NEW YORK, July 19, 2024 /PRNewswire/ -- The global
healthcare business process outsourcing (BPO) market size is
estimated to grow by USD
17.29 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of 10.87% during the
forecast period. Focus on reducing operational costs is driving
market growth, with a trend towards emergence of cloud-computing
services. However, language barriers and goodwill risks poses a
challenge. Key market players include Accenture Plc, Cognizant
Technology Solutions Corp., DATAMARK Inc., Foundever Group., GeBBS
Healthcare Solutions Inc., Genpact Ltd., HCL Technologies Ltd.,
Infosys Ltd., International Business Machines Corp., Invensis
Technologies Pvt. Ltd., IQVIA Holdings Inc., Maxicus Inc., OMH
HealthEdge Holdings LLC, Parexel International Corp., R1 RCM Inc.,
Sutherland Global Services Inc., Tata Consultancy Services Ltd.,
UnitedHealth Group Inc., Wipro Ltd., and WNS Holdings Ltd..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Solution
(Manufacturing, Research and development, and Non-clinical
services), Service (Revenue cycle management, Patient care
services, and Patient enrollment and strategic planning), and
Geography (North America, APAC, Europe, Middle East and Africa, and
South America)
|
Region
Covered
|
North America, APAC,
Europe, Middle East and Africa, and South America
|
Key companies
profiled
|
Accenture Plc,
Cognizant Technology Solutions Corp., DATAMARK Inc., Foundever
Group., GeBBS Healthcare Solutions Inc., Genpact Ltd., HCL
Technologies Ltd., Infosys Ltd., International Business Machines
Corp., Invensis Technologies Pvt. Ltd., IQVIA Holdings Inc.,
Maxicus Inc., OMH HealthEdge Holdings LLC, Parexel International
Corp., R1 RCM Inc., Sutherland Global Services Inc., Tata
Consultancy Services Ltd., UnitedHealth Group Inc., Wipro Ltd., and
WNS Holdings Ltd.
|
Key Market Trends Fueling Growth
In the healthcare industry, cloud computing is a significant
trend for Business Process Outsourcing (BPO) services. By adopting
cloud storage, organizations can store critical information
remotely at affordable rates, giving central control over resources
and HR activities. Cloud storage eliminates the need for users to
manage healthcare infrastructure and handle updates and
maintenance. Service-level agreements (SLAs) ensure reliable
delivery and management of services. Cloud technologies also enable
Software as a Service (SaaS) usage, allowing remote access to data
and services via web browsers without installation. Cloud-based BPO
services offer flexibility, short implementation times, and cost
savings. Healthcare organizations worldwide are embracing cloud
computing to reduce management costs. Integration of cloud
technology with BPO solutions enhances collaboration with other
software like ERP, providing real-time updates and increasing
efficiency, driving market growth during the forecast
period.
The Healthcare Business Process Outsourcing (BPO) market is
witnessing significant growth, particularly in areas like Medical
Billing Services and Revenue Management Solutions. Medical Billing
involves processing insurance claims and collecting payments, while
Revenue Management Solutions focus on optimizing financial
resources. Key processes include Patient Registration, Insurance
Verification, and Claims Processing. Healthcare regulations drive
the need for BPOs, ensuring data security and compliance.
Telehealth Support, Medical Transcription, and Remote Patient
Monitoring are other popular services. Medical Coding and
Transcription Services streamline Medical Documentation and
Customer Interactions. IT Services Providers offer customized and
standard services, including Virtual Care and Telemedicine
Solutions. Offshore outsourcing can lead to cost savings but
requires careful planning and financial allocation to avoid issues
like improper contracting, security concerns, and severance pay.
BPOs handle critical healthcare business processes, impacting
health insurance, medical costs, and healthcare expenditure.
Effective work practices and data security are essential to
maintain patient trust and regulatory compliance.
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Market Challenges
- Language barriers pose significant challenges to the global
healthcare business process outsourcing (BPO) market. With service
providers located in various regions, cultural knowledge, fluency,
and communication skills are essential for delivering excellent
customer support. For instance, the implementation of new systems,
such as cloud-based software, may be hindered by language barriers,
slowing down output and causing operational issues. These
challenges intensify existing business operations problems, such as
email subjects, database updates, and presentation discussions.
Such communication gaps can negatively impact the growth of the
healthcare BPO market during the forecast period. Additionally, BPO
companies' failure to meet deadlines can harm a company's
reputation, leading to operational risks such as people, processes,
and technology risks. These challenges are expected to hinder the
healthcare BPO market's performance during the forecast
period.
- The Healthcare Business Process Outsourcing (BPO) market is
experiencing significant growth due to the increasing demand for
cost savings and efficiency in the healthcare industry. However,
challenges persist, such as ensuring contract compliance, managing
litigation risks, and integrating advanced technologies like
artificial intelligence (AI) and machine learning into drug
development and chronic disease management. AI-driven companies are
revolutionizing the industry with AI-based solutions for drug
discovery programs, CRO services, and administrative functions.
Personnel training is crucial for effective outsourcing of services
like finance and accounting, customer care, and telehealth. Key
players in the market include Teleperformance and Senture.
