IMARC Group, a leading market research company, has recently releases report titled “Healthcare BPO Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global healthcare BPO market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Healthcare BPO
Healthcare business process outsourcing (BPO) is a business practice wherein healthcare organizations delegate specific administrative tasks and processes to external service providers. It encompasses a wide range of services, including medical billing and coding, claims processing, medical transcription, and revenue cycle management. It streamlines administrative processes, reduces operational costs, and enhances the overall efficiency of medical services. It facilitates converting voice recordings of healthcare professionals into written documentation, aiding in patient records and research. Besides this, it prioritizes data security and employs robust encryption and access controls to protect sensitive patient information, reducing the risk of data theft.
How Big Is the Healthcare BPO Market?
The global healthcare BPO market size reached US$ 28.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 45.9 Billion by 2028, exhibiting a growth rate (CAGR) of 8.5% during 2023-2028.
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What are the growth prospects and trends in the healthcare BPO industry?
The increasing need for scalability and flexibility in healthcare operations represents one of the key factors bolstering the market growth. Additionally, the rising focus of healthcare providers on reducing operational expenses without compromising on the quality of care is favoring the market growth. Outsourcing non-core functions to BPO partners offers a cost-effective solution, as it often results in substantial savings in terms of overhead costs and labor expenses.
Apart from this, the increasing complexity of healthcare regulations and compliance requirements is driving the need for specialized BPO providers who possess the expertise and resources to navigate this complex terrain efficiently. Furthermore, the increasing cases of cybersecurity threats in the healthcare sector due to the proliferation of electronic health records (EHRs) and the digitization of patient information are supporting the market growth.
Moreover, the emergence of innovative technologies such as robotic process automation (RPA) and artificial intelligence (AI) is favoring the market growth. These technologies are revolutionizing administrative processes by automating routine tasks, reducing errors, and enhancing efficiency. In addition, the integration of cutting-edge technologies such as robotic process automation (RPA), artificial intelligence (AI), and data analytics into healthcare BPO services has brought about a new era of efficiency. Automation helps streamline processes, reduces errors, and accelerates the pace of administrative tasks, further enhancing the appeal of BPO solutions.
What is included in market segmentation?
The report has segmented the market into the following categories:
Payer Service Insights:
- Human Resource Management
- Claims Management
- Customer Relationship Management
- Operational and Administrative Management
- Care Management
- Provider Management
- Others
Provider Service Insights:
- Patient Enrollment and Strategic Planning
- Patient Care Service
- Revenue Cycle Management
Pharmaceutical Service Insights:
- Manufacturing Services
- Research and Development Services
- Non-clinical Services
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Accenture plc
- Cognizant
- GeBBS Healthcare Solutions
- Genpact
- International Business Machines Corporation
- IQVIA
- NTT Data Corporation
- Omega Healthcare
- Parexel International Corporation
- Tata Consultancy Services
- WNS (Holdings) Limited
- Xerox Corporation
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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