Healthcare BPO

Healthcare BPO

Healthcare business process outsourcing (BPO) refers to the outsourcing of non-clinical operations and processes to third-party service providers. These support services can include administrative tasks, such as billing and coding, as well as administrations, such as IT and human resources. Therefore, the improved operational efficiency, as BPO companies can leverage economies of scale and optimize processes to reduce costs drive the growth of heathcare BPO market.

The Healthcare BPO Market is expected to grow at a strong CAGR of 9.5% during the forecast period (2023-2030) owing to the rising globalization and market expansion of healthcare services. The global output is projected to grow by only 4.0 per cent in 2022 and 3.5 per cent in 2023, according to the United Nations World Economic Situation and Prospects (WESP) 2022, which was launched on 13 Jan 2022. Adding to this, the rising demand for healthcare services administrations due to factors such as population growth, geriatric population is driving the development of healthcare BPO. For insantce, by 2050, the total populace of individuals aged 60 years and more established will doubled (2.1 billion), as per the World Health Organization, in 2022. As additional, patients look for care and medical services suppliers need to track down ways of dealing with the rising responsibility and further develop proficiency.

• Based on the payer service, the market is segmented into human resource management, claims management, customer relationship management (CRM), product development business acquisition (PDBA), care management, provider management, and others. Amongst these, the claim management segment dominated the market in 2022. Claims management is a key non-clinical activity in the medical care industry that is driving the development of healthcare business process outsourcing (BPO) market. Claims management involves processing and adjudicating insurance claims for clinical benefits, physician recommended drugs, and other medical care administrations.
• By provider service, the market is segmented into revenue cycle management, patient enrollment, patient care service. Among these, patient enrollment is expected to grow with a significant CAGR during the forecast period (2023-2030). The surge in demand for clinical trials and the need to manage patient enrollment efficiently and cost-effectively are driving the growth of healthcare BPO, as healthcare providers look to outsource patient enrollment to specialized companies that can provide the expertise, resources, and cost savings needed to manage this critical non-clinical operation.
• On the basis of pharmaceutical service, the market is segmented into manufacturing services, research & development services, sales & marketing services. The manufacturing services category is expected to grow at a substantial CAGR during the forecasted period (2023-2030). The increasing demand for healthcare products and the need to manage manufacturing processes efficiently and cost-effectively are driving the growth of healthcare BPO, as healthcare providers look to outsource manufacturing services to specialized companies that can provide the expertise, resources, and cost savings needed to manage this critical non-clinical operation.
• For a better understanding of the market adoption of the healthcare BPO industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Rest of World. North America dominated the healthcare BPO market in 2022 due to the North America is home to a significant number of the world's biggest medical care suppliers and payers, which have a popularity for non-clinical tasks, for example, claims handling, patient enlistment, and clinical coding. Around 35.7 percent of people had public coverage for some or all of the year in 2021, which was an increase of 1.2 percentage points from 2020, as per the data of Census Bureau. Additionally, the region has a booming healthcare BPO sector with numerous specialized businesses providing a variety of services. The North American healthcare BPO market is also being driven by the growing use of technology in the field, such as telemedicine and electronic health records. Non-clinical operations must be outsourced to specialized businesses capable of managing the data and information generated by these technologies as healthcare providers adopt them.
• Some of the major players operating in the market include Accenture, Cognizant, NTT DATA Americas, Inc., WNS (Holdings) Ltd., Xerox Corporation, IQVIA Inc, Mphasis, IBM, Wipro, Genpact.