Strategic planning and outsourcing of strategic activities, such as
billing and collections, virtual care, and insurance services, are
essential for provider services and payer services. Integrated
front-end services, back-office operations, member management,
provider management, care management, human resource services, and
strategic planning are all crucial components of a successful
healthcare BPO strategy. Pharmaceutical services, manufacturing
services, non-clinical services, patient epidemiology, pipeline
analysis, and data entry are also vital areas for outsourcing.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This healthcare business process outsourcing (bpo) market report
extensively covers market segmentation by
- Solution
- 1.1 Manufacturing
- 1.2 Research and development
- 1.3 Non-clinical services
- Service
- 2.1 Revenue cycle management
- 2.2 Patient care services
- 2.3 Patient enrollment and strategic planning
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Manufacturing- In the healthcare business
process outsourcing (BPO) market, the life science service segment
of manufacturing refers to the outsourcing of various manufacturing
processes and services related to pharmaceuticals, biotechnology
products, medical devices, and other life science products. This
segment includes pharmaceutical manufacturing, biotechnology
manufacturing, medical device manufacturing, and Contract
Manufacturing Organization (CMO) services. Pharmaceutical
manufacturing involves the production of pharmaceutical drugs,
including active pharmaceutical ingredients (APIs), formulations,
and finished dosage forms. Biotechnology manufacturing focuses on
the production of biologics, such as therapeutic proteins,
monoclonal antibodies, vaccines, gene therapies, and cell-based
products. Medical device manufacturing covers the manufacturing of
medical devices, such as diagnostic equipment, implants,
prosthetics, surgical instruments, and wearable devices. CMOs
provide comprehensive manufacturing services to life science
companies, serving both the pharmaceutical and biotechnology
sectors. Outsourcing manufacturing processes in the healthcare BPO
market enables healthcare companies to optimize costs, improve
operational efficiency, and leverage specialized expertise.
Pharmaceutical companies like Pfizer can focus on their core
competencies while outsourcing manufacturing activities. The growth
of this segment is expected to be driven by the increasing demand
for cost-effective and efficient manufacturing solutions in the
life science industry.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
India's IT and BPO services
market continues to thrive, driven by robust technological
infrastructure and skilled workforce, offering cost-effective
solutions to global businesses. The global BPO market is expanding,
fueled by increasing demand for streamlined operations and cost
efficiencies across industries worldwide. The US healthcare RCM
outsourcing market is growing, with providers leveraging
specialized services to manage revenue cycles more efficiently
amidst regulatory complexities and rising healthcare costs.
Research Analysis
The Healthcare Business Process Outsourcing (BPO) market refers
to the practice of contracting third-party service providers to
manage and optimize healthcare business processes. This includes
documentation, finance and accounting, customer care services, and
strategic activities such as claims management, back-office
operations, member management, provider management, care
management, human resource services, and more. Offshore outsourcing
of healthcare BPO has become increasingly popular due to cost
savings and access to skilled labor. However, it's important to
ensure proper planning and financial allocation to avoid potential
risks, such as data security breaches. Health insurers and
healthcare providers have been leveraging healthcare BPO to reduce
medical costs and healthcare expenditure. Teleperformance and
Senture are among the leading providers of healthcare BPO services.
Offshore contracts for healthcare BPO offer significant benefits,
but improper planning and financial allocation can lead to
inefficiencies and increased costs. Provider services, including
claims processing and member services, are among the most common
healthcare BPO services. Payer services, such as claims management,
are also popular, as they help insurers manage their financial and
administrative operations more efficiently. Overall, healthcare BPO
plays a crucial role in optimizing healthcare business processes
and improving patient care.
Market Research Overview
The Healthcare Business Process Outsourcing (BPO) market is a
significant segment of the global outsourcing industry, focusing on
the documentation and management of various business processes in
the healthcare sector. This market encompasses various services
such as finance and accounting, customer care, administrative
functions, billing and collections, and provider services. The use
of offshore outsourcing, particularly in countries with lower labor
costs, has become increasingly popular in this industry. However,
improper planning and financial allocation can lead to challenges,
including contract disputes and litigation. Data security is a
critical concern in healthcare BPO, with sensitive patient
information requiring robust protection. Artificial intelligence
(AI) and machine learning are transforming the industry, with
AI-driven companies offering AI-based solutions for drug
development, chronic diseases, and cancer-fighting drugs. The CRO
services market is also growing, providing personnel training and
strategic planning for pharmaceutical services, manufacturing
services, and non-clinical services. Healthcare BPO also includes
services such as patient epidemiology, pipeline analysis, and
customer service. Telehealth support, medical transcription, remote
patient monitoring, and telemedicine solutions are essential in
today's virtual care environment. Healthcare regulations, patient
registration, insurance verification, claims processing, and
payment collection are also critical functions handled by
healthcare BPO providers. Despite the benefits of healthcare BPO,
there are challenges, including the need for customized services
and standard services, severance pay, and the impact of offshore
contracts on client relationships. Providers must ensure proper
planning, strategic activities, and effective communication to
mitigate these challenges and deliver high-quality services.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Solution
-
- Manufacturing
- Research And Development
- Non-clinical Services
- Service
-
- Revenue Cycle Management
- Patient Care Services
- Patient Enrollment And Strategic Planning
- Geography
-
- North America
- APAC
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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