The size of the Europe Healthcare Business Process Outsourcing (BPO) Market was worth USD 53.32 Billion in 2022 and is poised to reach USD 84.17 Billion by 2027 growing at a CAGR of 9.56% during the forecast period 2022 to 2027.
The main factors driving the growth of this market include the need to reduce the increasing costs of healthcare, improve the efficiency of the healthcare system, the rising outsourcing in the life science industries. The medical sector and its associated facilities aim to decrease the work burden with the help of government initiatives and private sectors to adopt revenue claim management. The adoption of healthcare BPO systems in Europe reduces revenue loss due to billing errors and increases the input of the IT field. Services include revenue cycle management, insurance claim handling, the healthcare payer industry, and outsourcing claim management. Another critical factor is the increase in offshore outsourcing destinations and access to advanced technology.
Factors such as nearshoring offer businesses the advantage of the similarity in culture, time zone, and languages and help them deliver better quality services. Hence companies have started to outsource their business via BPO services in the same region. While outsourcing BPO services has many advantages, such as cheap labor, minimizing socio-economic risks, and easy regulatory systems, increasing the demand for BPO services especially cloud-based BPO technology. Cloud-based BPO services have revolutionized the BPO industry and helped healthcare facilities immensely, develop global delivery models, and provide secure access to data.
Most hospitals currently rely on external providers for the claim refusal service as they lack the expertise and time to manage the whole reimbursement process. However, experts handling claims and insurance processes can handle common errors such as failure to verify insurance, complete claim forms, medical coding errors, and lack of specificity. In 2019, commercial health insurers had an average claims processing error rate of 19%, increasing 2.5% from 2018.
The increase in overall inaccuracy represented an additional 3.8 million erroneous claim payments in 2018 and added an estimated $ 2 billion in unnecessary administrative costs to the health care system. In addition, Germany had the highest rate of patients reporting a lack of follow-up care, and three-fifths (62%) said the hospital had not arranged for follow-up visits with a doctor. Hence, these factors are expected to drive the studied market over the projected period.
On the other hand, the hidden costs associated with outsourcing and the concerns related to the loss of privacy and control over confidential data are expected to hamper the market's growth to some extent in the coming years.
This research report on the European Healthcare BPO Market has been segmented and sub-segmented into the following categories:
By Payer Service:
By Pharmaceutical Service:
Geographically, the German market dominated the European healthcare BPO market by country in 2020, while the United Kingdom is anticipated to show a CAGR of 10.9% during 2022- 2027. The Germany healthcare bpo market will be driven by the growing demand for reduction in total healthcare costs and availability of skilled labor. Additional factors include the need for high-quality patient services, ease of the claim processes, decreased workload and improved efficiency, and the growing senior population in the region.
The France healthcare bpo market is expected to experience an impressive CAGR of 14.5% during 2022 - 2027. This region has more significant growth potential due to reimbursement policies, the consolidation of large healthcare providers, and the increasing pressure on healthcare providers to develop more sustainable health systems. These healthcare BPO services handle a variety of activities ranging from data entry to medical claims processing services, which will provide lucrative opportunities for key players and regional market players to increase their market size.
The United Kingdom healthcare bpo market is expected to account for the majority of 38% of the European healthcare BPO market. Factors such as a large patient base and a well-developed healthcare system will bring in the more efficient and effective use of resources.
KEY MARKET PLAYERS
Top Companies occupied the majority of the shares in the Europe Healthcare BPO Market in the recent past are Infosys BPO Ltd., Cognizant Technology Solutions Corporation, Genpact Limited, Tata Consultancy Services Ltd., Accenture PLC and Xerox Corporation.,
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: firstname.lastname@example.org