR services and front-end and back-end operations. Claims management held the largest share in 2021 and is estimated to remain the largest in the forecast period.
On the basis of pharmaceutical service, the global healthcare BPO Market is divided into research and development, manufacturing and non-clinical services. Non-clinical services segment is subdivided into supply chain management, marketing and sales and others. R&D segment is expected to register the highest growth rate in the forecast period.
On the basis of regions, the global healthcare BPO market is divided into North America , Europe, Asia Pacific, Middle East and Africa and South America.
North America is the largest market and is likely to dominate in the forecast period. Reasons attributed are high government investments in healthcare BPO, presence of global BPO service providers in the region and high public and private healthcare expenditure.
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