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Robust Growth of Healthcare Bpo Market Size Report, Share, Revenue, and Growth Rate Forecasted to 2031 | IBM Corporation, Genpact Limited, Cognizant, Capgemini

05-24-2024 12:37 PM CET | Media & Telecommunications

Press release from: Coherent Market Insights

Healthcare Bpo Market

Healthcare Bpo Market

Market Overview:

The healthcare BPO market involves business process outsourcing services for the healthcare industry including medical billing, medical coding, medical transcription and other back-office functions. These services help healthcare providers and insurers to streamline operations and reduce costs.

Market Dynamics:

The healthcare BPO market is expected to witness significant growth over the forecast period owing to rising healthcare costs and focus on reducing administrative expenses. Healthcare costs have been rising considerably which is prompting providers and insurers to adopt BPO services to improve efficiencies. Additionally, demand for medical coding and billing services is increasing with growth in medical claims processing requirements. Furthermore, regulatory mandates regarding maintenance of electronic health records and transition to value-based care models are augmenting the need for outsourcing non-core healthcare functions to specialized BPO providers. This is anticipated to propel the healthcare BPO market growth during the forecast period.

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Moreover, it will also include the opportunities available in micro markets for stakeholders to invest, a detailed analysis of the competitive landscape, and product services of key players. Analysis of Healthcare Bpo companies, key tactics followed by Leading Key Players:

◘ Parexel International
◘ IQVIA
◘ IBM Corporation
◘ Genpact Limited
◘ Cognizant
◘ Capgemini
◘ Sutherland Healthcare Solutions
◘ GeBBs Healthcare Solutions
◘ UnitedHealth Group Incorporated
◘ among others.

Segment Details Analysis

By Payer Service: Human Resource Management, Claims Management, Customer Relationship Management (CRM), Operational/Administrative Management, Care Management, Provider Management, and Other Payer Services
By Provider Service: Patient Enrolment and Strategic Planning, Patient Care Service, and Revenue Cycle Management
By Pharmaceutical Service: Research and Development, Manufacturing, Non-clinical Services, Supply Chain Management and Logistics, Sales and Marketing Services, and Other Non-clinical Service
Cost Savings remains one of the key drivers for Healthcare BPO Market

As the healthcare costs continue to rise across the globe, cost reduction has become one of the prime focus areas for healthcare providers and payers. Adopting business process outsourcing model allows the healthcare organizations to leverage the offshore capabilities and economies of scale of the BPO vendors to optimize their operational costs. Outsourcing non-core operational processes such as medical billing & coding, medical transcription, claims management etc. to specialized BPO vendors have demonstrated significant cost savings ranging between 15-30% for the healthcare organizations. The labour arbitrage combined with process optimization undertaken by the BPO vendors contributes majorly to these cost savings. As healthcare organizations look to trim down their operational expenditures without compromising on quality and compliance, healthcare BPO is expected to witness increased adoption to achieve targeted cost efficiencies.

Focus on core competencies and business growth drives outsourcing

With the ever evolving regulatory landscape and growing complexities in healthcare infrastructure, focusing on core clinical and care delivery aspects have become crucial for healthcare providers and payers. However, non-clinical support functions often demand significant management time and resource investments distracting them from their main priorities. Leveraging capable BPO partners allows the organisations to free up their bandwidth to concentrate on core service delivery and strategic growth initiatives. Outsourcing non-core operations help reallocate resources towards demand generation, service quality improvement and innovation. This positively impacts organisations' overall growth trajectory. As healthcare players look to scale up their business amid rising operational pressures, outsourcing non-critical functions remains an attractive strategy.

