Global Healthcare BPO Market - 2023-2030
The Global Healthcare BPO Market reached US$ 200.2 billion in 2022 and is expected to witness lucrative growth by reaching up to US$ 425.8 billion by 2030 exhibiting a CAGR of 10.2% during the forecast period (2023-2030).
Business process outsourcing (BPO), often known as healthcare BPO services, is a solution that is becoming more and more popular for medical organizations looking to simplify operations and cut expenses. Utilizing the skills of specialized vendors entails outsourcing particular jobs like medical coding and billing, claims processing, customer service assistance, data entry/management, and many other facets of running a successful practice or hospital.
Healthcare providers can gain from increased accuracy while saving significant resources that would otherwise need to be allocated internally to administrative tasks like filing papers or manually entering data points into databases by contracting out these services.
Market DynamicsTechnological Advncements is Boosting the Global Healthcare BPO Market Growth During The Forecast Period
Healthcare providers have the chance to have a big, lasting influence by delivering a superior customer experience. By understanding the customer journey, anticipating the communication process, and implementing cutting-edge technologies, healthcare service providers can offer clients peace of mind and memorable experiences that promote customer loyalty, customer and agent satisfaction, and positive brand perception.
Healthcare organizations interact daily with a variety of patients and manage a variety of consumer data points. To gather this data (insurance information, prescription information, previous health records, and patient health information) and save them in the appropriate formats, organizations need a flexible chain of operations.
Active Key Players Provides the Global Healthcare BPO Market Growth Opportunities
For instance, in September 2022, Surgical Solutions, a provider of the on-site operating room and sterile processing support, awarded a group-purchasing agreement for outsourced surgical services with Conductiv. The new agreement, which goes into effect on August 15, 2022, enables Conductiv members to benefit from the Conductiv Agreement's price and terms for integrated, on-site surgical assistance.
COVID-19 Impact AnalysisThe COVID-19 pandemic has had a significant impact on the healthcare BPO market. Healthcare BPO firms have contributed to the quick rollout of COVID-19 solutions. To track the spread of the disease and aid in public health initiatives, this includes assisting with the establishment and administration of COVID-19 testing facilities, contact tracing programs, vaccine management systems, and data analytics.
Healthcare BPO firms have been instrumental in delivering remote support since the emergence of telehealth services. Healthcare providers have less work to complete because of the help provided by BPO vendors in managing remote monitoring, virtual appointments, patient scheduling, and triage services.
Russia-Ukraine Conflict Analysis
The impact of the Russia-Ukraine war on the healthcare BPO market is complex and multifaceted. Data security and privacy issues can be of more importance in a conflict environment. Healthcare BPO firms handle sensitive patient data, and the war may make it difficult to safeguard the integrity and confidentiality of this data, particularly if communication and IT infrastructure are disrupted.
Segment AnalysisThe global Healthcare BPO market is segmented based on payer service, provider service, life science service, and region.
The Patient Care Service Segment is Expected to Hold A Dominant Position in the Market Over the Forecast Period
The patient care service segment accounted for the highest market stake accounting for approximately 35.8% of the healthcare BPO market in 2022. One of the most well-known business areas is the healthcare industry. This industry offers vital and necessary services to every country. They are able to eliminate any obstacles to that by outsourcing various medical procedures. It would be simpler for these healthcare organizations or institutions to give their patients their full attention if all administrative tasks were handled by a third party.
Geographical AnalysisIncreasing Collaborations And Partnerships Among the Key Players And Advancement in Healthcare BPO are Expected to grow the Asia Pacific Region
Asia Pacific is expected to capture the Healthcare BPO market, accounting for around 25.6% of this market. For instance, in June 2023, Access Healthcare expanded its operations in Noida, Uttar Pradesh, building a 170,000-square-foot facility with 1,960 seats. Access Healthcare is a leading provider of revenue cycle management, healthcare BPO, and IT services to clients in the US.
From this facility, more than 3,800 team members will work to provide hospitals and primary healthcare networks across the United States with revenue cycle management services and digital transformation solutions. The $5M five-floor facility is a growth-oriented investment and is fully functional.
Competitive LandscapeThe major global players in the market include Accenture, HCLTech Lifesciences Limited, GeBBS Healthcare Solutions, Genpact, International Business Machines Corporation (IBM), Parexel International Corporation, IQVIA, Sutherland Global Services, United Health Group, Cognizant Technology Solutions among others.
Why Purchase the Report?• To visualize the global healthcare BPO market segmentation based on the payer service, provider service, life science service, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of healthcare BPO market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global healthcare BPO market report would provide approximately 61 tables, 61 figures, and 195 Pages.
Target Audience 2023• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies