Healthcare BPO Market projected to grow with significant CAGR over the forecast period

Healthcare BPO Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2013-2016 and Forecast 2017-2024

How Healthcare BPO is changing the market

Healthcare BPO Market: Healthcare providers select BPO (Business Process Outsourcing) for their outsourcing process for specific business procedures. These third party vendors are carefully selected to ease the workload on the healthcare providers and spent their less time on the clerical work. It helps in focusing on patient care and allows the hospital and medical professionals to spend their time where it is exactly needed; with the patient. Healthcare BPO market increases overall productivity and has an intelligent approach towards the organization. Healthcare BPO market also provides front-end services, customer account setup, billing and account receivables, Medicare services, membership services, pharmacy benefits management, provider network services, etc.

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Global healthcare BPO Market has setbacks which includes unavailability of in-house trained professionals for designated processes, lack of industry knowledge and cost-effective availability of workforce. With healthcare being expensive, the pressure to reduce delivery costs, high volume of insurance seeking patients, patent expiration, implementation of the ICD 10-codes and lower cost of manufacturing cost in developing countries are some major hindrances for the healthcare BPO market. But with the ongoing demands in the healthcare BPO, new challenges have surfaced from customers point of view ranging from data security, numerous data entries, decreased quality of services, insecurity for the data are some factors hampering the healthcare BPO market growth.

Global healthcare BPO market is categorized on the basis of service providers, payer services, pharmaceutical services, end-users and geographical regions. According to the way it is processed, working from the start point till the very end, these driving points will explain the problem arising in the healthcare sector.

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1. Service providers:

• Medical Billing
• Medical Coding
• Medical Transcription
• Finance & Accounts

2. Payer services:

• Integrated Front-end Services and Back-office Operations
• Provider Management
• Claims Management
• Billing and Accounts Management
• HR
• Analytics and Fraud Management
• Member Management

3. Pharmaceutical services:

• Manufacturing
• Research and Development
• Non-clinical Services includes supply chain management and Logistics, sales and marketing and Human resources, Finance and accounts and IT industries.

4. End-users

Hospital, Clinics, public services, Pharmaceutical Companies and others.

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With increase in digitalization of the technology, the development of IT healthcare sector is a must. Owing to same, insurance companies have more amount of work to do since, geriatric population have lot of health problems such as cardiovascular diseases, respiratory disorders, orthopedic issues, cancers, etc. with so much data to store and to work on, technology, skilled professionals and infrastructure is the need of the healthcare payer BPO market.

Also when based on geographical regions for healthcare BPO market, there are 5 main regions namely- North America, Latin America, Europe, Middle-East and Africa and Asia Pacific. With North America leading its way in the healthcare BPO market followed by Europe, Asia-Pacific region is slowly making its place in the Healthcare BPO market. The changing scenario of large amount of data, rising trends and demands in the sector, IT healthcare and cloud computing. It is forecasted that in following years, Asia-Pacific region will show tremendous increase in the growth of Healthcare BPO market. Among all the given factors, increasing awareness in various healthcare IT solutions and increase in the number of companies plays a significant role in the creating the healthcare infrastructure strong.

Some of the leading names in the Healthcare BPO market are Accenture, Eli Global, IBM Corporation, Genpact Limited, Lonza Group Ltd, Cognizant, United Health Group, Tata Consultancy services Ltd, Infosys Limited, etc.

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