What is Healthcare BPO Services Market Scope?
The global Healthcare BPO Services market is expected to witness high demand in the forecasted period due to healthcare infrastructure development around the world. Healthcare business process outsourcing is an activity where a healthcare provider contracts its non-core activities to an external party. Rather than doing the work themselves, the healthcare company hires a third-party firm to perform the job for them. There are various factors that are responsible for the growth of the market such as rapid increase in clinical process outsourcing (CPO), implementation of PPACA compelled healthcare player to move toward outsourcing, and fewer errors in several non-critical functions, like finance and accounting, customer care services, etc.
The Healthcare BPO Services market study is being classified by Type (Claims Management, Integrated Front-end Services and Back-office Operations, Member Management, Product Development and Business Acquisition (PDBA), Provider Management, Care Management, Billing & Accounts Management Services and HR Services), by Application (Research & Development, Manufacturing, Sales & Marketing, Supply Chain & Logistics and Others) and major geographies with country level break-up. According to AMA, the Global Healthcare BPO Services market is expected to see growth rate of 10.2%
The Healthcare BPO Services market is moderately competitive and includes several major players. In terms of the market share, few of the major players currently dominate the market. The increasing requirement for mobile health and advances in healthcare systems are also helping a few other smaller players to enter the market, with a substantial share. Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Healthcare BPO Services market throughout the predicted period.
Cognizant (United States), Accenture (Ireland), Xerox (United States), Genpact (Bermuda), TCS (India), Infosys (India), Sykes (United States), IBM (United States), ACCENTURE (Ireland) and QUINTILES (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are IQVIA Inc (United States) and HCL (India).
Analyst at AMA have segmented the market study of Global Healthcare BPO Services market by Type, Application and Region.
On the basis of geography, the market of Healthcare BPO Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
"The Health Insurance Portability and Accountability Act (HIPAA) regulates how companies handle patient data. Any medical company or health practitioner violating this law can face serious criminal charges with fines up to USD 50,000 per violation." To be HIPAA compliant, BPO companies must have strict security measures in place to protect patient data. Hiring a service provider thatís HIPAA compliant will ensure that your patientís information never gets into the wrong hands.
Influencing Market Trend
- Implementation of PPACA Compelled Healthcare Player to Move toward Outsourcing
- Rise of Nearshore Outsourcing Destinations and Access to Technology
- Rapid Increase in Clinical Process Outsourcing (CPO)
- The Increasing Healthcare Infrsstuture in Developing and Developed Countries
- Complex Regulations
- Fear of Losing Visibility and Control Over the Business Process
- The dearth of Skilled Workforce
Key Target AudienceRoad Cleaning Vehicles Distributors, Government Regulatory Bodies, Private Research Organizations, Government Research Organizations and Others
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