Data localization and privacy regulations pose challenges

A major deterrent impacting the healthcare BPO industry is the stringent data privacy and localization laws prevalent across regions. Countries are imposing strict regulations around storage, access and movement of sensitive patient data to ensure privacy and security. For instance, European Union's General Data Protection Regulation (GDPR) and Health Insurance Portability and Accountability Act (HIPAA) in US mandate that healthcare organizations tightly control and manage patient data. Such compliances pose operational challenges for global healthcare BPO vendors requiring them to establish local data centers or ensure all data processed remains within jurisdictional boundaries. Additionally, ambiguity around interpretation of certain clauses increases compliance complexities. While data protection is essential, inconsistencies across regulations potentially impact the scalability and cost benefits of healthcare BPO models.

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Digitization ushers lucrative opportunities

Digital technologies are massively transforming the global healthcare landscape opening new opportunities for stakeholders. Emergence of telehealth, remote patient monitoring, AI/ML driven clinical and administrative solutions are revolutionizing care delivery models. Leveraging cutting-edge digital frameworks, healthcare BPO vendors are developing next-gen solutions spanning clinical trial support, fraud detection, population health management, predictive analytics etc. These solutions augment capacities of care providers, payers as well as life sciences companies to drive better outcomes. Healthcare BPO market stands to gain significantly by capitalizing on digitization wave through value-added digital offerings. It enhances their positioning as strategic partners supporting end-to-end transformation journeys of healthcare enterprises.

Artificial intelligence drives new efficiencies and applications

Artificial intelligence is rapidly gaining ground in the healthcare industry as a way to improve operations, enhance patient outcomes as well as discover new treatment approaches. Leading healthcare BPO vendors are leveraging AI capabilities across various healthcare processes and functions to deliver enhanced efficiencies. For instance, AI powered automated coding is streamlining medical billing procedures through standardized, high quality coding. Similarly, robotic process automation is optimizing back-end claim management and administration tasks. Advanced analytics and machine learning applications are driving more personalized, predictive and preventive care models. As AI capabilities mature further, new frontiers around drug discovery, clinical research trials, precision medicine, virtual assistants etc. are emerging. The healthcare BPO industry is well placed to ride on the AI wave and develop ground breaking, value added solutions that support AI enabled transformation of the broader healthcare ecosystem.

The Study Objectives are:

A comprehensive insight into key players operating in the Healthcare Bpo Market and their corresponding data.
It includes product portfolio, annual revenue, expenditure on research and development, geographical presence, key developments in recent years, and growth strategies.
Regional analysis, which includes insight into the dominant market and corresponding market share.
It also includes various socio-economic factors affecting the evolution of the market in the region.
The report offers a comprehensive insight into different individuals from value chains such as raw materials suppliers, distributors, and stockholders.
Table of Contents:

Market scenario 2024

Chapter 1: Introduction, Market Driving Force Product Objective of Study and Research Scope the Healthcare Bpo market
Chapter 2: Exclusive Summary - the basic information of the Healthcare Bpo Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends, and Challenges & Opportunities of the Healthcare Bpo
Chapter 4: Presenting the Healthcare Bpo Market Factor Analysis, Supply/Value Chain, PESTEL analysis, Market Entry, and Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User, and Region/Country 2024 - 2031
Chapter 6: Evaluating the leading manufacturers of the Healthcare Bpo market which consists of its Competitive Landscape, Peer Group Analysis, Market positioning & Company Profile
Chapter 7: To evaluate the market by segments, by countries, and by Manufacturers/Companies with revenue share and sales by key countries in these various regions (2024-2031)
Chapters 8 & 9: Displaying the Appendix, Methodology, and Data Source

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Key Questions Answered:

What is the market size and CAGR of the Healthcare Bpo Market during the forecast period?
How is the growing demand impacting the growth of Healthcare Bpo Market shares?
What is the growing demand of the Market during the forecast period?
Who are the leading vendors in the market and what are their market shares?
What is the impact of the COVID-19 pandemic on the APAC Healthcare Bpo Market?

Contact Us

Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame,
CA 94010, United States
Phone: US +12067016702 / UK +4402081334027
JAPAN:+81-50-5539-1737
INDIA:+91-848-285-0837
Email: sales@coherentmarketinsights.com

About Coherent Market Insights

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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