Global Healthcare BPO Market is segmented on the basis of Pharmaceutical Service as Research and Development, Manufacturing, and Non-clinical Services. The Non-clinical Services is further segregated as Supply Chain Management (SCM) and Logistics, Sales and Marketing, and Other Non-clinical Functions.
A procedure in which the healthcare organizations contract out business operations to the outside vendors is known as healthcare business process outsourcing (BPO). With the help of this practice, a healthcare company doesn’t need to rely on staff and equipment onsite to administer the computers, employees, customers, and accounting. The company can now freely concentrate mainly on the issue of patient care. It has been observed that now-a-days, it is a common picture that most of the healthcare companies are outsourcing their operations on a variety of levels.
The prominent factors that are playing a major role in raising the share in the market include increasing pressure to trim down healthcare delivery costs, rising number of people seeking insurance, rise in the pharmaceutical companies going through patent cliffs, merging up of healthcare systems, compulsory execution of ICD-10 codes and lower production costs in the emerging countries.
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Fears of dropping charge over the outsourced process, increasing possibilities of diminished service/product quality, and risk to data security are some of the factors acting as major hurdles to the growth of the market. Healthcare BPO Market is segmented on the basis of Provider Service as Medical Billing, Medical Coding, Medical Transcription, and Finance & Accounts. Among all the provider services, the segment of medical billing is covering the largest share as compared to others, the reason being rise in the frequency of people insured.
Healthcare BPO Market is segmented on the basis of Payer Service as Claims Management, Integrated Front-end Services and Back-office Operations, Member Management, Provider Management, Billing and Accounts Management, Analytics and Fraud Management, and HR. Among all, Claims Management is lately taking up the largest share, owing to approval of PPACA and augmented pressure to turn healthcare more reasonable and inexpensive.
Healthcare BPO Market is segmented on the basis of geographical location as North America, China, Europe, Japan, India, and Southeast Asia. As far as the geography is concerned, North America is covering the largest share of the market, the reason being compulsory execution of ICD-10 codes and approval of PPACA. The United States is recognized as the major contributor in the market growth of the particular region.
On the contrary, Europe is also coming up as one of the promising regions and it is lately been considered as the second-largest source for outsourcing healthcare services, the growth is mostly driven by the prerequisite to trim down the healthcare delivery charges. The key players operating in the Healthcare BPO Market include Cognizant Technology Solutions Corporation, Infosys BPO Ltd., Tata Consultancy Services Ltd., Xerox Corporation and Accenture PLC.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/healthcare-it
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