Healthcare BPO Market Overview
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.
Healthcare business process outsourcing enables healthcare organizations to outsource non-essential services and focus on their key expertise. The worldwide healthcare BPO market will grow with a CAGR of 10.20 % and a USD 488,202.72 Million by 2027 in the forecast period. The growing outsourcing in the pharmaceutical and biopharmaceutical industries, the need to contain growing healthcare costs, increasing costs for niche services (like care management and fraud detection services), and the requirement for structured processes and documentation in the healthcare sector are all contributing to the market’s growth.
Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/1335
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.
The Healthcare BPO Market may be geographically divided into North America, Europe, South America, Asia-Pacific, and the Rest of the World. In 2020, North America (Healthcare BPO Market) retained the highest share, accounting for 37 percent of the total market. The improved patient care, high percentage of claim records, and growing concentration of significant firms like Genpact have contributed to the region’s success. Furthermore, the increase in the number of people seeking insurance and the growing number of internally coached professionals for specialized approaches and cost-effective workspace availability are driving the expansion of the Healthcare BPO Market within the North American area.
Furthermore, throughout the projected 2021-2026, the Asia-Pacific region is expected to have the quickest CAGR rate. Factors like a favourable economic growth rate, increased outsourcing to Indian Healthcare BPOs from all over the world, and rising healthcare spending for better patient care are all driving the growth of the Healthcare BPO Market in the Asia-Pacific area.
The healthcare BPO market is growing due to rising outsourcing in the pharmaceutical and biopharmaceutical industries, the need to contain rising healthcare costs, rising demand for niche services (like care management and fraud detection services), and the requirements for structured processes and documentation within the healthcare sector.
A major driving element for the healthcare BPO market is the rise of nearshore outsourcing destinations and access to technology. Companies have begun outsourcing business processes to BPO service providers in the same region because nearshoring allows them to benefit from the cultural, time zone, and language similarities, allowing them to produce higher-quality services.
Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/healthcare-bpo-market-1335
Because healthcare BPO operations entail data transfer between healthcare organizations and BPO service providers, vendors serving the healthcare industry confront a significant problem in developing a secure communication platform. Until secure solutions are provided, this could stymie the healthcare BPO business.
The healthcare BPO market’s growth prospects are projected to be boosted by rising government support via investments and the supply of higher-quality treatment approaches. Additionally, the global healthcare BPO market demand is influenced by the availability of qualified operators in customer care services.
Browse Related Reports at:
Autism Disorder and Treatment Market Research Report- Forecast to 2030
Clinical Laboratory Test Market Research Report- Forecast to 2030
Dental Industry Market Research Report- Forecast to 2030
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.