Healthcare BPO Industry Superior Growth with CAGR of 12.3% by 2023 | Foremost Players as HCL Technologies Limited, Covance Inc., IBM, Catalent, etc. by MRFR

Market Research Future published a cooked research report on “Healthcare BPO Market Research Report. By Major Industry Trends, Worldwide Business Analysis, Major Segments and Sub segments. Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Most of the modern businesses today use Business Process Outsourcing (BPO) in some way. Some outsource their customer care. Some do the same for their hardware assembling or production. In the medical sector, BPO entered with the jobs of medical transcriptionists. Later various medical and healthcare services started getting outsourced too in order to reduce expenditures. Tasks in the healthcare sector are tedious, and healthcare BPO aims at reducing their complexity.

The purpose of healthcare BPO services is to boost financial performance, enrich resource allocation, and increase the effectiveness of healthcare providers. These services include medical billing & collection medical billing, medical claims processing, medical coding, medical data entry, medical records indexing and more. In near future, the healthcare BPO market is expected to increase due to rising demand for health services from society experiencing population growth, and technological improvements in medical care. In the modern scenario, digital technologies are playing an important role in transformation of all the clusters, ranging from processes regarding electronic records to telemedicine. Medical bills can also have errors, healthcare BPO aims at avoiding critical errors and ensure maximum accuracy in data entry tasks.

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Market Research Future (MRFR) has published a research report about the global healthcare BPO market that estimates 12.3% CAGR (Compound Annual Growth Rate) growth during the forecast period (2017 – 2023). Apart from billing, the BPO professionals ensure highest accuracy rates tasks including (but not limited to) accounts receivable, claims adjudication, medical coding, records indexing, and others.

Key Players:

Accenture

Catalent

Charles River Laboratories International

Cognizant Cyber Securities

Covance

IBM

And others.

Healthcare BPO Market - Competitive Analysis

The Healthcare BPO Market is currently dominated by very few players. IBM is one of them and holds a strong share in the market. IBM is a U.S. based company that manufactures and markets computer hardware and software and offers hosting and consulting services in areas ranging from mainframe computers to nanotechnology. The prime emphasis of the company is on digital revolution by improving data, cloud, and mobile and social security. The company has entered into various collaborations to expand their product portfolio and market share. For instance, in June 5, 2017, IBM Watson Health teamed up with Novartis to use cognitive computing with an aim of improving results in advanced breast cancer research.

Cognizant is also one of the leading providers of BPO services along with information technology, information security, and consulting. In 2017, Cognizant acquired Brilliant Service Co. Ltd. to expand its digital transformation portfolio.

Segments:

The global healthcare BPO market is segmented on the basis of services and region. Service-based segmentation coveres payer services, pharmaceutical services, and provider services. The regional segmentation of global healthcare BPO market covers the Americas (North America and South America), Europe, Asia Pacific, Middle East & Africa (MEA) and rest of the world (RoW).

The Americas dominate global healthcare BPO market due to huge development in healthcare domain and presence of strong economic conditions. Maximum revenue from this region comes from the United States of America (USA) and Canada. In the global market, Europe holds the second position after the Americas. Biggest markets in Europe include France, Germany, Italy, Spain and the United Kingdom (UK). The Asia Pacific, the fastest growing market for healthcare BPO garners maximum revenue from countries such as Australia, China, India, Japan and South Korea. In this region, higher number of cancer patients is increasing demands for various diagnosis & treatment methods. Such demands boost the market growth. In countries such as India, government resolutions are aiming to enhance healthcare services, not only due to a high percentage of population suffering from cancer like illnesses, but also due to the popularity of medical tourism.

Healthcare BPO Market - Regional Analysis

Most of the existing market players are concentrated in the Americas owing to well-established market and high healthcare expenditures. According to the Centers for Medicare & Medicaid Services, in 2015, U.S. healthcare spending increased 5.8% reaching USD 3.2 trillion. Canadian healthcare specifically was stressed by an advancing demographic move. The increase of insurance coverage because of health care reform (Affordable Care Act, 2010) in the U. S. additionally prompted an expansion in health care spending. The North American healthcare BPO market is showing a huge potential to grow due to high adoption rate. Various U.S. based organizations such as Sykes, Cognizant, IBM, QUINTILES, and others are continuously putting efforts to come up with newly advanced technology to curb the surmounting healthcare cost, and other management issues. In current scenario, integration among companies have been observed. For instance, on Feb. 9, 2017, Accenture acquired iDefense Security Intelligence Services business to address enterprise security needs.

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