Healthcare BPO Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3292
Healthcare BPO Market size is expected to grow significantly from 2019 to 2025.
Rise in number of near shore business process outsourcing companies will foster the healthcare BPO market growth. Near shore BPOs provide several benefits such as similarity in time zone, languages and cultures that aid in delivering superior quality services. Thus, several hospitals as well as insurance providing companies have outsourced their operations to BPOs in the same region. Companies focus on reducing the economic risk to protect their outsourced businesses through similar regulation and currency systems that should foster the industry growth in the forthcoming years.
Increasing inclination of healthcare providers towards BPO service companies due to cost effectiveness of the outsourced services will propel healthcare BPO market growth throughout the analysis period. Healthcare BPO industry is experiencing several growth opportunities in developing economies such as China and India as these countries have huge human resource available to carry out multiple outsourced projects in less amount of time. This helps in improving financial performance. Hence, healthcare professionals outsource their healthcare business from developing countries that provide cost-effective business outsourced solutions. However, concerns regarding product or service quality, loss of control over outsourced operations and data security issues may impede the industry growth.
Medical billing segment is anticipated to witness lucrative growth in forthcoming years. Medical billing processes prominently emphasizes on ensuring sustained operations. These operations include tasks from streamlining complex collection processes to overcoming constant failures in reimbursements. Healthcare organizations tend to face hurdles with possibility of losing abundant money each year due to errors, underpricing, missed charges and non-reimbursed claims. Thus, inclination towards outsourcing of medical billing tasks to healthcare BPOs will prove beneficial for the segment growth.
Hospital segment is anticipated to witness substantial growth over the forthcoming years. Currently, healthcare organizations such as hospitals face huge challenges in managing administrative data and clinical data due to fluctuating regulatory requirements and pricing pressure. Outsourcing these business activities reduces the risk of errors and also lowers economic burden of hospitals leading to their efficient performance. Therefore, extensive outsourcing of business activities by hospitals will significantly impact business growth over coming years.
North America healthcare BPO market will witness humungous growth over the forthcoming years. North America healthcare BPO is prominently driven by factors such as lack of in-house expertise in specific procedures, unavailability of cost-effective work force that drives the demand for outsourcing healthcare activities. Furthermore, growing awareness regarding availability of superior quality healthcare BPO services coupled with favorable regulatory scenario should spur the regional market growth in coming years.
Some of the key players operating in healthcare BPO are Cognizant, Accenture, Xerox, Genpact, TCS, Infosys, HCL Technologies Limited, Gebbs, IBM Corporation, Invensis Technologies and IQVIA. For instance, in March 2016, Invensis Technologies showcased its BPO services at NCBFAA 42nd annual conference for customs brokers and freight forwarders. This strategy was aimed to promote their BPO services.
Healthcare BPO Market By Services, 2014-2025 (USD Million)
- Medical coding services
- Medical billing services
Healthcare BPO Market By End-users, 2014-2025 (USD Million)
- Ambulatory Surgical Centers (ASCs)
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- HCL Technologies Limited
- IBM Corporation
- Invensis Technologies Pvt Ltd
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