PUBLISHER: IMARC | PRODUCT CODE: 1467613
PUBLISHER: IMARC | PRODUCT CODE: 1467613
The global healthcare BPO market size reached US$ 30.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 58.9 Billion by 2032, exhibiting a growth rate (CAGR) of 7.42% during 2024-2032. The growing need to reduce workload and operational costs, rising prevalence of various chronic diseases, and increasing adoption to generate more profit margins among healthcare facilities represent some of the key factors driving the market.
Rising Focus on Enhanced Patient Safety and Health Propelling Market Growth
The increasing focus on enhancing patient safety and health represents one of the key factors contributing to the growth of the market. It is essential for a healthcare facility to treat patients with high care and offer the best treatment options. Healthcare BPOs assist in managing non-core activities in an organization which reduces the workload of staff members and care providers to help them become more focused on patient health. In addition to this, the growing employment of healthcare BPOs due to the increasing demand for maintaining crucial patient records for better decision-making are offering a favorable market outlook. Besides this, there is a rise in the adoption of improved patient safety solutions among patients suffering from various acute and chronic diseases across the globe.
What is Healthcare BPO?
Healthcare business process outsourcing (BPO) comprises hiring an external contractor to handle the non-clinical activities of a healthcare organization. It comprises several activities, such as coding, billing services, tests and lab reports, data entry, claims processing, employee training, finance and accounting, customer relationship management (CRM), human resource management (HRM), patient insurance details, and transcription. It provides convenient services, enhances data security, data storage and recovery, and improves workflow management. It benefits in generating more profit in a business by increasing the productivity of staff members. It assists organizations in focusing on their core business activities and treating patients more efficiently rather than wasting time on non-core activities. Besides this, it aids in improving patient experience and providing access to healthcare specialists at a lower cost. As it reduces the burden of back-office tasks for providers and onsite support staff, the demand for healthcare BPO is rising across the globe.
At present, the rising adoption of healthcare BPOs due to the increasing prevalence of various chronic diseases, such as cancer, arthritis, diabetes, and cardiovascular disorders, among the masses around the world represents one of the key factors supporting the growth of the market. Besides this, the growing demand for healthcare BPOs, as they reduce paperwork and provide record details of a patient electronically, is positively influencing the market. In line with this, the rising awareness among individuals about the wide availability of several health insurance plans and telehealth services is bolstering the growth of the market. Additionally, the increasing adoption of healthcare BPOs, as they provide easy access to skilled workforce and lowers the chances of errors and risks, is offering lucrative growth opportunities to industry investors. Apart from this, there is a rise in the demand for enhanced patient care and safety in healthcare facilities across the globe. This, coupled with the increasing adoption of healthcare BPOs, as they provide enhanced data security and reduce the workload and manage time-consuming tasks in an organization, is propelling the growth of the market. In addition to this, the rising emergence of machine learning (ML) and artificial intelligence (AI)-based tools that assist in making the drug discovery process more efficient is contributing to the growth of the market. Moreover, the growing utilization of healthcare BPOs to increase productivity and enhance workflow efficiency is offering a favorable market outlook. Additionally, the rising employment of healthcare BPOs to generate more profit margins in a business is impelling the growth of the market. Furthermore, governing agencies of various countries are encouraging the adoption of healthcare BPOs, as they reduce healthcare costs in an organization, which is impelling the growth of the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global healthcare BPO market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on payer service, provider service and pharmaceutical service.
Human Resource Management
Claims Management
Customer Relationship Management
Operational and Administrative Management
Care Management
Provider Management
Others
The report has provided a detailed breakup and analysis of the healthcare BPO market based on the payer service. This includes human resource management, claims management, customer relationship management, operational and administrative management, care management, provider management, and others. According to the report, claims management represented the largest segment as it provides compensation and minimizes expenses. It assists in simplifying the claiming process, recording claim data, and reducing the time of providers and customers. It reduces thefts and manages complaints while maintaining client satisfaction.
Human resource management comprises recruiting, hiring, and managing employees of an organization. It ensures the safety and welfare of employees and assists in making healthy relations among employers, employees, and business organizations. Moreover, it encourages team spirit and teamwork while providing plans to achieve goals.
Customer relationship management comprises the combination of practices, strategies, and technologies to manage and analyze customer relations. It is beneficial in managing external interactions with customers and optimizing sales in a business. Apart from this, it easily tracks performance goals and sales and improves customer retention.
Patient Enrollment and Strategic Planning
Patient Care Service
Revenue Cycle Management
A detailed breakup and analysis of the healthcare BPO market based on the provider service has also been provided in the report. This includes patient enrollment and strategic planning, patient care service, and revenue cycle management. According to the report, revenue cycle management accounted for the largest market share as they are utilized to track the financial dealings with patients from the initial appointment to the final payment of the balance associated with the healthcare systems. In addition to this, it assists in handling administrative functions through billing, payment processing, and electronic health record systems.
Patient care service is therapeutics and diagnostics services provided by the hospital to inpatients and outpatients suffering from various health problems. In addition, it focuses on enhanced safety, comfort, and the health of patients. Various healthcare organizations are offering enhanced patient care solutions and handling and answering numerous queries of them.
Patient enrollment and strategic planning is the process of registering a patient into a clinical trial by incorporating different suitable strategies. They assist in choosing the best patients for the trial and have a flexible outreach plan. Also, the right enrollment strategy will incorporate materials for pre-screening and aid in minimizing the trial costs.
Manufacturing Services
Research and Development Services
Non-clinical Services
A detailed breakup and analysis of the healthcare BPO market based on the pharmaceutical service has also been provided in the report. This includes manufacturing services, research and development services, and non-clinical services. Manufacturing services refer to the process of outsourcing the work of manufacturing or producing numerous medications, such as pills, tablets, and capsules for consumption by a third party. They comprise drug development processes and regulatory support to reduce the lengthy approval procedure for a drug to be released in the market.
Research and development (R&D) services refer to the series of activities that are designed to reach the goal of discovering and delivering new medical drugs, devices, and therapies to market. They comprise pre-clinical research and discovery of innovative drugs, clinical testing of prescription drugs in trials, preparation and submission of applications for Food and drug administration (FDA) approval, designing production processes for the new product, and testing of a new drug against existing drug to ultimately show the superior benefits of the new drugs.
Non-clinical services comprise supply chain management and logistics, sales and marketing services, such as forecasting, performance reporting, analytics, research, and marketing in pharmaceuticals.
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
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America (the United States and Canada) was the largest market for healthcare BPO. The growing adoption of healthcare BPO due to the strong reimbursement framework is propelling the growth of the market. Apart from this, the rising utilization of healthcare BPO to optimize operational costs and improve patient safety is bolstering the growth of the market. Moreover, the increasing emergence of artificial intelligence (AI) in disease diagnosis is contributing to the growth of the market in the region.
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
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.