What are Healthcare BPO Services?
The increasing need for efficient healthcare operations, the growing push to cut costs, and the adoption of solutions based on technology have all contributed to the significant growth and transformation of the healthcare business process outsourcing (BPO) services industry. Healthcare BPO includes outsourcing non-core business operations to outside service providers, including billing, coding, claims processing, medical transcription, and customer service. This results in operational efficiency and cost savings, allowing healthcare organizations to concentrate on their main duties. These advancements enable companies to provide more customized solutions and services, which drives the healthcare BPO services market expansion.
For instance, to deliver a specific, end-to-end solution centered on all aspects of payment integrity, Performant Healthcare Solutions, a leading provider of technology-enabled eligibility, payment integrity, and related analytics services, entered a new strategic collaboration with priority health in October 2022.
Factors Affecting the Healthcare BPO Services Market
- Increasing Demand for Patient-Centred Therapies and Advancements in the Healthcare System Drives Market Growth.
The shift to patient-centered care models is driving the expansion of the healthcare BPO services industry. Demand for streamlined, patient-focused administrative and operational assistance is increasing as healthcare institutions worldwide increasingly recognize the necessity of adapting treatments and services to particular patient needs. By handling non-core tasks like billing, claims processing, and appointment scheduling, BPO providers are crucial in allowing healthcare organizations to concentrate on providing individualized care.
By 2025, about half of all healthcare organizations worldwide will have adopted AI policies, and some business analysts think this will significantly impact future business practices.
(Source:pharmanewsintel.com/news/ai-in-the-pharma-industry-current-uses-best-cases-digital-future)
Healthcare BPO services market growth has been driven by advancements in healthcare technology, such as electronic health records (EHRs), telemedicine systems, and analytics powered by artificial intelligence. Healthcare organizations should use BPO providers’ expertise in integrating and managing these technologies to maximize clinical results, utilize data insights, and improve patient engagement.
- Increasing Demand for Reduced Healthcare Expenses to Drive Market Growth
Healthcare organizations are searching for efficient cost-conservation techniques due to the rising expenses of healthcare services. Billing, claims processing, and revenue cycle management are examples of non-core administrative tasks businesses can outsource using healthcare BPO services as a solution. Healthcare providers can focus on core clinical operations while optimizing resource allocation, cutting overhead, and lowering costs.
The healthcare industry in India was worth about 280 billion dollars in 2020, and by 2022, it was estimated to grow to 372 billion dollars. The healthcare market in the nation had grown quickly and was now one of the largest industries in terms of employment and income.
(Source:www.cureus.com/articles/156574-the-transformation-of-the-indian-healthcare-system#!/)
Healthcare organizations can maximize their resources by outsourcing administrative and operational work to specialized BPO providers. This results in increased labor productivity and the effective use of qualified personnel for patient care and medical services.
Factors Hindering the Healthcare BPO Services Market Growth
- Data Privacy and Security Issues to Hinder Market Growth
Worries about data security and privacy severely constrain the market for healthcare BPO services. Handling sensitive patient information, financial records, and medical data to avoid breaches and unauthorized access calls for strong cybersecurity safeguards. The risk of data breaches and improper treatment of patient data can undermine trust between healthcare organizations and BPO providers, resulting in harm to reputations and legal consequences.
The COVID-19 Impact on Healthcare BPO Services Market
The COVID-19 pandemic brought serious disruptions in several businesses, and the healthcare industry was no exception. Due to the pandemic, there were significant changes in the market for healthcare BPO services. The pandemic made the value of technological advancements and distant operations clear. To continue providing services during lockdowns and social isolation measures, healthcare BPO providers quickly embraced technology, including telehealth support, virtual consultations, and remote monitoring. The need for BPO services that might help these technological transformations grow due to the accelerated digital transformation. The need for telehealth services has increased, leading to increased services offered by BPO firms specializing in appointment settings, patient support, and remote monitoring. They aided healthcare facilities in managing the surge in online consultations and delivering a seamless patient experience.
Top Companies Market Share in Healthcare BPO Services Market Report 2023 Industry: (In no particular order of Rank)
- Accenture
- Global Growth (Eli Global)
- GeBBS Healthcare Solutions
- Genpact
- International Business Machines Corporation (IBM)
- Parexel International Corporation
- IQVIA
- Sutherland Global Services
- United Health Group
- Cognizant Technology Solutions
- Tata Consultancy Services Limited
- Wipro
- Infosys Limited
- Hinduja Global Solutions
- Exlservice Holdings Inc.
- Conduent Inc.
- Concentrix
- Ntt Data Inc.
- Truven Health
- Capgemini
Competitive Landscape Of Healthcare BPO Services Market
The healthcare BPO services market’s competitive environment includes information on the business overview, financials, products, and strategies significant businesses use. There are numerous large participants in the fragmented healthcare BPO services market. Some big competitors now control most of the market in terms of market share. Some other smaller firms are also being helped to enter the market with a significant number due to the growing demand for mobile health and improvements in healthcare systems.
