The healthcare Bpo market comprises services such as revenue cycle management, medical billing and coding, medical transcription, claims management, medical imaging, and others. The market assists healthcare providers in reducing operational costs and streamlining processes associated with revenue management, claims processing, and other non-core functions. Outsourcing clinical and non-clinical functions to healthcare Bpo players helps healthcare facilities focus more on patient care.
The Global Healthcare Bpo Market is estimated to be valued at US$ 352.94 Bn in 2024 and is expected to exhibit a CAGR of 8.8% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the healthcare Bpo are Parexel International, IQVIA, IBM Corporation, Genpact Limited, Cognizant, Capgemini, Accenture, Sutherland Healthcare Solutions, GeBBs Healthcare Solutions, and UnitedHealth Group Incorporated, among others. The key players are focusing on expanding their service offerings and global footprint to capitalize on the high outsourcing potential across developing and developed regions.
The Healthcare Bpo Market Size is increasing owing to the rising need for cost reduction in the healthcare industry amid growing patient volumes and complicated reimbursement structures. Healthcare organizations are outsourcing non-core operations to minimize costs and focus more on improved patient outcomes.
The global healthcare Bpo market is expanding rapidly as players focus on strengthening their presence across emerging economies to benefit from the low-cost skilled labor force and improving availability of advanced technologies. Countries in Asia, Latin America, Middle East, and Africa offer high growth scope for healthcare Bpo companies.
Market key trends
One Healthcare BPO Market Size And Trends is the outsourcing of revenue cycle management to specialized companies. Revenue cycle management encapsulates medical billing, claims processing, and payment posting, which accounts for over 32% of hospital operational costs in the US. Growing medical bills and insurance complexities are prompting providers to outsource this function for better management at lower costs. Companies are offering end-to-end revenue cycle outsourcing with advanced analytics and automation, driving the adoption of related Bpo services. This rising outsourcing of RCM functions will continue to be a major trend, supporting the growth of the overall healthcare Bpo industry.
Porter's Analysis
Threat of new entrants: The healthcare BPO industry requires large initial investments and presence of key intellectual property to provide specialized services. This acts as a deterrent for new players.
Bargaining power of buyers: Healthcare organizations have considerable bargaining power as buyers when it comes to negotiating pricing and service levels with BPO firms. However, lack of in-house expertise keeps the demand strong.
Bargaining power of suppliers: The industry relies heavily on skilled professionals with domain expertise such as physicians, nurses and health information technicians. Their specialized skillsets give them an edge in negotiations.
Threat of new substitutes: The threat is low as healthcare BPO services provide operational efficiency and cost reductions that are difficult to replicate. No direct substitutes exist.
Competitive rivalry: The market is competitive with the top players differentiating through proprietary technologies and platforms. Scale and experience enable price competitiveness.
Geographical Regions
North America accounts for the largest share of the global healthcare BPO market currently, owing to high healthcare costs and regulatory complexities in the region that drive demand for outsourcing.
Asia Pacific region is poised to grow at the fastest pace during the forecast period due to increasing healthcare expenditures, emergence of India as a major hub for healthcare BPO services, and growing demand from other Asian countries to contain costs. Countries like India, Philippines, China are attracting more outsourcing business from global healthcare organizations and IT firms.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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