Global Healthcare Business Process Outsourcing Market Key Challenges and Opportunities
According to the report "Healthcare BPO market by Provider service, by Payer service, by Pharmaceutical service and by Region - Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2015–2020)”, published by Market Data Forecast, the global market is projected to reach USD 280.15 Billion by 2020, at a CAGR of 9.81% from 2015 to 2020.
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Although, healthcare represents only 5-10% of the total BPO deals in the market, which is the relatively low compared to other industries, such as banking, financial services and manufacturing, the potential for growth is high due to the growing demand for quality care. Technological improvements in medical care and the mounting demand for health services are driving a huge change in the healthcare industry. New business models and processes are now reflecting the trends that are shaping the healthcare value chain. For example, with digital technologies renovating processes from electronic records to telemedicine, many healthcare providers are offering services in innovative ways.
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Increasing number of people seeking insurance, pressure to cut healthcare delivery costs, consolidation of healthcare system, pharmaceutical companies facing patent cliffs, along with the mandatory implementation of ICD-10 codes are the major factors fuelling the North America Healthcare BPO market.
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Global market for healthcare BPO is segmented on the basis provider, payer and pharmaceutical services
By Provider Service
•Finance & Accounts
By Payer Service
•Integrated Front-end Services and Back-office Operations
•Billing and Accounts Management
•Analytics and Fraud Management
By Pharmaceutical Service
•Research and Development
-Sales and Marketing services
-Supply Chain Management
-Other Non-Clinical Applications
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With the ever-growing demand for healthcare, the need for outsourcing the services is expected to provide niche opportunities for IT companies to poach upon. Some of the major players operating in the healthcare BPO market include Cognizant Technology Solutions Corporation (U.S.), Accenture PLC (U.S.), Genpact Limited, Tata Consultancy Services Ltd. (India), Infosys BPO Ltd. (India) and Xerox Corporation (U.S.).
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