Solid Growth Rate Forecast for Healthcare BPO Market
According to Acumen Research and Consulting’s latest market-research report on the business process outsourcing (BPO) market for the healthcare industry, the healthcare BPO market is expected to grow at a compound annual growth rate (CAGR) of approximately 9.4 percent from 2020 to 2027. Acumen Research also forecasts that the healthcare BPO market will reach a market value of over U.S. $385.8 Billion by 2027.
Acumen defines healthcare BPO as an outsourced business activity or process that provides support to medical institutions, staff, and organizations and the commonly outsourced activities including coding, billing services, transcription, and other processes.
According to Acumen, the global healthcare BPO market is segmented on the basis of services, and geography. Based on services, the market is divided into payer service, provider service, and pharmaceutical service.
The payer service segment is further divided into claim management, integrated front-end services, back-office operations, member management, provider management, billing and accounts management, analytics and fraud management, and HR services.
The provider service segment is further divided into medical billing, medical coding, medical transcription, and finance and accounts.
The pharmaceutical service segment is further divided into research and development, manufacturing, non-clinical service, supply-chain management and logistics, sales and marketing services, and other non-clinical services.
Outlook by Region
By geography, the market is divided across North America, Europe, Latin America, Asia Pacific, and Middle East and Africa.
In 2019, North America held the majority share of revenue for the global healthcare BPO market. According to Acumen, the well-established healthcare infrastructure in North America, along with the presence of a high-income population and trained professionals, are accelerating the market growth.
The increasing number of patients with chronic diseases coupled with the rising geriatric population of the region is contributing to the regional market value, states Acumen The increasing demand for payer service, provider service, and pharmaceutical service in the region is also bolstering the regional market growth.
The Asia-Pacific region is projected to experience the fastest growth with a large CAGR throughout the forecast time frame from 2020 to 2027. According to Acumen, the developing healthcare sector in the region, along with the increasing disposable income and spending on healthcare solutions, are propelling the regional market value. The emerging outsourcing services market is further boosting the regional market value.
Some of the leading companies in the healthcare BPO market are Accenture (Ireland), Eli Global (U.S.), GeBBs, Genpact (U.S.), IBM (U.S.), IQVIA (U.S.), Parexel (U.S.), Sutherland (U.S), Truven Health (U.S), and United Health Group (U.S).
Acumen notes that healthcare BPO companies have announced various mergers and acquisitions, partnerships and collaborations, as well as new product development in order to expand their position in the Healthcare BPO industry. Major players are also moving into new regions along with the advanced technologies for gaining a competitive advantage.
Some of the key observations in the report for the healthcare BPO industry include:
- Microsoft has launched a dedicated program to help health-tech startups flourish in India as the COVID-19 pandemic impacts every aspect of the healthcare system in the country. Microsoft has collaborated with the startup Social Alpha to accelerate the growth of participating startups.
- The Wipro’s Healthcare Business Process solutions for providers and payers improve real-time customer responsiveness, meet regulatory compliance, and provide cost competitiveness. The provider services include EMR Clinical and IT Helpdesk, revenue-cycle management, clinical documentation improvement (CDI), AR, denials management, patient accounting and contact center, corporate business services-finance and accounting, human resources, and 3D imaging reconstruction. The payer services include claims administration services, provider and member contact center services, premium billing and reconciliation, care management, integrated behavioral – clinical program “feet on street” services, mail-room and fulfillment services including imaging, data entry, scanning, EOB, Check, correspondence printing, Fraud, Waste and Abuse (FWA) program integrity services.
- Accenture Healthcare Business Process Outsourcing (BPO) Services help its client in driving breakthrough growth by combining healthcare delivery experience and subject matter expertise with analytics, automation, artificial intelligence (AI), and and talent. It helps providers, payers, and government agencies to increase provider, member, and group satisfaction along with the improve health outcomes, and reduce costs.
- Computer Generated Solutions (CGS) has received the 2020 Customer Experience Innovation Award from CUSTOMER Magazin. CGS supports many of the world’s leading global brands from hospitality, healthcare, retail, technology, and telecom. CGS’s BPO solutions include telesales, technical and customer support, channel enablement, and back-office support.
Those interested may purchase the Acumen Healthcare BPO market report by visiting Acumen here.