Welcoming the New Normal in the Post COVID Era! Here is New Intel that Will Help Understand the Growth & Opportunity for Healthcare BPO
The global market for Healthcare BPO is projected to reach US$371.2 billion by 2025, driven by the growing pressure on hospitals and healthcare organizations to reduce costs and enhance efficiency in all aspects of patient care and revenue cycle management (RCM) to survive in the era of value based care.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Healthcare BPO market. Report segmentation includes Type (Provider Service, Payer Service, Pharmaceutical Service) ).
10 June 9:05 A.M., California/Marketwire/ - According to the new market research report, the global market for Healthcare BPO is projected to reach US$371.2 billion by 2025, driven by the growing pressure on hospitals and healthcare organizations to reduce costs and enhance efficiency in all aspects of patient care and revenue cycle management (RCM) to survive in the era of value based care. Under the value-based care payment model where hospitals are paid or reimbursed only based on patient outcomes, healthcare organizations will need to reduce their overall costs by over 25% to 30% by the year 2022 in order to break even. The scenario catalyzes the importance, role and attractiveness of outsourcing. Benefits of outsourcing for hospitals include freeing up of resources to focus on patient care, CAPEX savings on infrastructure and technology, lower cost of operation, cost effective conformance to changes in regulations and standards related to patient data i.e. Health Insurance Portability and Accountability Act (HIPAA); easy access to specialists in the area of back office processing; reduction in billing mistakes which cost the hospitals sector over US$130 billion each year; and ability to offer higher quality of patient care services.
In addition to value based care which is driven by the unsustainable cost of healthcare which currently stands at US$2.8 trillion or conversely 18% of global GDP, other factors are also driving demand for healthcare BPO services. These include rapid advancements in healthcare IT especially analytics that require professional management by third party service providers; increasing use of digital technologies in healthcare; increasing insurance claims; growing healthcare burden of aging population; increasing complexity of treatment; and political and social goals of providing universal healthcare coverage to all by reducing costs and increasing accessibility. Outcome based payments and/or reimbursement exerts pressure on healthcare providers to derive the maximum insights and value from analytics. Also, changing reimbursement models and declining levels of reimbursements are driving hospitals and other healthcare establishments to adopt comprehensive revenue cycle management (RCM) strategies. The burden of fraud and wasteful healthcare expenditure additionally steps up the need for aggressive payment integrity monitoring. With cost reduction being the primary reason for outsourcing healthcare related business processes, BPO service providers, not surprisingly, also face intense competitive pressure to remain cost-effective. Cloud BPO is growing popularity for its ability to eliminate infrastructures that support BPO and their associated costs while simultaneously ensuring access to "best-of-breed technology"; deliver business value & create high-performing engagements with client companies; technology cost reduction and ability to offer competitive service pricing. The cloud allows service providers become a strategic partner to their clients by using even technology as a tool for innovation in addition to just infrastructure.
Key Competitors Covered in the Report
Catalent Pharma Solutions, Inc.
Charles River Laboratories International, Inc.
Cognizant Technology Solutions Corporation
EXLService Holdings, Inc.
GeBBS Healthcare Solutions, Inc.
HCL Technologies Limited
Infosys BPM Limited
Lonza Group AG
PAREXEL International Corp.
Tata Consultancy Services Limited
WNS Global Services Ltd.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, and Rest of Europe)
Rest of World
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 16483. Among this pool, 1649 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 332 unique participations, a total of 149 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
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Global Industry Analysts, Inc.