NEW YORK, Oct. 24, 2019 /PRNewswire/ --
Market Overview
The healthcare BPO market is expected to register a CAGR of 8%, over the forecast period. Factors that are responsible for the growth of the market include rapid increase in clinical process outsourcing (CPO), implementation of PPACA compelled healthcare player to move toward outsourcing, and fewer errors in several non-critical functions, like finance and accounting, customer care services, etc.
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Another major driving factor is the rise of near shore outsourcing destinations and access to technology. As near shoring gives companies the advantage of similarity in culture, time zone, and languages, and helps them deliver better-quality services, the companies have started outsourcing their business processes to BPO service providers in the same region. Companies have also started focusing on protecting their outsourced businesses and minimizing the socio-economic risks, through similar currency and regulation systems, which may boost the growth of near shore outsourcing destinations and access to technology. Near shore providers highlight their advantages as having the best of both the worlds, as organizations can work with teams on similar time zones. Cloud-based BPO has revolutionized the business outsourcing processes and helps healthcare organizations reduce the costs, develop the global delivery models, and provide secure data access. Owing to their benefits, an increased number of adoption of cloud-based BPO services is anticipated in the future. Hence, the aforementioned factors have contributed to the growth of the global healthcare BPO market.
Scope of the Report
Business process outsourcing (BPO) is a process that enables healthcare providers to select the most suited third-party vendors for specific business processes. This allows hospitals and medical professionals to spend their valuable time on patient care, over other mundane jobs in the office.
Key Market Trends
Revenue Cycle Management is Expected to Grow Faster in the Product Services Segment
The growth of the revenue cycle management (RCM) market is attributed to an increase in government initiatives, to boost the adoption of RCM solutions, increasing revenue loss due to billing errors, and increasing adoption of EHR/EMR. Most hospitals are presently dependent on third-party providers for denial management service, as they lack the expert knowledge and time to manage the reimbursement process. Most common billing errors include failure to verify insurance, filing an incomplete claim, coding errors, lack of specificity, and missing filing deadlines. Most of the care providers are presently addressing the challenge, by working with third-party medical billing professionals who are expert in the overall revenue cycle management. Hence, it can be concluded that the revenue loss to hospitals, due to billing errors, can be prevented by specialty revenue cycle management service providers. Thereby, this factor is expected to drive the market studied over the forecast period.
North America Dominates the Market and is Expected to do Same during the Forecast Period
Currently, North America dominates the market for healthcare BPO and is expected to continue its stronghold for a few more years. In the North America region, the United States holds the largest market share. This can be majorly attributed to the presence of strong reimbursement framework, high public and private healthcare expenditure, and a high percentage of claim records. There are some of the factors driving the growth of the market, in the region.
Competitive Landscape
The healthcare BPO market is moderately competitive and consists of several major players. In terms of the market share, few of the major players currently dominate the market. The rising need for mobile health and advances in healthcare systems are also helping a few other smaller players to enter the market, with a substantial share. Some of the major players of the market are Accenture, Genpact, IQVIA, IBM, and Paraxel, among others.
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