Healthcare Publications Healthcare BPO Market December

The Global Healthcare BPO Market growth is deemed to be impressive at 12.3% CAGR over
the forecast period of 2017-2023, growing from USD 199,533.8 Million in 2017 to USD
449623.8 Million by the end of 2023, proclaims Market Research Future (MRFR) in a
minutely analyzed research report.
The global healthcare BPO market derives much of its growth from the increasing incidences
of errors in medical billing and errors in patient medical record which has led to the adoption
of BPO services by healthcare organizations. A princely sum of dollars is lost each year due
to poor billing practices which has a direct impact on healthcare organizations' bottom line.
Outsourcing in the healthcare sector has picked up in the past few years to minimize critical
mistakes and ensure smooth operational performance. Additionally, healthcare institutions
save a king's ransom by outsourcing tasks, which, otherwise would require hiring of in-
house employees. Healthcare BPO professional are highly skilled and help in the reduction of
errors.
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Imperious need to curb mounting healthcare costs has forced healthcare organizations to
outsource non-core processes to third party service providers; it helps to save 30-60% of
costs. Moreover, outsourcing has become a compulsion as there has been an ample push
from healthcare organizations to focus on core business activities in the healthcare
ecosystem. It reduces costs involved in staff training, hiring and human resource
management.
Service quality of BPO can act as a deterrent to the growth of the global healthcare BPO
market. In the developing regions, service quality is a significant issue. For instance, in
2015, British Telecom announced its plan to shut down its call centers in India due to poor
customer service. Healthcare providers are more attracted towards outsourcing from well-
known brands which makes it difficult for other developing companies to expand.
Despite the existing roadblocks in the developing regions, healthcare BPO market is
apprehended to experience enormous growth opportunities in the developing countries. As
BPO service providers in developing regions continue to acquire greater capabilities in the
healthcare vertical, the global healthcare BPO market is likely to see robust growth in the
coming years.
The global healthcare BPO market has been segmented on the basis of services which
comprises of Pharmaceutical services, payer services, and provider services. The
pharmaceutical segment has been further segmented into Research and Development,
Manufacturing, and Non-clinical Services. Similarly, the payer services segment has been
further segmented into Claim management, Member management, Provider management,
Care management, and Product development & business acquisition. The provider services
segment has been further segmented into Medical Billing, Medical Coding, Medical
Transcription, and Finance & Accounts.
Pharmaceutical services commanded the largest market share in 2016 and was valued at
USD 125,849.8 million in 2016 and are expected to reach USD 329,000.3 million by 2023.
The payer services segment is projected to be the fastest growing segment and capture a
CAGR of 12.4% over the forecast period.
Competitive Tracking
The notable players operating in the global healthcare BPO market include Sykes, IBM,
Accenture, HCL, Cognizant, Infosys, Quintiles, and others. The major six companies,
namely, Sykes, IBM, Accenture, HCL, Cognizant, and Infosys account for more than 11.12%
share of the global healthcare BPO market.
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Regional Analysis