Rising Healthcare Costs Impelling the Growth of Healthcare BPO

Publisher: The Insight Partners

Healthcare industry is one of the major industries and the main function of healthcare is treating patient and to achieve this healthcare organization is focusing on is maximizing staff efficiency and delivering excellent patient care. In the recent years, outsourcing has played a major role in delivering quality patient care. Health BPO services offers differentiated services which helps health leader to improve health outcomes, manage compliance and works with client to provide flexible back office service, scalability. It is a process by which healthcare provider’s choices the most suitable third party vendor for some specific business process. It enables the hospitals and medical professionals to spend their energy and valuable time on patient care.  Healthcare BPO includes some of the benefits such as lowering cost, increased patient offering, reduces administrative overhead, focus on patient care, increased portability and access to expert and trained professionals.

Some of the key players which dominates healthcare BPO market are:- 

WNS Solutions, HCL Technologies, Invensis Technologies Pvt. Ltd., Accenture PLC, Cognizant Technology Solutions, Infosys BPO Ltd., TATA Consultancy Services, IBM Corporation, Genpact Limited and Xerox Corporations.

The market is segmented into major regions that include North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America (SAM). The major countries included are considered in the scope of the study such as U.S, Canada, Mexico, France, Germany, Italy, Spain, UK, China, Japan, India, Australia, South Arabia, UAE, South Africa and Brazil.

One of major driving factor fueling the growth of healthcare BPO is mandatory implementation of ICD – 10 Codes, rising number of people seeking insurance which has led to the development of efficient management. In addition to this there are several other factors surging the growth of healthcare BPO are need to reduce the rising healthcare costs, implementation of the patient protection & Affordable Care Act, provides patient with best-in-class services and maximize staff efficiency along with the maximization of their revenues. However the factor hindering the market growth are data security & privacy concern and fear of losing visibility & control over business processes and reliability. Rising compliances regulation from HIPAA and new reporting requirements are forcing pharmaceutical industry to outsource their R&D which is expected to boost the market over the forecasted period.  

Healthcare BPO market is segmented on the basis of payer service which includes claims administration, billing, member management, provider management and fraud management services and further the market is breakdown as provider service as medical billing, medical coding, finance & accounts and others. Similarly, the market is further segmented on the basis of pharmaceutical service as research & development, manufacturing, sales & marketing, supply chain & logistics and others.