Healthcare Bpo Market: Global Size, Industry Trends, Leading Players - Accenture
Posted by Faraz on November 27th, 2019
The global Healthcare Bpo Market is expected to grow at a significant rate during the forecast period. Healthcare BPO is used to be a strategy to cut cost and then for a time, the growth of healthcare BPO industry has slightly slowed down as more organizations underwent mergers and acquisitions. Newly formed parent systems started to build Central Billing Offices for bringing revenue cycle tasks in-house. However, there is an increasing need for balancing the overwhelming need to keep up with a rapidly changing industry with the growing expectations of the patient. Increasing mandates throughout the healthcare industry are encouraging more systems to adopt healthcare revenue cycle BPO services.
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The implementation of the Affordable Care Act has resulted into a large pool of new patients with insurance coverage. This is implemented for helping individuals who receive healthcare coverage in the US against tighter rules on what kind of healthcare coverage may be offered to such individuals. The act regulates insurance companies to improve healthcare coverage by offering huge benefits to individuals who obtain such coverage. Further, the implementation of ICD-10 codes offers numerous expansion opportunities for the growth of the healthcare BPO market. ICD- 10 provides standard for clinical data, claims processing, public health reporting, and clinical documentation and enhance clinical documentation, which help physicians in analyzing patient details, thereby leading to better care coordination and health outcomes.
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Benefits of Healthcare Outsourcing
Increased Profitability: One of the most lucrative benefits of healthcare BPO services is that it helps companies save around 30% to 60% of the costs that would be otherwise spent on local resources. One of the major regions for bringing in huge savings, helping institutions/hospitals/clinics increase their profit margins is by accessing low-cost manpower and infrastructure through healthcare BPO.
Access to Skilled Workforce: Another major benefit offered by healthcare BPO services is the availability of a skilled workforce that can take projects of any size and complexity. This has major benefitted India as compared to other outsourcing destinations, as India has a surplus pool of professionally trained workforce.
Reduction in Staff Acquisition and Training Costs: outsourcing partners handle a team of professionals hence reduce the cost of acquiring excess staff and training them to a great extent.
Such benefits offered by healthcare outsourcing propels the pharmaceutical firms to adopt outsourcing services; thereby, spurs the growth of the global healthcare BPO market.
Global Healthcare BPO Market Segmentation
Global Healthcare BPO Market Segmentation by Region
Rest of the World
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Source: Global Healthcare Bpo Market
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About the AuthorFaraz
Joined: November 26th, 2019
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