Absolute Markets Insights (AMI) reports a robust forecast for the healthcare BPO market during the 2021-2029 period. In its newly released report, AMI anticipates the market will grow at 9.3% over the forecast period owing to increasing investments by healthcare organizations towards adoption of outsourced services for myriad applications. AMI reports that the market stood at a valuation of US$ 223.59 billion in 2020. According to Absolute Market Insights report, revenue cycle management held the highest share in 2020 and is further anticipated to retain the highest share during 2021-2029 period in the healthcare BPO market. Healthcare provider organizations are looking forward to reduce cost and simultaneously increase operational efficiency, while simultaneously complying with the changing healthcare regulations, which has led to an increased adoption of revenue cycle management services, thereby contributing towards their highest share in the global market. In the recent years, large healthcare organizations are looking forward to a systematic revenue cycle management for smooth administration such as pre-registration, scheduling of appointments, coding and billing amongst other functions. Most hospitals are also dependent on third party providers to reduce the billing errors, which has a substantial impact on their revenue. Additionally, data security is also a major concern for healthcare BPO organizations which require a secure and private network to protect the patient’s information. During Covid-19, some healthcare BPO operations were carried out remotely from various locations. Therefore, there was a shift from single function operation to multi-function operations, through the adoption of cloud-based services which provided easy accessibility, accuracy and efficiency.
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Healthcare BPO market participants sector is investing in various technologies such as artificial intelligence and cloud systems for data analytics. The providers are leveraging analytical solutions like Big Data to enable digital methods & tools to collect, store and track the patients’ records which helps providing real-time analysis of a disease and reducing the imprecisions of disease assessments. Additionally, the claims data and electronic health record (EHR) data are being coupled with data analytics to provide transparency and better healthcare services.
Some of the players operating in the global healthcare BPO market are Accenture, Cognizant, Conduent, Inc., Firstsource, GeBBS Healthcare Solutions, Genpact, HCL Technologies Limited, Infosys Limited, Maxicus, Omega Healthcare, Parexel International Corporation, Sutherland Global, Sykes Enterprises, Tata Consultancy Services, WNS (Holdings) Ltd and Xerox Corporation amongst other market participants.
Global Healthcare BPO Market:
By Offering
- Provider Services
- Revenue Cycle Management
- Claims Processing
- Accounts Receivable Services
- Others
- Utilization Management
- Medical Billing & Coding
- Analytics & Reporting
- Case Management
- Others
- Revenue Cycle Management
- Payer Services
- Claims Management
- Claims Adjudication & Adjustments
- Claims Audit
- Fraud Mitigation
- Others
- Care Management & Customer Services
- Provider/Network Management
- Member Management
- Billing & Reconciliation
- Helpdesk & Member Support Services
- Others
- Payers Analytics
- Marketing Analytics
- Clinical Data and Medical Costs Analytics
- Others
- Others
- Claims Management
- Pharmaceutical and Life Sciences Services
- Research & Development
- Procurement
- Finance & Accounting
- Marketing Analytics
- Others
By Organization Size
- Small and Medium Organizations
- Large Organizations
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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