Healthcare BPO Market – Global Industry Analysis
Global healthcare BPO market estimated to be valued US$ XX Mn in 2017 and poised to grow at CAGR of XX% over 2017-2023. Market for healthcare BPO is projected to reach US$ XX Mn by 2023.
Business Process Outsourcing (BPO) is a process where healthcare providers select the most appropriate third party vendors for some of the specific business procedures. It allows the hospitals and medical professionals to spend their energy and valuable time on patient care rather than doing some paper work in the office. Healthcare BPO is a solution for clients to adopt intelligent approaches that will support the organization to reduce the cost pressures and increase in the overall productivity. Healthcare BPO market provides various solutions, such as front-end services, customer account setup, billing & account receivables, provider network services, enrollment services, claims services, Medicare services, membership services, and pharmacy benefits management.
Healthcare BPO market is segmented on the basis of provider services, payer services, pharmaceutical services, end users, and geographical regions.
Healthcare BPO Market by provider services:
Medical Billing
Medical Coding
Medical Transcription
Finance & Accounts
Healthcare BPO Market by payer services:
Integrated Front-end Services and Back-office Operations
Provider Management
Claims Management
Billing and Accounts Management
HR
Analytics and Fraud Management
Member Management
Healthcare BPO Market by pharmaceutical service:
Manufacturing
Research and Development
Non-clinical Services
Sales and Marketing
Supply Chain Management and Logistics
Other Non-clinical Functions
HR
Finance and Accounts
IT
Healthcare BPO Market by end-user:
Hospital
Dental Clinics
Public Service
Others
Based on geography, the healthcare BPO market can be segmented into five major regions: North America, Europe, Asia-Pacific, Latin America and Middle East & Africa.
The major factor that drives the growth of healthcare BPO is increase in development of healthcare IT. Globally healthcare BPO market is expected to grow with a significant CAGR from 2016 to 2027. rise in the prevalence rate of those diseases led to the increased amount of work for insurance companies. Shift from the ICD-9 to ICD-10 coding system posed heavy workload for payers in order to up gradation of their systems, training of staff in turn increases the financial burden. The ICD-9 code system had 13,000 codes, while ICD-10 code system has nearly 68,000 codes.
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