U.S. Healthcare BPO Market

The United States Healthcare BPO Market Size (2024 to 2029)

The size of the U.S. healthcare BPO market is predicted to grow at a CAGR of 8.11% from 2024 to 2029.

The rising pressure to curb growing healthcare costs in the United States propels the U.S. healthcare BPO market growth. The growing adoption of technological developments and increasing investments in developing further the infrastructure among hospitals, clinics, and diagnostic centers are increasing costs for diagnosis and treatment procedures. These increasing costs are unaffordable to some people in the U.S., and to counter this issue, hospitals are seeking ways to reduce healthcare costs.

The growing patient population suffering from chronic diseases and the increasing aging population in the U.S. are expected to boost the U.S. healthcare BPO market. Chronic diseases such as cancer, diabetes, and cardiovascular cases are increasing in hospitals resulting in increasing hospital admissions and may require sufficient healthcare facilities to give proper treatment. Collecting all the data related to the disease and the medical report are the main factors for providing proper treatment; these data inputs help hospitals plan their strategic growth plans.

The growing awareness and adoption of healthcare insurance policies by the U.S. population and the increasing adoption of telehealth are further expected to boost the U.S. healthcare BPO market growth. Owing to the high costs associated with the treatment procedures, people prefer to take insurance policies that help reduce the treatment cost. Several forms must be submitted regarding the patient's health condition to the insurance company, which is linked with the hospital, for the patient to submit their bills. These tasks are performed by healthcare BPOs and reduce the burden on hospital management.

However, the lack of data security and confidentiality about the companies is hampering the healthcare BPO market growth in the U.S. The data about the healthcare organization/hospitals is given to third parties, such as healthcare BPO for performing a specific task which may lead to data misuse. The other factor impeding market growth is the need for more skilled professionals, providing less accurate data, and making wrong decisions due to a lack of knowledge.

This research report on the U.S. healthcare BPO market has been segmented and sub-segmented into the following categories:

By Provider Service:

• Medical Billing
• Medical Coding
• Medical Transcription
• Finance & Accounts

By Payer Service:

• Claims Management
• Integrated Front-end Services and Back-office Operations
• Member Management
• Provider Management
• Billing and Accounts Management
• Analytics and Fraud Management
• HR Services

By Pharmaceutical Service:

• Research and Development
• Manufacturing
• Non-clinical Services
  • Sales and Marketing services
  • Supply Chain Management
  • Other Non-Clinical Applications

Country Analysis:

The U.S. held the major share of the North American market in 2022. The dominating trend is expected to continue during the forecast period owing to the growing number of BPO (Business process outsourcing) companies and the increasing use of advanced technologies in the healthcare sector. These BPO companies help manage significant healthcare tasks and provide a cost-effective solution to the organization or hospital. In addition, the presence of a highly qualified team and professional persons in different streams provides an improvement in a particular healthcare organization with minimal investment. In recent years increasing adoption of healthcare BPO by several hospitals to maintain specific tasks such as medical coding, medical transcription, and data management to better their reputation and reduce flaws support the market growth in the region. Data entering and management plays a significant role in hospitals as all the quality data helps for future purposes. Collecting the data from the patient for the treatment purpose without any errors in their personal information and disease information helps the healthcare provider to give better treatment. Cleaning unwanted data also helps save time while making decisions during treatment. The healthcare BPO can perform all these tasks.

KEY MARKET PLAYERS:

Companies that are playing a promising role in the United States Healthcare BPO market are Cognizant Technology Solutions Corporation (U.S.), Accenture PLC (U.S.), Genpact Limited, Tata Consultancy Services Ltd. (India), Infosys BPO Ltd. (India), and Xerox Corporation (U.S.).