September 2022: A group-purchasing agreement for outsourced surgical services with conductive has been granted to surgical solutions, a top supplier of on-site operating rooms and sterile processing support. A coalition of buyers and suppliers has come together under the leadership of conductive to revolutionize the process of purchasing services.
June 2022: Access Healthcare announced that it had purchased a 1.57-acre block of land from an Indian IT services company in Chennai for about fifty crores to build a new campus for its BPO and IT activities.
Healthcare BPO Services Market Report 2023 Analysis
Global Healthcare BPO Services Market Report 2023 talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Healthcare BPO Services Market Report 2023 Industry growth. Healthcare BPO Services Market Report 2023 has been segmented with the help of its Payer Service, Provider Service Pharmaceutical Service, and others. Healthcare BPO Services Market Report 2023 analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
By Payer Service, Human Resource Management Segment Dominates Healthcare BPO Services Market!
According to Cognitive Market Research, the human resource management category is expected to dominate the healthcare BPO services market. Recruitment and hiring of qualified personnel with experience in payer services are the responsibility of human resource management. These experts must be thoroughly aware of medical insurance procedures, claims processing, billing, and legal requirements. HR ensures workers have the necessary training to handle difficult payer-related jobs successfully. Professional staff retention is crucial for payer services to remain reliable and of the highest caliber.
The customer relationship management (CRM) category is expected to be the fastest-growing market segment. CRM solutions allow healthcare BPO companies that provide payer services to keep in touch with patients effectively. Automated communication, appointment reminders, and personalized messaging assist in involving patients, enhancing the patient experience, and ensuring that they are updated on issues about their insurance.
- Human Resource Management
- Claims Management
- Customer Relationship Management (CRM)
- Operational/Administrative Management
- Care Management
- Provider Management
- Other Payer Services
By Provider Service, the Patient Enrollment and Strategic Planning Segment Leads the Healthcare BPO Services Market
According to Cognitive Market Research, the patient enrolment and strategic planning category will dominate the healthcare BPO services market. The patient enrolment procedure is streamlined with the help of BPO providers for healthcare organizations. Effective patient data collection also includes gathering consent documents, insurance information, and medical history. Provider services can speed up the beginning of patient care by guaranteeing a seamless and accurate enrolment procedure, improving patient happiness and producing better clinical results.
The patient care service category is expected to be the fastest-growing market segment. BPO companies help healthcare organizations manage calendars, schedule patient visits, and make the best use of the time of medical staff members. Through good time management, both patients and doctors are guaranteed prompt service.
- Patient Enrollment and Strategic Planning
- Patient Care Service
- Revenue Cycle Management
Healthcare BPO Services Market Report 2023 Pharmaceutical Service Segment Analysis
By Pharmaceutical Service, the Research and Development Segment dominates Healthcare BPO Services Market
According to Cognitive Market Research, the research and development category is expected to dominate the healthcare BPO services market. BPO companies assist at many drug research and development stages, such as target identification, lead optimization, preclinical testing, and clinical trial design. These services aid pharmaceutical firms in accelerating the creation of novel cures and treatments.
The manufacturing category is expected to be the fastest-growing market segment. BPO providers assist pharmaceutical companies in streamlining their manufacturing processes. Improve production efficiency and cut costs; this involves analyzing current procedures, spotting inefficiencies, and implementing plans.
- Research and Development
- Manufacturing
- Non-clinical Service
North America Healthcare BPO Services Market Holds the Largest Market Share!
According to Cognitive Market Research, North America boasts a highly developed healthcare infrastructure with a vast network of hospitals, clinics, research centers, and pharmaceutical businesses, with the United States and Canada leading the way. This strong healthcare ecosystem fosters the expansion of healthcare BPO services. North America generally allocates a sizeable amount of its GDP to healthcare spending. Because of the high cost of healthcare in the area, healthcare providers are encouraged to look for cost-effective solutions, such as outsourcing non-core services to BPO providers.
The United States is Expected to Grow at the Fastest Rate throughout the Forecast Period in North America
The US healthcare industry is known for promoting technical innovation. Telemedicine, medical devices, electronic health records (EHRs), and healthcare analytics drive demand for BPO services that effectively manage, integrate, and analyze enormous volumes of healthcare data. The healthcare system in the United States is one of the biggest and most complicated in the world, with a huge variety of healthcare providers, payers, pharmaceutical companies, and medical facilities. Due to the size of the healthcare industry, there is a high demand for BPO service providers to handle the outsourcing of non-core operations.
Asia-Pacific Healthcare BPO Services Market to register Fastest Growth in the Upcoming Years
Population growth and size in the Asia-Pacific area have increased the demand for healthcare services. Healthcare organizations can focus on core clinical services by outsourcing non-core tasks to BPO providers as they work to meet this demand. A cost advantage of outsourcing to Asia-Pacific nations is that labor prices and operating expenses are usually lower. Healthcare organizations in high-cost areas may outsource administrative and back-office work to countries like Malaysia, the Philippines, and India to cut costs. To increase healthcare access and quality, many nations in the Asia-Pacific area are investing in the necessary infrastructure and technology. BPO services provide effective administrative assistance, which fits with these goals.
