Healthcare BPO Market is Expected to Grow at a CAGR of 12.3% by 2023

The healthcare BPO provides services such as medical billing & collection medical billing, medical coding, medical data entry, medical records indexing, medical claims processing and others. Technological improvements in pharmaceutical and the rising demand for health services from aging population are driving the healthcare industry. For instance, with digital technologies transforming processes from electronic records to telemedicine, many healthcare providers are delivering services in innovative ways. Additionally, increased profitability, access to skilled workforce, improved patient experience are a few factors responsible for driving the market growth

There are huge financial gains associated with outsourcing as salaries in other foreign countries can be considerably lower than in the United States. Moreover, the materials and actual cost of location for the research center can be cost-effective. Additionally, advantages of outsourcing R&D is also often related to US regulations surrounding R&D. For example, numerous US pharmaceutical companies engage in outsourcing R&D to conduct clinical trials in other foreign countries.

The global healthcare BPO market is expected to grow at a CAGR of 12.3% during the forecast period 2017-2023.

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Major Players in the healthcare BPO Market

Some of the key players in the global market are QuintilesIMS, HCL Technologies Limited, Covance Inc., IBM, Catalent, Inc., PAREXEL International Corporation, Lonza, Infosys Limited, Charles River Laboratories International, Inc., Genpact, SUTHERLAND, and others.

The global healthcare BPO market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.

The Americas is the leading market across the globe on account of constantly increasing patient population, increasing number of health related cases in children, and increasing government support for research in healthcare domain and it is likely to flourish the American market over the review period.

Europe holds the second position in the market due to development in healthcare domain. Europe consist of two regions namely Western Europe and Eastern Europe. Western Europe held the major share of the market, which is majorly contributed by Germany, the U.K., and France. High healthcare income, increasing government support, and well developed healthcare sector are major driving factors of the market. According to the OECD, the healthcare expenditure in Germany was EUR 321 billion in 2014, which is followed by France with healthcare expenditure of EUR 237 billion. The healthcare expenditure of the U.K. in 2014 was EUR 223 billion. Increasing healthcare revenue is the major driving factor for the market growth. Additionally, increasing government support and funding for the development of the facilities have added fuel to the growth of the market.

Asia Pacific is the fastest growing market for healthcare BPO, as a result of rapidly changing healthcare sector and presence of huge opportunities for the development of this market. According to the WHO, in 2013, the per capita healthcare expenditure in Australia was USD 6,110, followed by Japan with USD 3,966. The healthcare spending in China is expected to grow at a rate of 8.8% during 2015-2018. Furthermore, developing healthcare industries & organizations and improving technology have fuelled the market growth.

On the other hand, the Middle East & Africa owns the minimum market share of the healthcare BPO market due to less development in healthcare services.

Segmentation

The global healthcare BPO market is segmented on the basis of services. On the basis of services, it is segmented into pharmaceutical services, payer services, and provider services.

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The healthcare BPO helps remove the complexity of tedious tasks. The healthcare BPO services enrich resource allocation, boost financial performance and increase the effectiveness of healthcare providers. The healthcare BPO provides services such as: medical billing & collection medical billing, medical coding, medical data entry, medical records indexing, medical claims processing and others. Technological improvements in medical care & the rising demand for health services from geriatric population are driving a sea of change in the healthcare industry. Moreover, digital technologies have transformed the processes from electronic records to telemedicine.

However, errors in the healthcare sector, especially in the patient’s medical records can cost lives. Medical bills also contain large number of errors as changing billing rules and regulations are rarely updated on time. Increasing patient inflow result in the occurrence of these types of mistake in the healthcare organizations. Healthcare BPO services can help in avoiding critical billing mistakes as a dedicated team of trained professionals handle medical data entry tasks with maximum accuracy.

Increasing number of healthcare organization, to avoid the critical mistakes in medical billing, and increasing need for cost saving drives the growth of the market. Moreover, increasing number of recovery audits, increasing patient inflow, and increasing prevalence of diseases have provided fuel to the market growth. Furthermore, increasing need a number of medical aspects such as minimizing critical mistakes, the cost saving, number of recovery audits, number of healthcare organizations, patient inflow, demand for niche services, overall demand for delivering better services and better healthcare expenditure have fuelled the growth of the market.

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