Healthcare BPO Market is Booming Market set to hit $419.93 billion forecast by 2026

Analysis of Global Healthcare BPO report:

The Global Healthcare BPO Market is expected to reach USD 419.93 billion by 2025, from USD 191.68 billion in 2017, growing at a CAGR of 10.30% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2015 & 2016, the base year of calculation is 2016 and the forecast period is 2018 to 2025.

Definition:

The health care organizations are facing new challenges from an unpredictable global economy, where consumer expectations are growing every day. Major health care providers have been using business process outsourcing (BPO for better processes, speed transactions and reduced costs. Healthcare BPO involves certain job functions, which are done outside a company instead of having an in-house department handling the business operations by healthcare providers, payers and organizations. Healthcare BPO has many advantages like availability of skilled workforce at reduced cost and decrease in training and administrative expense. Moreover, healthcare BPO also provides standard patient care, with reduced cost required for infrastructure.

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Leading Key players profiled in this report are:

Some of the major players operating in the global healthcare BPO market are Xerox Corporation, Hinduja Global Solutions, DSM Pharma, Accenture, Cognizant Technology Solutions, Wipro, Genpact, EXLService, Hewlett-Packard, Catalent, HCL, Conduent, Invensis, Infinit Healthcare, AGS Health, Inc Outsource2india, Omega Healthcare, Pacific Ventures, WNS, TeamHGS, Flatworld Solutions, Taskforce BPO, among others.

Major Market Drivers and Restraints:

• Regulatory changes in the US with the implementation of PPACA
• Pressure to reduce rising healthcare costs
• Shift to ICD-10 coding standards and upcoming ICD-11
• Loss of revenue due to billing errors
• Consolidation increasing in the healthcare industry
• Rising need for structured processes and documentations
• Hidden costs of outsourcing
• Fear of losing visibility and control over the business process

Global Healthcare BPO Market Segmentation:

• The global healthcare BPO market is segmented based on payer service, by provider service and by pharmaceutical service
• Based on payer service, the global healthcare BPO market is segmented into claims management, integrated front-end services and back-office operations, member management, product development and business acquisition (PDBA), provider management, care management, billing & accounts management services and HR services
• On the basis of provider service, the global healthcare BPO market is segmented into revenue cycle management, patient enrolment & strategic planning and patient care. Patient care is further sub segmented into medical transcription, medical imaging and device monitoring.
• On the basis of pharmaceutical service the global healthcare BPO market is segmented into manufacturing services, R&D services and non-clinical services. Non-clinical services are further sub segmented into sales & marketing services, SCM and other non-clinical services. Sales & marketing services are further sub segmented into analytics, marketing services, research, forecasting, and performance reporting.
• Based on geography, the global healthcare BPO market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa.

Competitive Analysis: Global Healthcare BPO Market

The global healthcare BPO market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of healthcare BPO market for global, Europe, North America, Asia Pacific and South America.

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The Global Healthcare BPO market report provides the global market size of the main players in each region. Moreover, the report provides knowledge of the leading markets players within the Global Healthcare BPO market. The industry changing factors for the market segments are explored in this report. This analysis report covers the growth factors of the worldwide market based on end-users. Market opportunities and recommendations for new investments are also encompassed in this report.

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