With the growth in technology, industry players have focused on improving cost effectiveness and revenue generation opportunities by leveraging latest innovations to provide better models for delivering medical services that can be used to mitigate some of the concerns surrounding access, quality, cost, convenience, and patient experience across the care continuum.
The countries leading in this market are the U.S., China, India and Japan, along with other European nations like Germany, France and Italy (in ROW) due to increased adoption of latest technologies for improving operational efficiency, quality standards and customer satisfaction through better infrastructure management tools that would help organizations enhance their strategic decisions.
Increased Research and Development Activities in Medical Sector to Boost the Healthcare BPO Market
Medical device manufacturers are investing in research and development activities to develop advanced technologies that would help organizations improve their operational efficiency by reducing human effort. The role of BPOs is gaining more prominence due to automation, which is leading companies to invest in process improvement initiatives across these verticals. Industry players are focusing on using standard operating procedures (SOPs) with the help of new age technologies like machine learning (ML), artificial intelligence (AI) , cloud computing, robotics, digital robotic assistants etc., among others. These tools can be used by service providers for automating complex business processes across different geographies (in ROW) and enhancing their business processes. With the emergence of new digital technologies, organizations are focusing on improving patient care experience by providing better preventive, diagnostic and treatment solutions for managing disease conditions like cancer.
Increasing Focus on Reducing Healthcare Cost to Give Impetus to Healthcare BPO Market
The primary customer in any healthcare BPO transaction is usually a health insurance provider or employer group. Customers are looking for efficiency gains like reduced turnaround time on delivering care to patients or lower administrative costs through improved processes. To achieve these benefits, customers turn to outsourced providers who can execute the work more efficiently than the in-house staff.
The healthcare industry is changing and the expectations of consumers and providers is also changing. The waves of reform that have been sweeping through the healthcare system for more than a decade affect how, where, when and why patients receive care from their employer or insurance provider. Health benefits managers need to make sure they are offering appropriate services at a reasonable price while meeting new consumer demands for convenience and value. In order to meet these challenges, health benefits administrators need a trusted partner who can help them navigate today's complex landscape by providing flexible solutions that improve quality processes across the board.
Healthcare BPO market players usually work with clients face to face in their own offices. This increases the amount of value that they can provide by quickly responding to issues with an onsite presence. Service level agreements also help them hold up their end of the agreement when it comes to producing accurate reports or delivering custom applications.
Increasing Integration of AI in Drug Discovery to Offer Lucrative Growth Opportunity for Healthcare BPO Market
Artificial intelligence (AI) is currently witnessing an unprecedented level of interest, which has not only taken the industry by storm but also pushed it towards a new horizon. Although healthcare BPO industry is still in its nascent stage, it will likely witness huge growth in coming years owing to the increased use of AI-based healthcare tools. The healthcare BPO market will be driven by factors such as healthcare providers' need to reduce operational costs and mitigate risks while delivering quality healthcare. In addition, technological advancements using AI can improve and efficiency of healthcare services while ensuring patient care.
For healthcare organizations, the healthcare BPO services are offering a cost-effective solution that can provide their internal staff with much needed expertise in healthcare operations. For healthcare providers, healthcare BPO service providers are offering end-to-end business process solutions to ensure effective coordination across multiple service lines and geographies. These healthcare BPO services provided by the third-party vendors help healthcare organizations enhance quality of patient care, while ensuring high operational efficiency and compliance with industry regulations.
Rising Medical Identity Theft to Remain a Key Challenge in Healthcare BPO Market
In healthcare, approximately one-third of data breaches result in medical identity theft mainly due to a lack of internal control over patient information, lack of top management support, outdated policies and procedures or non-adherence to existing ones, and inadequate personnel training. This makes patient confidentiality a major challenge in the healthcare industry. However, with the increased number of paid healthcare claims and the healthcare data breach statistics in healthcare, healthcare insurance companies are continuously increasing their healthcare BPO spend to prevent healthcare data breach. As healthcare BPO spend increases, healthcare providers are expected to perceive risks associated with the healthcare data breach statistics which in turn will increase their healthcare BPO spending. The introduction of artificial intelligence-based tools for drug discovery is also driving the adoption of BPO in the global healthcare industry.
The global healthcare BPO market is witnessing a considerable growth in the expenditure pertaining primarily to three factors:
North America to Hold the Dominance in the Global Healthcare BPO Market
The global healthcare BPO market has seen a major growth in the past few years. One of the biggest drivers behind this healthcare BPO market growth stems from the fact that healthcare organizations are becoming more globalized and are looking for lower costs due to tight healthcare budgets across various countries. Countries around the world are struggling with healthcare budget deficits because of increasing healthcare expenses and an aging population. Therefore, they are opting for low-cost outsourced healthcare BPO services as a means of solving their fiscal problems. In addition to this, another driver for the global healthcare BPO industry growth is the increasing number of outsourcing deals. Healthcare organizations from around the world are opting to outsource their non-core activities such as finance and accounting, legal services, medical transcription and coding, amongst others in order to deal with rising costs.
Primary countries for North America healthcare BPO market include the United States and Canada. The U.S. accounts for a large share of the overall market due to factors such as its highly developed healthcare infrastructure, an ageing population that is expected to drive demand over the forecast period, rising public sector funding allocated towards reimbursing treatment charges , greater private sector funding allocated towards outpatient procedures, an increase in insurance premiums expenses charged by private insurers on both employee and employer, high demand for outpatient procedures, rising prevalence of chronic diseases, and heavy involvement of specialists in the healthcare industry. For this report, we have included these countries since they provide medical transcription services to patients from all over North America including the United States. This has created a strong demand for healthcare BPO services within this region that lead to a diverse range of opportunities across various industries including legal outsourcing, tech support calling centers, banking telemarketing combined with online consumer helpdesks. At present, Canada provides outsource medical transcription services to other countries in North America.
Global Healthcare BPO Market: Key Players
Some of the key players in the global healthcare BPO market are TCS (India), Cognizant (US), Infosys BPM (India), Accenture (Ireland), IBM Corporation (US), Wipro (India), IQVIA (US), and WNS (Holdings) Ltd. (India).
Key Elements Included In The Study: Global Healthcare BPO Market
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