According to the report, the Healthcare BPO Market is estimated to be USD 211.57 Billion in 2019 and predicted to rise to USD 337.8 Billion by 2024 with a CAGR of 9.81%. The market is segmented by Provider service, by Payer service and by Pharmaceutical services. Further, the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
The report “Healthcare BPO Market By Provider Service, By Payer Service, By Pharmaceutical Service And By Region - Global Industry Analysis, Size, Share, Growth, Trends, And Forecast To 2024” published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc.
Although, healthcare represents only 5-10% of the total BPO deals in the market which is the relatively low compared to other industries, such as banking, financial services and manufacturing, the potential for growth is high due to the growing demand for quality care.
With the upsurge in the number of people being insured, there is a growing demand for proper healthcare or related services management. This factor is pushing healthcare organizations to outsource certain services to maintain an effective system. Further, the rising pressure to cut healthcare costs, consolidation of the healthcare system, management of patent cliffs faced by pharmaceutical companies, along with the orders to strictly implement ICD-10 codes are the major factors fuelling the North America Healthcare BPO market.
However, concerns in losing control over the outsourced process, lack of confidence in service/product quality, and information security issues, are few factors limiting the growth of North America Healthcare BPO market.
The medical billing sub-segment is expected to represent the largest share of the provider services segment in the current market scenario, owing to an increase in the number of people insured.
The healthcare payer segment of the market is becoming more aggressive in its pursuit of new service delivery models for core business processes. Claims processing, Member management, and provider management are the most frequently needed processes by the payers.
With the ever-growing demand for healthcare, the need for outsourcing the services is expected to provide niche opportunities for IT companies to poach upon. Some of the major players operating in the healthcare BPO market include Cognizant Technology Solutions Corporation (U.S.), Accenture PLC (U.S.), Genpact Limited, Tata Consultancy Services Ltd. (India), Infosys BPO Ltd. (India), Xerox Corporation (U.S.) and Accretive Health, Inc.
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