Newark, NJ, Sept. 08, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the is expected to grow from USD 2.93 billion in 2019 and to reach USD 6.14 billion by 2027, growing at a CAGR of 6.27% during the forecast period 2020-2027.
Factors accountable for the growth of the market involve a rapid improvement in clinical process outsourcing, the implementation of PPACA constrained healthcare players to move toward outsourcing, and fewer mistakes in various non-critical functions, like customer care services, finance, and accounting, etc. Another significant driving factor is access to technology and the addition of nearshore outsourcing destinations. As nearshoring provides companies the benefit of harmony in time zone, culture, and languages, and supports them to deliver better-quality assistance, the companies have started outsourcing their business methods to BPO service providers in the same region.
Business process outsourcing (BPO) is a system that empowers healthcare providers to determine the most suited third-party merchants for specific business methods. It will allow medical and hospital specialists to contribute their precious time to patient care over additional ordinary tasks in the office. Healthcare Business Processing Outsourcing provides customized solutions to the payers and healthcare providers to reduce the complexity of several tedious jobs associated at different stages of the workflow and establishment. This assistance is also useful in encouraging the organization's economic performance, enhancing resource allocation, exploring strategic growth support, and decreasing operational costs to maximize profit margins.
Companies have also begun focusing on preserving their outsourced contracts and reducing the socio-economic risks through regulation systems and similar currency, which may encourage the growth of nearshore outsourcing destinations and access to technology. Nearshore, providers highlight their services as having the best of both the worlds, as companies can work with partners in similar time zones. Cloud-based BPO has transformed the business outsourcing methods and helps healthcare businesses develop the global delivery models, decrease costs, and provide secure data access. Increasing consolidation in the healthcare industry may hamper the market growth.
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Key players operating in the global healthcare supply chain BPO market include Tata Consultancy Services, WNS (Holdings), Xerox, R1 RCM, Quintiles IMS Holdings, Omega Healthcare, Lonza, Invensis Technologies, Infosys, IBM, Genpact, Gebbs Healthcare Solutions, Firstsource Solutions, Cognizant Technology Solutions and Accenture. To gain a significant market share in the global healthcare supply chain BPO market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In May 2019, MiraMed Global Services, Inc., a key player in healthcare revenue cycle management services and business process outsourcing solutions, has finished its merger with Medac, Inc., a leading provider of anesthesia revenue cycle management.
- In January 2019, Health Solutions Plus was acquired by Conduent Inc, a significant developer of healthcare payer management solutions. The acquisition allows Conduent to help current and proposed commercial and government payer clients with core administration processing technology.
- In March 2018, Bolder Healthcare Solutions was acquired by Cognizant, a privately-held provider of revenue cycle management solutions to physician practices, hospitals, and other specialist healthcare organizations in the United States.
The claims management segment dominated the market and held the largest market share of 14.27% in the year 2019
The payer service segment includes claims management, integrated front-end services and back-office, operations, member management, product development and business, acquisition (PDBA), provider management, care management, billing & accounts management services and HR services. The claims management segment held the largest market share of 14.27% in the year 2019. Rising adoption of insurance, changing healthcare regulations concerning medical claims and health insurance, and inadequacy of expertise will improve the percentage of claims management market.
The revenue cycle management segment is anticipated to show the highest growth of 7.08% during the forecast period
The provider service segment includes revenue cycle management, patient enrolment & strategic planning, patient care, medical transcription, medical imaging and device monitoring. The revenue cycle management segment is anticipated to show the highest growth of 7.08% during the forecast period. The most basic billing errors involve negligence to check insurance, registering an incomplete claim, coding inaccuracies, missing filing deadlines, and lacking specificity. Most of the care providers are presently approaching the challenge by operating with third-party medical billing specialists who are authorities in the overall revenue cycle administration. Hence, it can be presumed that the revenue loss to hospitals due to billing errors, can be restricted by specialty revenue cycle management assistance providers. Thereby, this factor is anticipated to propel the market over the forecast period.
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Regional Segment Analysis of the Healthcare Supply Chain BPO Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global healthcare supply chain BPO market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America had the largest share of 29.44% in the market in 2019.It was due to the presence of a vast number of US-based key players offering all kinds of healthcare BPO services. Moreover, healthcare IT, cloud computing, growing big data, rising government initiatives, and improvements are factors propelling the growth of the healthcare BPO market in this region. For instance, in September 2018, