The global healthcare BPO Market Growth Accelerated by Technology Adoption

 


The healthcare BPO market provides a wide variety of services like claims management, medical billing and coding, medical transcription, finance & accounts management to the healthcare industry. These services help healthcare providers to focus on delivering efficient patient care. With the rising adoption of cloud-based technologies and advanced data analytics tools, healthcare providers are able to streamline and automate business processes which has resulted in better management of resources and improved patient services.

The global healthcare BPO Market is estimated to be valued at US$ 10.19 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Technology adoption is one of the major trends witnessed in the healthcare BPO market. With digital transformation gaining momentum in the healthcare sector, healthcare BPO players are increasingly leveraging advanced technologies like cloud computing, blockchain, AI and IoT to better manage critical healthcare operations. For instance, cloud-based platforms allow players to handle large volumes of data securely and provide analytics to healthcare organizations. Blockchain facilitates transparency and integrity of medical records. AI and machine learning help automate various routine tasks like claims processing which improves efficiency. Such technological adoptions are augmenting the growth of the healthcare BPO market significantly. It is enabling players to offer enhanced and customized services to their clients.


Segment Analysis
The global healthcare BPO market is divided into two major segments -payer BPO and provider BPO. The provider BPO segment currently dominates the market and accounts for over 60% market share. Provider BPO services help healthcare providers and organizations reduce costs and improve operational efficiency. Tasks such as medical billing, medical coding and transcribing are outsourced to third-party BPO companies by hospitals, clinics and others. This helps healthcare providers focus on their core competencies of patient care.

Key Takeaways
The global healthcare BPO market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising healthcare costs and need for cost optimization in the industry. The global healthcare BPO Market is estimated to be valued at US$ 10.19 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2030.


Regional analysis
The Asia Pacific region is expected to grow at the fastest pace during the forecast period. Countries such as India, Philippines, China and others have emerging healthcare infrastructure as well as large English speaking skilled workforce available at affordable costs. This makes the Asia Pacific region an attractive outsourcing destination for healthcare BPO services. Key global players are expanding their operations in Asia Pacific to leverage these advantages. The growing medical tourism and increasing geriatric population also driving the healthcare sector growth and subsequently outsourcing needs in the region.

Key players
Key players operating in the healthcare BPO market are Companies like IQVIA, Wipro, Hinduja Global Solutions, Xerox, DXC Technology, Genpact, and ExlService Holdings. These players are focusing on development of technologically advanced products and services to improve operational efficiency for healthcare providers and stay ahead of the competition. They are also undertaking mergers & acquisitions and partnerships with local players to strengthen their presence across regions.

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