Healthcare BPO Market Size, Revenue Trends, Company Profiles, Revenue Share Analysis Till 2030

The Healthcare BPO market size is forecast to reach USD 488,202,72 Million by 2030 with a CAGR of 10.20%.

Healthcare BPO is a method in which a healthcare provider outsources non-core activities to an external party. Instead of completing the task themselves, it hires a third-party company to do it for them.

The increasing outsourcing in the life sciences and pharmaceutical industries, the need to contain rising healthcare costs, increased demand for specialist services such as fraud detection and care management, among others, and the necessity for structured processes and documentation in the healthcare business are all driving market expansion. On the other side, some of the key elements anticipated to impede market expansion are worries about data security and privacy as well as the worry of losing visibility and control over company processes.

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The COVID-19 pandemic has had a significant impact on the global economy, which has increased pressure on healthcare facilities to establish a coordinated environment with other hospital units. To improve patient outcomes by concentrating on their core capabilities, healthcare organizations are therefore leaning toward outsourcing their non-core operations, such as claims administration and revenue cycle management, among others. The COVID-19 initiative has had a complex and wide-ranging effect on the BPO sector in the healthcare sector. However, the business has been lucky enough to operate digitally, enabling BPO firms to carry on with little risk to employee health and safety.

Market Segmentation

By Payer Service

Claim management, member management, provider management, billing and accounting management, integrated front-end services and back-office operations, and HR services are the market segments based on payer service.

By Provider Service

The market is divided into three segments based on provider service: patient care, patient enrollment, strategic planning, and revenue cycle management. In 2021, revenue cycle management held the greatest market share, and it is anticipated that it would continue to hold that position during the projection period. The decrease in healthcare expenses, expanding government attempts to integrate revenue cycle management solutions, and rising healthcare industry spending may all be contributing factors to the category growth.

Regional Classification

In 2021, North America held 49.0% of the global market for healthcare BPOs, followed by Europe (30.6%) and the Rest of the World (20.3%). Patent expirations of several blockbuster medications are also expected to impact the revenue of major pharmaceutical corporations in the US and Canada. Several pharmaceutical companies are concentrating on cost reduction through outsourcing in light of these considerations, which is causing the market expansion in North America.

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Competitive Landscape

Healthcare BPO is dominated by many big players including Infosys (India), GEBBS (United States), Hinduja Global Solutions (India), Truven Health (U.S.), and EXLService Holdings. (the United States), IBM (U.S.), Genpact (U.S.), UnitedHealth Group (U.S.), Concentrix (U.S.), Cognizant (U.S.), Conduent, Inc. (U.S.), Parexel (U.S.), IQVIA (U.S.), Capgemini (France), and NTT Data, Inc. (Japan).

Industry News

To deploy ScoreData's nudge engines alongside NTT DATA's artificial intelligence (AI) solutions that forecast risk for early onset of chronic diseases for the health insurance and provider communities, the two parties entered into a multi-year agreement in May 2021.

To accelerate its digital transformation strategy, Xerox Corporation purchased Groupe CT in April 2021. By merging its document management services expertise and leadership with Xerox's portfolio of workplace solutions, the company hopes to increase its market share in North America.

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