Global Healthcare BPO Market to Reach $341.5 Billion by 2024

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Aug 11, 2021, 09:00 ET

SAN FRANCISCO, Aug. 11, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Healthcare BPO - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 6; Released: May 2021
Executive Pool: 16483
Companies: 61 - Players covered include Accenture Plc; Boehringer Ingelheim; Catalent Pharma Solutions, Inc.; Conduent, Inc.; Covance, Inc.; Charles River Laboratories International, Inc.; Cognizant Technology Solutions Corporation; EXLService Holdings, Inc.; GeBBS Healthcare Solutions, Inc.; Genpact Limited; HCL Technologies Limited; Infosys BPM Limited; IQVIA; Lonza Group AG; PAREXEL International Corp.; Syneos Health; Tata Consultancy Services Limited; Wipro Limited; WNS Global Services Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Type (Provider Service, Payer Service, Pharmaceutical Service)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

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ABSTRACT-

Global Healthcare BPO Market to Reach $341.5 Billion by 2024

In the healthcare market, BPO service providers enable payers to streamline their operations, increase overall productivity, and lower operational costs. They can offer services which enable buyers introduce new plans in the market, with low overhead costs. In a conventional healthcare BPO service agreement, a third party partner manages functions such as back office administration, member services and claims adjudication, for private as well as public health insurance payers. Such BPO providers have enabled transformation of the healthcare business model, by aiding in aggregating data, adjudicating claims payments, recognizing opportunities for savings, offering high touch member service and confirming suitable security measures, in a more efficient manner. While traditional services offered by BPOs comprised call centers, member processing, and claims adjudication, new-age BPO providers are re-evolving the service offerings and are creating completely integrated service models that are fully branded by the underwriting insurance company. Some of the innovative offerings of the BPO today include alternate payment services, claims modernization, novel plan design strategy, and analytics.

Amid the COVID-19 crisis, the global market for Healthcare BPO is projected to reach US$341.5 Billion by 2024, registering a compounded annual growth rate (CAGR) of 9.8% over the analysis period. The United States represents the largest regional market for Healthcare BPO, accounting for an estimated 42.3% share of the global total. The market is projected to reach US$155.4 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 11.2% over the analysis period. The market globally is anticipated to post a significant growth over the short-term owing to the mounting pressure to cut healthcare delivery costs and consolidation of incorporated healthcare systems. The market growth is expected to be propelled by implementation of stringent regulations along with PPACA and clinical trial protocols.

Fueled by these factors, the healthcare BPO market is forecast to reflect an impressive growth rate over the short term. Moreover, patent cliffs faced by various pharmaceutical companies and mandatory enactment of ICD-10 codes within the US are expected to further provide the required impetus to the market. On the other hand, concerns regarding service quality coupled with apprehensions about losing control over outsourcing are likely to remain key inhibitors in the coming years. The rise in number of individuals getting insured is further driving healthcare organizations to outsource certain services to address the demand for effective healthcare management. The consolidation of healthcare providers and growing pressure to minimize healthcare costs is further driving the demand for healthcare outsourcing services.

Apart from cost savings, BPO provides wide range of strategic advantages to companies, specifically with regard to back-office businesses and transaction-intensive processes, such as increase in efficiencies. Many enterprises entrust their business processes to specialists, so as to direct efforts and resources towards core business operations. With more and more companies segregating their businesses into core and non-core operations, more areas are being identified as fit cases for outsourcing thus expanding the scope of BPO. While some of the local suppliers deliver services onsite, most of the BPO service providers operate from remote places within the country or from offshore/nearshore locations, a strategy that is primarily aimed at savings costs. Outsourcing enables companies to complete the work in less time and can cause turnaround of failure-prone processes through centralization, standardization and modern technology. More

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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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