The global healthcare BPO services is expected to reach US$ 68,198.3 Mn in 2025 from US$ 35,818.9 in 2017
NEW YORK, April 1, 2019 /PRNewswire/ -- The global healthcare BPO services is expected to reach US$ 68,198.3 Mn in 2025 from US$ 35,818.9 in 2017. The market is estimated to grow with a CAGR of 8.6% from 2018-2025.
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Constant changes in government regulations, mounting pressure on healthcare providers to reduce healthcare costs, rising consolidation in the healthcare BPO industry, the market is expected to witness a significant growth over the forecast years.However, hidden costs of outsourcing and dearth of skilled professionals and researchers can pose major challenges for the growth of global healthcare BPO services market.
On the other hand, outsourcing teleradiology services through BPO is expected to be one of the prevalent trend in the global healthcare BPO services market in the years to come.
The healthcare BPO services market as per the payer service is segmented into claims administration, billing, member management, provider management, fraud management, and others. In 2017, the claims administration segment held a largest market share of 61.2% of the healthcare BPO services, by payer service. This segment is also expected to dominate the market in 2025. This is primarily attributed to the increasing demand for faster, error-free processing and payments, and a better overall customer experience is increasing. The paper claims or traditional claim administration procedures are time consuming and the Healthcare BPO enables the payers to save time and money, and provide better services to their clients by increasing efficiencies throughout the entire claims lifecycle from claims intake to final payment. On the other hand, fraud management is expected to be the fastest growing payer service in the global healthcare BPO services market.
The provider service segment of the healthcare BPO services market includes medical billing, finance and accounts, medical coding and others. Medical billing segment is anticipated to grow at a CAGR of 10.8% during the forecast period. The healthcare BPO offer medical billing services in order to ease the process of billing and the healthcare organizations also gain insight about their cash flow. Thus the medical billing segment in the healthcare BPO market is expected to boost the growth of this market.
Some of the major primary and secondary sources included in the report healthcare BPO services market are Chilean Economic Development Agency, American College of Radiology, Organization for Economic Co-operation and Development, United Nations, Abu Dhabi Systems & Information Centre, Pharmaceutical Research and Manufacturers Association, India BPO Promotion Scheme, European Union, Food and Drug Administration and more.
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