Global Healthcare BPO Market on the Rise, Driven by Demand for Specialized Services and Cost Reductions
SkyQuest Technology Consulting Pvt. Ltd.
4 min read
SkyQuest Technology Consulting Pvt. Ltd.
SkyQuest projects that the healthcare BPO market will attain a value of USD 755.76 billion by 2030, with a CAGR of 9.49% over the forecast period (2023-2030). The market is expected to expand during the forecast period owing to the increasing pressure to reduce rising healthcare costs, a higher need for specialized services and strict regulations. The global market is growing rapidly owing to various factors, including the growing number of people seeking health insurance and government support which promotes increased spending on high-quality medical procedures. As a result, business process outsourcing is a significant part of the healthcare BPO industry.
Westford, USA, June 20, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, increasing government initiatives in the country are expected to drive the growth of the Healthcare BPO market. For example, in February 2022, the Department of Health and Human Services (HHS) awarded nearly USD 55 million to 29 HRSA-funded health centers to enhance healthcare access and quality for underserved populations through virtual care. In addition, virtual care has been a game-changer for patients, particularly during the pandemic. As a result, government organizations' initiatives are likely to boost market growth.
Medical institutions can outsource various non-core functions to a foreign entity and focus on their existing key capabilities through healthcare market procedure outsourcing. In addition, the need to contain expanding medical costs, excess supply for specialist care such as fraudulent activities and treatment planning and the requirement for established techniques and paperwork in the medical business are all factors contributing to the market expansion.
Claims Management Segment is Dominating the Market Due tothe Increasing Adoption of Insurance
The claims management segment is expected to dominate the market during the forecast period. This segment's growth is attributed to the changing healthcare regulations regarding health insurance and medical claims and a scarcity of expertise in the field.
North America dominates the healthcare BPO market, and this trend is expected to persist for the next few years. The United States has the largest market share in North America. The United States healthcare system is a rapidly growing industry that includes pharmacies, pharmaceutical companies, medical equipment manufacturers, and medical care facilities. This complex infrastructure depends on specialized professionals who oversee these operations.
Revenue Cycle Management Segment is Expected to Dominate the Market Due to Rising in the Electronic Health Record Systems
The revenue cycle management segment is expected to dominate the global market during the forecast period. RCM is a technologically advanced system that handles administrative functions through sophisticated billing, payment processing and electronic health record systems. The article "Revenue Cycle Management in Healthcare", published in July 2022, in many hospitals, handles billing using an ineffective manual system that causes billing issues by human error such as data entry blunders. Hence, the demand for revenue cycle management is increased.
A comprehensive analysis of the major players in the Healthcare BPO market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Healthcare BPO Market
CPSI a healthcare solutions company acquired Healthcare Resource Group Inc. based in Spokane, Washington in 2022. HRG is known for its customized revenue cycle management ("RCM") solutions and consulting services, which aid hospitals and clinics in improving efficiency, profitability, and patient satisfaction. Therefore, the strategic moves made by significant players in the market are expected to drive the growth of the market.
Surgical Solutions, a prominent provider of the on-site operating room and sterile processing support was granted a group-purchasing agreement for outsourced surgical services by Conductive in 2022. Conductive is a renowned third-party spend improvement firm that brings together a group of buyers and suppliers to transform the procurement of services. The partnership between these two companies is expected to drive the growth in the outsourced surgical services market.
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
