Future Growth Healthcare BPO Market to Demonstrate Immense Growth Potential By 2023

Healthcare is considered as one of the topnotch and largest industries across the globe. With improved patient’s experience right from the beginning; the chances of patient’s return or his recommendation of the healthcare facility to his circle increases. However providing excellent patient care requires a lot of investment on resources and manpower and employees are expected to acquire expertise in an extended range of skill set that have never been their area of expertise. Healthcare organizations need to strike a balance in the number of non-care responsibilities an employee can handle so that quality patient care can be provided. Yet, outsourcing had never been considered as a vital part in healthcare. The technological improvements in medical care and the rising demand for health services across the globe are driving a major change in the healthcare industry. With digital technologies transforming processes from electronic records to telemedicine, many healthcare providers are delivering services in innovative ways. Additionally, health services are also evolving as individuals seek greater involvement in healthcare decisions that impact them and call for easier access. Stricter requirements related to patient privacy, safety, treatment and payments, are altering compliance processes. However, in the recent years, outsourcing has played a major role in delivering quality patient care. This has resulted in more and more healthcare organizations increasingly relying on outsourcing. New business models and processes now reflect the trends that are shaping the global healthcare value chain. Healthcare BPOs by leveraging their knowledge of the healthcare domain and Business Process Management (BPM) expertise, partner with healthcare organizations to help them capitalize on these disruptive trends and increase their market share. Enabling healthcare companies to balance costs, deliver superior customer experience, and improve process efficiencies to outperform business challenges.

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Globally the market for Healthcare BPO is increasing rapidly. The major factor that derives the growth of Healthcare BPO is the increasing development in healthcare IT. Furthermore new business models & processes and increasing use of digital technologies in healthcare are increasing the market for healthcare BPO.

Healthcare BPO Global Market – Key Players

Healthcare BPO Global Market poses as highly competitive and fragmented market. The market is witnessing fierce competition among the major players having geographical presence with a Lion’s share in the market. Well established players incorporate acquisition, collaboration, partnership, expansion, & technology launch in order to gain competitive advantage in this market and to maintain their market position. Service providers operating in the market compete based on pricing, innovation, service, reputation, distribution, and promotion. In view of growth and immense revenue generation opportunities potential that market is currently demonstrating is in turn attracting several new players to enter the Healthcare BPO market.

Deep industry and business process knowledge, a partnership approach, comprehensive service offerings and a proven track records enable Healthcare BPO market players to deliver business value to their clients (companies). Key Players are passionate about building a market leading company valued by clients, employees, business partners, investors and the communities.

Profiled in MRFR analysis some of the key players in this market are HCL Technologies Limited (India), Accenture PLC (U.S.), WNS (India) Cognizant Technology Solutions Corporation (U.S.), Xerox Corporation (U.S.), Infosys BPO Ltd. (India), Tata Consultancy Services Ltd. (India) and others.

Healthcare BPO Global Market – Segments

The Healthcare BPO market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;

Segmentation By Provider Solutions : Comprises marketing intelligence and analytics, patient access services and Other.

Segmentation By Payer Solutions : Comprises policy administration, financial administration, others.

Segmentation By Regions : Comprises Geographical regions - North America, Europe,APAC and Rest of the World.

Healthcare BPO Market – Synopsis

MRFR Analysis observed the current trend of the market - as Cloud-based BPO which is said to have revolutionized business outsourcing processes and helps healthcare organizations at a reduced costs developing global delivery models, provides secure data access. Owing to the demonstrated benefits, Cloud-based BPO is increasingly adopted.

Healthcare BPO Market – Regional Analysis

Globally North America is the largest market for Healthcare BPO. Attributed by the increasing development in healthcare technology the North American market for Healthcare BPO is expected to grow at a substantial CAGR and is expected to reach at astronomical amounts by the end of the forecasted period.

Europe is the second-largest market for Healthcare BPO which is expected to grow at a considerable CAGR. Furthermore Asia pacific market is expected to be the growing market for Healthcare BPO market.

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However, errors in the healthcare sector, especially in the patient’s medical records can cost lives. Medical bills also contain large number of errors as changing billing rules and regulations are rarely updated on time. Increasing patient inflow result in the occurrence of these types of mistake in the healthcare organizations. Healthcare BPO services can help in avoiding critical billing mistakes as a dedicated team of trained professionals handle medical data entry tasks with maximum accuracy.

Increasing number of healthcare organization, to avoid the critical mistakes in medical billing, and increasing need for cost saving drives the growth of the market. Moreover, increasing number of recovery audits, increasing patient inflow, and increasing prevalence of diseases have provided fuel to the market growth. Furthermore, increasing need a number of medical aspects such as minimizing critical mistakes, the cost saving, number of recovery audits, number of healthcare organizations, patient inflow, demand for niche services, overall demand for delivering better services and better healthcare expenditure have fuelled the growth of the market.

However, on the other hand doubts over service quality may hamper the growth of the market over the review period

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