At 10.4% of CAGR Healthcare BPO Services Market is expected to reach $416,431.8 Million in 2025 led by Genpact, Xerox Corporation, GeBBS Healthcare Solutions, Capgemini, Omega Healthcare

Healthcare Business Processing Outsourcing (BPO) offers customized solutions to the healthcare providers and payers to reduce the complexity of various tedious tasks involved at several stages of the workflow and establishment. These services are also helpful to enrich resource allocation, boost the financial performance of the company/organization, seek strategic growth support as well as reduce operational costs to maximize profit margins. The report would be of an interest to various stakeholders operating in the healthcare BPO services. These stakeholders include hospitals, pharmaceutical manufacturers, contract research organizations, medical device suppliers, market research, equipment manufacturers, and consulting firms.

Claims Administration Segment is expected to grow the Market for Healthcare BPO services over the Forecast Period for Payer Service Segment.

According to a new market research study titled ‘Healthcare BPO services Market to 2025 – Global Analysis and Forecasts by Payer Service, Provider Service and Pharmaceutical Service’. The global healthcare BPO services market is expected to reach US$ 416,431.8 Mn in 2025 from US$ 192,131.6 Mn in 2017. The market is estimated to grow with a CAGR of 10.4% from 2018-2025. The report highlights the trends prevalent in the global healthcare BPO services market and the factors driving the market along with those that act as deterrents to its growth.

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The report segments the global Healthcare BPO Services Market as follows:
 
Global Healthcare BPO Services Market – By Payer ServiceClaims Administration
Member Management
Provider Management
Billing
Fraud Management
Others

Global Healthcare BPO Services Market – By Provider ServiceMedical Billing
Finance & Accounts
Medical Coding
Others

Global Healthcare BPO Services Market – By Pharmaceutical ServiceManufacturing
Research & Development
Sales & Marketing
Supply Chain & Logistics
Others

Global Healthcare BPO services Market – By Geography
North AmericaU.S.
Canada
Mexico

Europe
U.K.
Germany
France

Asia Pacific (APAC)
Japan
China
India
Southeast Asia

Middle East & Africa (MEA)
South Africa
UAE
Saudi Arabia

South & Central America (SCAM)
Brazil

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Global healthcare BPO services market, based on payer service was segmented into claims administration, billing, member management, provider management, fraud management, and others. In 2017, the claims administration segment held a largest market share of 61.2% of the healthcare BPO services, by payer service. This segment is also expected to dominate the market in 2025. This is primarily attributed to the increasing demand for faster, error-free processing and payments, and a better overall customer experience is increasing. The paper claims or traditional claim administration procedures are time consuming and the Healthcare BPO enables the payers to save time and money, and provide better services to their clients by increasing efficiencies throughout the entire claims lifecycle from claims intake to final payment. However, the fraud management segment is anticipated to witness the fastest growth rate among the payer service segment.
 
The market for healthcare BPO services is expected to grow due to the factors such as constant changes in government regulations, mounting pressure on healthcare providers to reduce healthcare costs, rising consolidation in the healthcare BPO industry. Additionally, the future trend such as outsourcing Teleradiology services is likely to increase the growth of the healthcare BPOs in the forecasted period.
 
The major players operating in the healthcare BPO services market include IBM, Accenture, WNS (Holdings) Ltd., HCL Technologies Limited., Invensis Technologies Pvt Ltd, Cognizant, Infosys Limited, Tata Consultancy Services Limited, Genpact, Xerox Corporation, GeBBS Healthcare Solutions, Capgemini, Omega Healthcare, Flatworld Solutions Pvt. Ltd., and Magellan Solutions among others. Adoption of advanced digitalization as well as automation and use of analytics in the service platforms are the new inputs incorporated by the market players to sustain in the highly competitive healthcare BPO services market. For instance, in February 2016, Cognizant developed of a new digital healthcare platform, Cognizant Health TranZform. The new digital platform will help consumers make more informed decisions about the cost and quality of their care, while simultaneously enabling healthcare providers and payers to drive greater levels of consumer engagement and operational efficiency.

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Posted by Sameer Joshi on Wednesday January 09 2019, 2:13 AM EST. All trademarks acknowledged. Filed under Uncategorized. Comments and Trackbacks closed. Follow responses: RSS 2.0