Healthcare BPO Market: Outlook and Business Scope
Healthcare services have been constantly evolving to balance the multiple aspects of managing operational costs, bottom-line of companies, and regulations all toward improving patient outcomes. Constant urge to drive better patient and customer experiences in the face of ever-receding bottom line and budget constraints have brought forth new business models. The drive for healthcare BPO market stems from relentless efforts to make healthcare services more customer-centric, and to empower patient-doctor interactions.
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Business proposition for healthcare business process outsourcing partners has gained strength in the growing role of their services in improving patient care, boost health outcomes, and aid in cost-optimizing for healthcare providers.
The ecosystem of players in the healthcare BPO market is wide. Broadly myriad time-consuming tasks are outsourced through BPO services, which help in lowering operational costs. Some of the key end users are research and development, manufacturing, sales and analytics. Common areas where healthcare services in the healthcare BPO market are sought include medical coding and billing, claims processing, and data processing services.
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Key Trends Shaping Forces of Growth in Healthcare BPO Market
The growing trend of payers and providers in healthcare industry to seek business models that focus on patient-centric business outcomes is propelling prospects in the healthcare BPO market. Past couple of decades have seen healthcare sector worldwide keen on adopting intelligence automation notably the use of artificial intelligence technologies in automation in operations. The trend has seen prevention of costly medical mistakes for healthcare providers on one hand and optimizing the use of assets in superior patient outcomes.
Technology companies including those with prominent presence in healthcare IT in emerging economies have geared toward tapping into the incredible revenue streams in developed nations. Healthcare providers in these countries prefer to outsource claims processing for boosting productivity gains. Growing adoption of omnichannel customer service strategy by healthcare providers for offering a consistent experience across all customer channels is a trend, engendering the attractiveness of services in the healthcare BPO market.
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Some Key Developments Unlocking Stakeholder Value in Healthcare BPO Market
A key area that has attracted immense attention of players in the healthcare BPO market is offering services for ensuring health insurance portability and complying with accountability rules and regulations. The demand for such services has stridently risen in recent years on the back of strengthening forces of digitalization in the healthcare and medical sectors.
Some of the key industry developments that have potential to influence the course of evolution of the healthcare BPO market are:
- A number of players technology companies and BPO service providers are leveraging AI to offer advanced capabilities to clients in claims processing, promising huge medical cost savings.
- Companies such as NTT DATA and Accenture are keen on expanding the portfolio of AI-based services for early disease diagnosis to health insurance and provider communities in the healthcare BPO market.
- A growing number of BPO service providers are ensuring that their offering meet major regional regulations such as HIPAA, ISO 27001, and GDPR.
Some of the key players in the healthcare BPO market are Parexel International, Invensis Technologies, Omega Healthcare, GeBBS Healthcare Solutions, IBM Corporation, Infosys BPM, IQVIA, and Xerox Corporation.
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Healthcare BPO Market: Regional Growth Dynamics
On the regional front, North America has been cynosure of attention for healthcare BPO service providers based in developing economies. Enormous prospects have stemmed from the trend of adopting healthcare BPO services by healthcare providers and payers for optimizing operational costs and improving patient outcomes. Over the past few decades, the U.S. and Canada have been hotbed of opportunities for players in the healthcare BPO market. The growing penetration of AI in disease diagnosis is a key trend that has spurred massive revenue streams in the regional market. Other prominent regions are Europe and Asia Pacific.
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