PUBLISHER: The Business Research Company | PRODUCT CODE: 1426491
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426491
Healthcare business process outsourcing (BPO) involves contracting an external service provider to manage non-clinical or non-core activities within a healthcare organization. This practice is implemented across various functions in the healthcare industry to enhance efficiency, reduce costs, ensure compliance, and enable healthcare organizations to concentrate on their primary mission of delivering patient care.
The primary types of healthcare business process outsourcing (BPO) include provider outsourcing services, payer outsourcing services, operational outsourcing services, and information technology infrastructure management services. Provider outsourcing services involve healthcare organizations or providers outsourcing specific functions or services, such as revenue cycle management, patient enrollment, and patient care. Payer services encompass claims management, product development, business acquisition, member management, provider management, care management, integrated front-end services, back-office operations, billing and accounts management services, as well as human resources (HR) services. These services extend to solutions such as manufacturing, research and development, and non-clinical services, catering to various end-users including healthcare providers, healthcare payers, and others.
The healthcare business process outsourcing (BPO) market research report is one of a series of new reports from The Business Research Company that provides healthcare business process outsourcing (BPO) market statistics, including healthcare business process outsourcing (BPO) industry global market size, regional shares, competitors with a healthcare business process outsourcing (BPO) market share, detailed healthcare business process outsourcing (BPO) market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare business process outsourcing (BPO) industry. This healthcare business process outsourcing (BPO) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The healthcare business process outsourcing (bpo) market size has grown rapidly in recent years. It will grow from $288.95 billion in 2023 to $321.15 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The increase observed in the historical period can be attributed to cost efficiency and operational optimization, a growing demand for specialized services, concerns related to data security and patient privacy, a shift towards value-based care models, and the impact of globalization in healthcare.
The healthcare business process outsourcing (bpo) market size is expected to see rapid growth in the next few years. It will grow to $492.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The anticipated growth in the forecast period can be attributed to enhanced patient-centric solutions, global expansion and the provision of multilingual services, increased demand for remote services in the post-pandemic era, the evolution of value-based care models, and a heightened focus on data security. Major trends expected in the forecast period involve an emphasis on customer experience and patient engagement, strategic partnerships and collaborations, the globalization of healthcare services, the impact of the COVID-19 pandemic, and a continued shift towards value-based care models.
The anticipated rise in drug developments is poised to fuel the expansion of the healthcare business process outsourcing (BPO) market. Drug development involves the intricate process of discovering, researching, testing, and bringing new medications to market, necessitating a comprehensive approach to manage complexities such as regulatory compliance and market access. Healthcare BPO firms play a pivotal role in supporting pharmaceutical companies throughout the drug development lifecycle, contributing to more streamlined and effective processes. As indicated by the World Health Organization's International Clinical Trials Registry Platform (ICTRP) and ClinicalTrials.gov, the increasing number of clinical trials globally, reaching 65,409 in 2020 and 362,501 in 2021, underscores the growing significance of drug development. Thus, the surge in drug developments is a key driver propelling the growth of the healthcare business process outsourcing (BPO) market.
The escalating frequency of data breaches is expected to drive the growth of the healthcare business process outsourcing market. Data breaches involve unauthorized access or disclosure of sensitive information, emphasizing the critical importance of robust data handling procedures and security protocols. Healthcare BPO providers implement stringent measures to safeguard patient data, addressing the increasing threat of data breaches. The rising global average cost per compromised record in a data breach, reaching $164 in 2022, highlights the urgency for effective measures against data threats. Consequently, the surge in data breaches is a significant factor contributing to the growth of the healthcare business process outsourcing market.
The growth of the market is anticipated to face hindrances due to complicated regulations. Complex regulations in healthcare BPO involve intricate rules, laws, and guidelines that pose challenges in terms of compliance, geographic variations, and legal risks. Notably, adherence to regulations such as the Health Insurance Portability and Accountability Act (HIPAA) is crucial for healthcare BPOs, influencing privacy and security standards. The intricate nature of regulations poses hurdles, impacting the growth potential of the healthcare business process outsourcing (BPO) market.
Leading companies in the healthcare business process outsourcing (BPO) market are adopting innovative strategies, including the integration of artificial intelligence (AI) platforms such as the AGS AI Platform, to enhance revenue cycle management (RCM) processes. The AGS AI Platform leverages AI technologies such as machine learning and natural language processing to automate tasks, identify patterns, and make recommendations. Launched by AGS Health LLC, this platform aims to improve efficiency, effectiveness, and patient experience within the revenue cycle management process.
In July 2021, Waystar acquired Patientco Holdings Inc. for $450 million. This acquisition is geared towards simplifying payment processes for healthcare providers, with Patientco Holdings Inc. specializing in revenue cycle management (RCM) solutions. The integration of Patientco's expertise aligns with Waystar's goal of enhancing the financial journey for patients, pending regulatory approval.
Major companies operating in the healthcare business process outsourcing (bpo) market report are UnitedHealth Group Incorporated, Accenture plc, International Business Machines Corporation (IBM), Tata Consultancy Services Limited, Cognizant Technology Solutions Corporation, IQVIA Holdings Inc., Quintiles IMS Holdings Inc., HCL Technologies Limited, Infosys Limited, Wipro Limited, DSM Pharma, Sutherland Global Services Inc., Xerox Holdings Corporation, Genpact Limited, Access Healthcare Services Pvt. Ltd., Parexel International Corporation, R1 RCM Inc., NTT Data Corporation, EXLService Holdings Inc., Sykes Enterprises Incorporated, WNS Limited, Firstsource Solutions Limited, Invensis Technologies Pvt. Ltd., Omega Healthcare Investors Inc., Hinduja Global Solutions Limited, Mphasis Limited, GeBBS Healthcare Solutions Inc., Akurate Management Solutions Pvt Ltd., Gevity Consulting Inc., Octopus Tech Solutions Pvt Ltd.
North America was the largest region in the healthcare business process outsourcing (BPO) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare business process outsourcing (bpo) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the healthcare business process outsourcing (bpo) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The healthcare business process outsourcing (BPO) market consists of revenues earned by entities by providing services such as medical document management services, pharmacy information management services, laboratory information management services, business process management services, and supply chain management services. The market value includes the value of related goods sold by the service provider or included within the service offering. The healthcare business process outsourcing (BPO) market also includes sales of medical coding and billing devices, which are used in providing healthcare business process outsourcing (BPO) services. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Healthcare Business Process Outsourcing (BPO) Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare business process outsourcing (BPO) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare business process outsourcing (BPO)? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The healthcare business process outsourcing (bop) market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.