Healthcare BPO Market Research Report Information By Payer Service (Claims Management, Integrated Front-end Services & Back-office Operations, Member Management, Billing & Accounts Management, Analytics & Fraud Management, and HR), By Provider Service (Revenue Cycle Management, Patient Care, and Patient Enrollment), And By Region (North America, Europe, Asia-Pacific, And Rest of The World) – Market Forecast Till 2030
The healthcare BPO market is projected to grow from USD 247.39 Billion in 2022 to USD 488.28 billion by 2030, exhibiting a CAGR of 10.2% during the forecast period (2022 – 2030).
Market Trends
The increased demand for health insurance and the promise of government support have contributed to the expansion of the BPO sector in healthcare. When receiving government funding, healthcare institutions are more inclined to invest in cutting-edge therapies and outsource a sizable portion of their administrative labor to specialized companies. The need for cost-effective services has led to a growth in the usage of business process outsourcing in the healthcare industry.
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The need to strike a balance between the many factors involved in reducing costs, boosting company profits, and enacting legislation aimed at improving patient outcomes has led to a continuous development of medical care. As a consequence of the constant requirement to enhance patient and customer services while adhering to financial and bottom-line restrictions, novel business models have been established. The ongoing attempts to enhance care coordination and provide better healthcare consumers are related to the expansion of the BPO market for construction.
Due to a variety of variables, such as the rising need for health insurance and assurances of government backing, the healthcare business process outsourcing (BPO) industry has grown quickly. Government incentives have raised expenditure on high-quality medical care, which is anticipated to make up a sizable portion of the global healthcare BPO market. Business activities in the healthcare industry are increasingly being outsourced in order to save costs.
Competitive Analysis
The market players are IBM (U.S.), Genpact (U.S.), Accenture (Republic of Ireland), Infosys (India), GEBBS (U.S.), Hinduja Solutions (India), Truven Health (U.S.), EXL Service Holdings (U.S.), UnitedHealth Group (U.S.), Concentrix (U.S.).
Market Segmentation
The market segments of healthcare BPO, based on payer service, includes claims management, integrated front-end services & back-office operations, member management, billing & accounts management, analytics & fraud management, and HR.
The healthcare BPO market segmentation, based on provider service, includes revenue cycle management, patient care, and patient enrollment.
Regional Analysis
The North American Healthcare BPO market, which is predicted to develop significantly over the course of the research, is expected to reach USD 96.98 billion in 2021. The region’s market grew as a consequence of a well-established healthcare system, an increase in the need for outsourcing to save costs, and prompt and effective outcomes.
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Due to enhanced patient care, a high percentage of claim records, and the region’s high concentration of important businesses like Accenture, the European healthcare BPO industry is the second-largest in the world. The expansion of internally coached experts with specific skills, the affordability of workspace, and the rise in the number of individuals seeking insurance are other factors influencing the development of the healthcare BPO industry in the European area.
From 2022 to 2030, the Asia-Pacific Healthcare BPO Market is anticipated to see the highest CAGR growth. The market’s growth may be ascribed to the region’s growing prominence of key industry participants and the quickly rising awareness levels about outsourcing healthcare IT services. Also contributing to the expansion of the Asia Pacific healthcare BPO market are the rising number of people seeking insurance, the need to cut healthcare delivery costs, the consolidation of the healthcare system, the pharmaceutical industry’s patent cliffs, and the mandated adoption of ICD-10 codes.
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