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Healthcare BPO Market was Valued at US$ 223.59 Bn in 2020 Owing to Rapid Increase in Clinical Process Outsourcing.

Published On 04 Sep 2021 06:40 AM


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Absolute Markets Insights (AMI) reports a robust forecast for the healthcare BPO market during the 2021-2029 period. In its newly released report, AMI anticipates the market will grow at 9.3% over the forecast period owing to increasing investments by healthcare organizations towards adoption of outsourced services for myriad applications. AMI reports that the market stood at a valuation of US$ 223.59 billion in 2020.

Revenue cycle management cycle to retain the Highest Share in Providers Segment over the Forecast Period (2021-2029)

According to Absolute Market Insights report, revenue cycle management held the highest share in 2020 and is further anticipated to retain the highest share during 2021-2029 period in the healthcare BPO market. Healthcare provider organizations are looking forward to reduce cost and simultaneously increase operational efficiency, while simultaneously complying with the changing healthcare regulations, which has led to an increased adoption of revenue cycle management services, thereby contributing towards their highest share in the global market. In the recent years, large healthcare organizations are looking forward to a systematic revenue cycle management for smooth administration such as pre-registration, scheduling of appointments, coding and billing amongst other functions. Most hospitals are also dependent on third party providers to reduce the billing errors, which has a substantial impact on their revenue. Additionally, data security is also a major concern for healthcare BPO organizations which require a secure and private networks to protect the patient’s information. During Covid-19, some healthcare BPO operations were carried out remotely from various locations. Therefore there was a shift from single function operation to multi-function operations, through the adoption of cloud based services which provided easy accessibility, accuracy and efficiency.

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Healthcare BPO market participants sector is investing in various technologies such as artificial intelligence and cloud systems for data analytics. The providers are leveraging analytical solutions like Big Data to enable digital methods & tools to collect, store and track the patients' records which helps providing real-time analysis of a disease and reducing the imprecisions of disease assessments. Additionally, the claims data and electronic health record (EHR) data are being coupled with data analytics to provide transparency and better healthcare services.

Claims Management to Have the Highest Share in Payers Segment over the Forecast Period (2021-2029)

Claims management is a critical activity in the healthcare BPO market. Healthcare organizations are increasingly adopting claims management outsourcing with services such as data entry, administration support services, finance and accounting, support and other services. Advancements in technology and automation such as optical character recognition (OCR) has also helped the claims managements systems to improve efficiency and accuracy as it automates match providers and members. Companies are also focusing on claims processing services to reduce the false claims and eliminate fraud such as forged documents, improvement in customer loyalty with quicker claim settlement. Hence as healthcare industry is constantly developing, effective claims management is being increasingly adopted by healthcare institutions to strategize and manage medical costs and improve customer interactions, which is boosting the segment’s growth in the global healthcare BPO market.  

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Organizations in the healthcare sector are also focusing on marketing analytics, which is anticipated to witness fastest growth rate over the forecast period in the healthcare BPO market. As patients and customers are demanding for convenient and personalized healthcare facilities, healthcare organizations are not only relying on the data from sales representatives but investing in digital media as well. For instance, WNS (Holdings) Ltd offers various marketing analytics services such as digital attribution analysis, market assessment & epidemiology analysis, HCP segmentation & targeting and others.

Asia Pacific to Witness Highest Growth Rate over the Forecast Period

Asia Pacific region is estimated to register highest growth rate in the global healthcare BPO market over the period of next eight years. China dominated the regional market in 2020 whereas India is anticipated to witness substantial growth rate over the forecast period. The expanding healthcare sector along with increasing investments by healthcare organizations towards digitization has enabled faster penetration of healthcare BPO services, which is attributing towards the region’s growth.

Some of the players operating in the global healthcare BPO market are Accenture, Cognizant, Conduent, Inc., Firstsource, GeBBS Healthcare Solutions, Genpact, HCL Technologies Limited, Infosys Limited, Maxicus, Omega Healthcare, Parexel International Corporation, Sutherland Global, Sykes Enterprises, Tata Consultancy Services, WNS (Holdings) Ltd and Xerox Corporation amongst other market participants.

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Global Healthcare BPO Market:

  • By Offering
    • Provider Services
      • Revenue Cycle Management
        • Claims Processing
        • Accounts Receivable Services
        • Others
      • Utilization Management
      • Medical Billing & Coding
      • Analytics & Reporting
      • Case Management
      • Others
    • Payer Services
      • Claims Management
        • Claims Adjudication & Adjustments
        • Claims Audit
        • Fraud Mitigation
        • Others
      • Care Management & Customer Services
      • Provider/Network Management
      • Member Management
        • Billing & Reconciliation
        • Helpdesk & Member Support Services
        • Others
      • Payers Analytics
        • Marketing Analytics
        • Clinical Data and Medical Costs Analytics
        • Others
      • Others
    • Pharmaceutical and Life Sciences Services
      • Research & Development
      • Procurement
      • Finance & Accounting
      • Marketing Analytics
      • Others

 

  • By Organization Size
    • Small and Medium Organizations
    • Large Organizations

 

  • By Region
    • North America
      • U.S.
      • Canada
      • Mexico
      • Rest of North America
    • Europe
      • France
      • The UK
      • Spain
      • Germany
      • Italy
      • Nordic Countries
        • Denmark
        • Finland
        • Iceland
        • Sweden
        • Norway
      • Benelux Union
        • Belgium
        • The Netherlands
        • Luxembourg
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • New Zealand
      • Australia
      • South Korea
      • Southeast Asia
        • Indonesia
        • Thailand
        • Malaysia
        • Singapore
        • Rest of Southeast Asia
      • Rest of Asia Pacific
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • Egypt
      • Kuwait
      • South Africa
      • Rest of Middle East & Africa
    • Latin America
      • Brazil
      • Argentina
      • Rest of Latin America

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Press Release Provided By: Absolute Markets Insights