Healthcare BPO Services Market value 2023: Future Trend Analysis Report

Posted by Shiva on July 25th, 2019

Healthcare BPO Market Introduction:

Healthcare BPO is a process that includes the business process outsourcing of particular operational requirements to most suited third-party vendors. Healthcare BPO is a solution for clients to adopt intelligent approaches that will support the organization by reducing the price pressures and elevating the overall productivity. Healthcare BPO market provides different solutions like customer account setup, front end services, billing and account receivables, enrollment services, provider network services, claims services, membership services, Medicare services, and pharmacy benefits management.

Healthcare BPO Market Size Growth Rate Analysis:

Healthcare BPO Market value is projected to reach USD 337.8 Billion by 2023 from USD 211.57 Billion in 2018, growing at a CAGR of 9.81% during the forecast period 2018–2023

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Healthcare BPO Market Drivers and Restraints:

Healthcare BPO market is initially driven by a few significant factors such as lack of in-house trained professionals for specific processes, cost-effective availability of workforce, and lack of industry knowledge. In addition to this healthcare BPO market also observes high growth owing to the increased government regulations to reduce the overall healthcare costs. Healthcare BPO is efficient in handling errors in finance, accounting; provides efficient customer care services to clients, and reduce the infrastructure cost for the customers. Nevertheless, with the ongoing trends in the healthcare BPO, the customers face challenges in data security & reliability, rising regulatory compliance, and handling a massive amount of healthcare data restricts the growth of the healthcare BPO market.

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Detailed Segmentation of the Market:

By Payer:

•         Claims management
•         Integrated front-end services and back-office operations
•         Billing and accounts management
•         Member management
•         Provider management
•         Analytics and fraud management
•         Human resource

By Pharmaceutical services:

•         Research and development
•         Manufacturing
•         Non-clinical functions

Geographical Segmentation:

•          North America
•          Europe
•          Asia-Pacific
•          Latin America
•          Middle East & Africa

Regional Growth Analysis:

At present, North America holds a dominating position in the healthcare BPO market, followed by Europe. Following North America, European countries are also expected to show steady growth in the healthcare BPO market.

Leading Players Operating in the market:

Some of the key players operating in the healthcare BPO market are Accenture, HCL Technologies Limited, Eli Global, Gebbs, Genpact Limited, IBM Corporation, Parexel, QuintilesIMS Inc., Sutherland, Truven Health, Hewlett-Packard Inc., United Health Group, Lonza Group Ltd Cognizant Technology Solutions Corporation, Tata Consultancy Services Ltd, Infosys BPO Ltd., Xerox Corporation, Accretive Health, Inc, and many others.

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