Healthcare BPO Market – Scenario
The healthcare BPO helps remove the complexity of tedious tasks. The healthcare BPO services enrich resource allocation, boost financial performance and increase the effectiveness of healthcare providers. The healthcare BPO provides services such as: medical billing & collection medical billing, medical coding, medical data entry, medical records indexing, medical claims processing and others. Technological improvements in medical care & the rising demand for health services from geriatric population are driving a sea of change in the healthcare industry. Moreover, digital technologies have transformed the processes from electronic records to telemedicine.
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However, errors in the healthcare sector, especially in the patient’s medical records can cost lives. Medical bills also contain large number of errors as changing billing rules and regulations are rarely updated on time. Increasing patient inflow result in the occurrence of these types of mistake in the healthcare organizations. Healthcare BPO services can help in avoiding critical billing mistakes as a dedicated team of trained professionals handle medical data entry tasks with maximum accuracy.
Increasing number of healthcare organization, to avoid the critical mistakes in medical billing, and increasing need for cost saving drives the growth of the market. Moreover, increasing number of recovery audits, increasing patient inflow, and increasing prevalence of diseases have provided fuel to the market growth. Furthermore, increasing need a number of medical aspects such as minimizing critical mistakes, the cost saving, number of recovery audits, number of healthcare organizations, patient inflow, demand for niche services, overall demand for delivering better services and better healthcare expenditure have fuelled the growth of the market.
However, on the other hand doubts over service quality may hamper the growth of the market over the review period
The global healthcare BPO market is expected to grow at a CAGR of 12.3% during the forecast period 2017-2023.
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Healthcare BPO Market – Regional Analysis
The Americas dominate the global healthcare BPO market owing to the presence of strong economic conditions and huge development in healthcare domain. Moreover, according to the Centers for Medicare & Medicaid Services, in 2014, recovery auditors identified and corrected USD 2.39 billion as overpayment and USD 173.1 million as underpayment. They also suggests that collectively 1.1million claims were registered to recover USD 2.57 billion.
Europe holds the second position in the market owing to healthcare spending has expanded slightly in UK and Germany. Western Europe continues to see a need to save money on healthcare because of a slight drop in financial growth and obstinate economic pressure. According to the Organization for Economic Co-operation and Development (OECD), the healthcare expenditure in Germany was EUR 321 billion in 2014, France recorded the second highest level of current healthcare expenditure of EUR 237 billion, followed by the United Kingdom of EUR 223 billion.
Asia Pacific is the fastest growing market owing to more number of developing nations present in this region, for instance, countries like India and China are encouraging the growth of the healthcare IT domain. Furthermore, increasing patient population from cancer in developing countries will directly increase the demand for various diagnosis & treatment methods and it will boost the growth of the market. Moreover, Healthcare spending in Asia expanded in 2016 due to an extension of state healthcare programs and the increasing affluence of the population. India, in specific, saw expansion in its healthcare expenditure due to a government resolution to enhance healthcare services, which is estimated to further will boost the market growth
The Middle East & Africa is expected to hold the least market share due to less availability of medical facilities, and less development in the healthcare domain. However, countries such as Qatar and Kuwait are focusing more on healthcare domain and developing medical facilities, which will boost the market growth in this region.
The Global Healthcare BPO Market Is Segmented On The Basis Of Services, Into Pharmaceutical Services, Payer Services, And Provider Services.
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