Published On:June 6, 2017, 8:55 am
Business Process Outsourcing (BPO) is a method wherein healthcare suppliers choose the best-suited third party vendor for a few particular business processes. It enables medical professionals and hospitals to spend their valued time and energy on patient care instead of processing some paper work in office. Healthcare BPO is outsourcing business operations which the healthcare suppliers, organizations and payers practice.
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It has various benefits like accessibility of competent and experienced workforce and that too cost efficiently, less administrative and training cost, superior profitability for healthcare providers. Additionally, healthcare BPO also enhances the overall quality of patient care at the same time lessening the investment meant for infrastructure.Across the world, many medical providers and hospitals are constantly looking for methods to assist in running their back office with efficiency in order to focus undividedly on their key responsibility which is patient care. Many hospitals are able to manage their healthcare accounts assets at the same time maintaining robust patient-doctor relationships, by working with healthcare BPO partners who are experienced in rendering services.
In 2014, the global healthcare BPO market was evaluated at USD 15,084.6 million in 2014 and is predicted to register itself at a CAGR of more than 10% during the forecast period.A few of the key market drivers of this market are constant regulatory alterations, escalating geriatric population, increasing healthcare expenditure, and demand to enhance payer’s operational efficiency and customer satisfaction.
Consolidation of healthcare systems, constant force on reducing healthcare delivery costs, portraying The Patient Protection and Affordable Care Act (PPACA), rigorous regulations, and complex protocols pertaining to clinical trials are some more market driving factors of this industry. Also, compulsory effectuation of ICD-10 codes in the United States and many pharmaceutical giants facing patent drop-offs are anticipated to fuel this market industry further.
But, uncertainty over quality of service and fear of losing control of the process which is outsourced will restricts the market growth of the healthcare BPO industry. The healthcare BPO market industry is widely sectioned based on the type of healthcare services outsourced into payer services, pharmaceutical services and provider services.
The prime market manufacturers of the global healthcare BPO market are Cognizant Technology Solutions Corporation (U.S.), Infosys BPO Ltd. (India), Boehringer Ingelheim, Quintiles, Charles Rivers, Sutherland, Covance, HCL, Firstsource, Tata Consultancy Services Ltd. (India), Catalent, PremierBPO, Accenture PLC (U.S.), Xerox Corporation (U.S.), GeBBS Healthcare, Inventiv, PPD, Indian Healthcare BPO, Lonza, and Parexel. Based on the product type, this market industry is split into Healthcare Provider BPO, Healthcare Payer BPO, and Healthcare Pharmaceutical BPO.
Geographically, this market industry is segmented into regions such as United States, Japan, Europe, China, Southeast Asia, and India.Lastly, the end user applications of the global market of this industry are Provider Management, Claim Management, Care Management, Merber Management, and others.
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