Healthcare BPO Market Forecast & Future Industry Trends 2028
Healthcare Business Process Outsourcing (BPO) is a procedure that enriches resource allocation, boost financial performance and increase the effectiveness of healthcare providers. Healthcare BPO services allow hospitals and medical professionals to deliver quality patient care.
Growing demand for high-end healthcare facilities and multi-specialty hospitals, established medical and central lab infrastructure and training centers are contributing to the growth of the healthcare and life sciences industry thereby fuelling the demand for medical process outsourcing.
Factors that are responsible for the growth of the market include a rapid increase in clinical process outsourcing (CPO), implementation of PPACA compelled healthcare players to move toward outsourcing, and fewer errors in several non-critical functions, like finance and accounting, customer care services, etc.
In addition, developments in digital technologies leading to a shift from electronic records to telemedicine are further allowing many healthcare providers to deliver services in innovative ways. A Medical Transcription (MT) service is one of the services with voice notes being recorded and translated into various languages. The digitization of data by skilled personnel saves time for doctors while examining patients.
In addition, the implementation of robotic process automation, big data, and artificial intelligence (AI) are expected to boost the market further by assisting in the collection of patient data. For instance, HGS handles the enrollment process of patients looking for insurance. The company uses bots for auto-filling information in the right fields and saving time.
View full report: https://bit.ly/2YUC49v
On the basis of provider service, the healthcare BPO market is segmented into patient enrollment and strategic planning, revenue cycle management, and patient care service. Among these, revenue cycle management is expected to grow at the highest CAGR during the forecast period, due to several factors such as increasing initiatives taken by governments for implementing RCM solutions, decreasing reimbursements in the healthcare industry, and rising expenditure by the healthcare IT industry.
Several hospitals are dependent on third-party providers for denial management service, due to the lack of expert knowledge and time to manage the reimbursement process. The most common billing errors include lack of specificity, failure to verify insurance, filing an incomplete claim, missing filing deadlines, and coding errors.
Most of the care providers are overcoming the challenge by working with third-party medical billing professionals who are expert in the overall revenue cycle management. Thus, the revenue cycle management service providers are increasingly in demand to overcome the revenue loss to hospitals, due to billing errors, which can be prevented by specialty.
North America holds the dominant market share for healthcare BPO in 2018, and it is expected to maintain the growth over the forecast period, owing to the presence of a large number of US-based companies providing all kinds of healthcare BPO services. Also, growing big data, healthcare IT, cloud computing along with increasing government initiatives, and improvements are some of the factors driving the growth of the healthcare BPO market in this region.
The market players are entering into strategies such as collaboration, acquisitions, and others to expand their business. For instance, in September 2018, American BPO Company, Access Healthcare has acquired its Indian rival Pacific BPO, which specializes in providing cost and process optimization solutions to businesses in the healthcare industry.
Download free sample: https://bit.ly/3CaFKSY
The Healthcare BPO market is a highly competitive and fragmented market. The market has large competition among the major players having a global presence and a substantial market share. Some of the key players include IBM, Accenture, Gebbs Healthcare Solutions, Eli Global, Gebbs, Parexel, United Health Group, Truven Health, IQVIA, Vee Bill, and Invensis Technologies.
The key players are adopting various growth strategies such as mergers & acquisitions, partnerships, and collaborations which are contributing to the growth of the healthcare BPO market globally. For instance,
In May 2019, MiraMed Global Services, Inc. (MiraMed), a leader in healthcare revenue cycle management (RCM) services and business process outsourcing (BPO) solutions, has completed its merger with Medac, Inc., a leading provider of anesthesia revenue cycle management.
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sales Manager at DataM Intelligence
Tel: +1 877 441 4866