Healthcare BPO Market Value Anticipated To Reach US$ 385.8 Bn By 2027: Acumen Research and Consulting

/EIN News/ -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Healthcare BPO Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”.

LOS ANGELES, Dec. 08, 2020 (GLOBE NEWSWIRE) -- Market for Healthcare BPO is expected to grow at a CAGR of around 9.4% from 2020 to 2027 and reach the market value of over US$ 385.8 Bn by 2027.

Healthcare business process outsourcing (BPO) is an outsourced business activity or process that provides support to medical institutions, staff, and organizations and the commonly outsourced activities including coding, billing services, transcription, and others.

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The global healthcare BPO market is segmented on the basis of services, and geography. Based on services, the market is divided into payer service, provider service, and pharmaceutical service. The payer service segment is further divided into claim management, integrated front-end services, back-office operations, member management, provider management, billing and accounts management, analytics and fraud management, and HR services. The provider service segment is further bifurcated into medical billing, medical coding, medical transcription, and finance & accounts. The pharmaceutical service segment is further divided into research and development, manufacturing, non-clinical service, supply chain management and logistics, sales and marketing services, and other non-clinical services. By geography, the market is divided across North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Additionally, the above mentioned prominent regions are further segregated into prominent respective countries.

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In 2019, North America held the major share (%) in terms of revenue of the global healthcare BPO market. The well-established healthcare infrastructure along with the presence of a high-income population and trained professionals are accelerating the market growth. The increasing number of patients with chronic diseases coupled with the rising geriatric population of the region is contributing to the regional market value. The increasing demand for payer service, provider service, and pharmaceutical service in the region is additionally bolstering the regional market growth.

Furthermore, Asia Pacific is projected to experience the fastest growth with a major CAGR (%) throughout the forecast timeframe from 2020 to 2027. The developing healthcare sector along with the increasing disposable income and spending on healthcare solutions are propelling the regional market value. The emerging outsourcing services market is further boosting the regional market value.

Some of the leading competitors are Accenture (Ireland), Eli Global (US), GeBBs, Genpact (US), IBM (US), IQVIA (US), Parexel (US), Sutherland (US), Truven Health (US), United Health Group (US). Healthcare BPO companies have announced mergers and acquisitions, partnerships & collaboration, and new product development to expand their position in the Healthcare BPO industry. Major players are also moving into new regions along with the advanced technologies for gaining a competitive advantage.

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Some of the key observations regarding healthcare BPO industry include:

• Microsoft has launched a dedicated programme to help healthtech startups flourish in India as the pandemic impacts every aspect of the healthcare system in the country. Microsoft has collaborated with the startup incubator Social Alpha to accelerate the growth of participating startups.
• The Wipro's Healthcare Business Process solutions for providers and payers improve real-time customer responsiveness, meet regulatory compliance, and provide cost competitiveness. The provider services include EMR Clinical and IT Helpdesk, revenue cycle management, clinical documentation improvement (CDI), AR, denials management, patient accounting and contact center, corporate business services-finance and accounting, human resources, and 3D imaging reconstruction. The payer services include claims administration services, provider and member contact center services, premium billing & reconciliation, care management, integrated behavioral - clinical program "feet on street" services, mailroom and fulfillment services including imaging, data entry, scanning, EOB, Check, correspondence printing, Fraud, Waste and Abuse (FWA) program integrity services.
• Accenture Healthcare Business Process Outsourcing (BPO) Services help its client in driving breakthrough growth by combining deep healthcare delivery experience and subject matter expertise with analytics, automation, artificial intelligence (AI), and innovative talent. It helps providers, payers, and government agencies to increase provider, member, and group satisfaction along with the improve health outcomes, and reduce costs.
• Computer Generated Solutions (CGS) has received the 2020 Customer Experience Innovation Award from CUSTOMER Magazine in October 2020. CGS supports many of the world's leading global brands from hospitality, healthcare, retail, technology, and telecom. CGS’s innovative, scalable, and flexible  BPO solutions include telesales, technical and customer support, channel enablement, and back-office support among others.

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