Healthcare BPO Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The healthcare BPO market is expected to register a CAGR of 8%, over the forecast period. Factors that are responsible for the growth of the market include rapid increase in clinical process outsourcing (CPO), implementation of PPACA compelled healthcare player to move toward outsourcing, and fewer errors in several non-critical functions, like finance and accounting, customer care services, etc.

Another major driving factor is the rise of near shore outsourcing destinations and access to technology. As near shoring gives companies the advantage of similarity in culture, time zone, and languages, and helps them deliver better-quality services, the companies have started outsourcing their business processes to BPO service providers in the same region. Companies have also started focusing on protecting their outsourced businesses and minimizing the socio-economic risks, through similar currency and regulation systems, which may boost the growth of near shore outsourcing destinations and access to technology. Near shore providers highlight their advantages as having the best of both the worlds, as organizations can work with teams on similar time zones. Cloud-based BPO has revolutionized the business outsourcing processes and helps healthcare organizations reduce the costs, develop the global delivery models, and provide secure data access. Owing to their benefits, an increased number of adoption of cloud-based BPO services is anticipated in the future. Hence, the aforementioned factors have contributed to the growth of the global healthcare BPO market.

Scope of the Report

Business process outsourcing (BPO) is a process that enables healthcare providers to select the most suited third-party vendors for specific business processes. This allows hospitals and medical professionals to spend their valuable time on patient care, over other mundane jobs in the office.

Report scope can be customized per your requirements. Click here.

Key Market Trends

Revenue Cycle Management is Expected to Grow Faster in the Provider Services Segment

The growth of the revenue cycle management (RCM) market is attributed to an increase in government initiatives, to boost the adoption of RCM solutions, increasing revenue loss due to billing errors, and increasing adoption of EHR/EMR. Most hospitals are presently dependent on third-party providers for denial management service, as they lack the expert knowledge and time to manage the reimbursement process. Most common billing errors include failure to verify insurance, filing an incomplete claim, coding errors, lack of specificity, and missing filing deadlines. Most of the care providers are presently addressing the challenge, by working with third-party medical billing professionals who are expert in the overall revenue cycle management. Hence, it can be concluded that the revenue loss to hospitals, due to billing errors, can be prevented by specialty revenue cycle management service providers. Thereby, this factor is expected to drive the market studied over the forecast period.

To understand key trends, Download Sample Report