United States Healthcare BPO Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

United States Healthcare BPO Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The United States Healthcare BPO Market is expected to witness a CAGR of 8.11% during the forecast period (2022-2027).

The United States healthcare system favors new opportunities and growth due to the quick adoption of advanced technologies, which includes pharmacies, pharmaceutical companies, medical equipment manufacturers, and medical care facilities. This industry infrastructure relies on specialized professionals who oversee these operations. High awareness levels about outsourcing healthcare IT services and the strong presence of prominent market players in the region are attributed to the regional market's growth.

Furthermore, rising government initiatives in the country are anticipated to drive the studied market growth in the country. For instance, in February 2022, the Department of Health and Human Services (HHS) awarded nearly USD 55 million to 29 HRSA-funded health centers to increase healthcare access and quality for underserved populations through virtual care. Virtual care has been a game-changer for patients, especially during the pandemic. Thus, the initiatives by government organizations are expected to drive market growth in the country.

In June 2020, GE Healthcare partnered with five start-ups for Edison, its artificial intelligence-based healthcare platform. The Edison platform enables GE Healthcare and its partners to develop, deploy, manage, secure, and distribute advanced applications, services, and AI algorithms. Thus, the activities done by the major players are expected to drive the studied market growth in the country.

Furthermore, the increasing number of people seeking insurance, pressure to cut healthcare delivery costs, consolidation of the healthcare system, pharmaceutical companies facing patent cliffs, and the mandatory implementation of ICD-10 codes (10th revision of the International Statistical Classification of Diseases and Related Health Problems) are the major factors propelling the growth of the United States healthcare BPO market.

Thus, the market is expected to grow in United States due to the abovementioned factors.

Key Market TrendsClaims Management is Expected to Grow with High CAGR in the Forecast Period

The United States healthcare system is a trillion-dollar industry, which includes pharmacies, pharmaceutical companies, medical equipment manufacturers, and medical care facilities. This complex infrastructure in this industry relies on a specialized professional who is overseeing these operations. One such process is a medical claim. The claim process is summarized as a dual interaction between two of the largest and the most important parts of the healthcare system, namely healthcare providers and medical insurance companies. The relationship between policyholders, healthcare providers, and insurance companies is essential for understanding the details of the medical billing and coding process. Medical claims management is the process, that deals with billing, filling and updating, and processing of the medical claims, related to the patient diagnosis, treatments, and medications. Many hospitals and medical facilities outsource these tasks to medical claims management firms, as maintaining patient records, interacting with health insurance agencies, and issuing invoices for medical services are time-consuming processes.

Medical claims management services process electronic and hard-copy data to determine what the patients owe and what costs insurance companies cover. These services process billing and send invoices to patients and insurance agencies to ensure patients have paid their respective portions of the expenses. In some cases, Medicare, Medicaid, and state-sponsored agencies also pay some of the medical expenses. The claims management market is expected to augment in the forecast period, as this market is an essential part of the healthcare industry in the United States.

Competitive Landscape

The United States Healthcare BPO market is competitive and consists of several big and even small scale players. The competitive landscape includes an analysis of a few international as well as local companies which hold the significant market shares and are well known. Some of the major players of the market studied are Accenture PLC, Genpact Limited, IBM Corporation, Parexel International, and Cognizant, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.