Worldwide Healthcare BPO Market Growth and Trend Forecasts 2021
The global healthcare BPO market is foreseen to witness a substantial growth over the forecast period on account of rising implementation of PPACA (patient protection and affordable care) act coupled with growing initiatives to reduce healthcare costs globally. Furthermore, consolidation of medical systems, complexity in clinical protocols and stringent regulations are expected to open new growth avenues in the near future. Growing patent cliffs towards several pharmaceutical organizations will further drive the growth of this market.
Recently, many companies have started outsourcing their businesses to BPO service providers in order to protect their business processes and on reducing socio-economic risks with an easy access to technology. As per the new report “Global Healthcare BPO Market Research Report- Industry Analysis, Size, Share, Growth, Trends and Forecast
” released by DecisionDatabases.com the introduction of cloud-based business process outsourcing services has revolutionized the outsourcing services by helping healthcare companies to reduce costs, provide safe data access and to develop universal delivery models. Rising adoption of cloud-based BPO is projected to boost market demand in the study period. However, rising concern regarding losing control & visibility over the outsourced business processes, hidden outsourcing costs and increasing doubts about service quality are major challenges, which can negatively impact the growth of the market in the forthcoming years.
In the report the global healthcare BPO market has been segmented based on provider service into medical billing, medical coding, medical transcription and finance & accounts. The medical billing segment has accounted for major market share and is estimated to witness a double-digit growth during the forecast period owing to the increasing consumer preference for insurance and other medical services across the globe. The market has been segmented based on payer service into claims management services, integrated front-end services and back-office operations, member management services, provider management services, billing and accounts management services, analytics and fraud management services and HR services. The claims management segment is a leading payer service segment and is expected to account for the largest market share over the coming years due to the rising amendment of PPACA and increasing pressure to make healthcare more cost-effective globally. Furthermore, the market has been segmented based on pharmaceutical services.
The North America is a major market and is expected to continue its dominance during the forecast period due to the mandatory enactment of ICD-10 codes and amendment of PPACA in the region.
Moreover, positive economic growth rate and the expanding healthcare expenditure in the region will promote healthcare firms to spend more in expertise to simplify healthcare systems, which in turn will increase the demand for the market in this region. Europe is the second-largest market and is estimated to grow at a significant rate over the forecast period owing to the rising initiatives to minimize healthcare delivery costs in the region. Major industry players include Accenture PLC, Accretive Health, Inc., Cognizant Technology Solutions Corporation, Genpact Limited, IBM Corporation, Infosys BPO Limited, Lonza Group Ltd., Quintiles Transnational Holdings, Inc., Tata Consultancy Services Ltd. and Xerox Corporation.
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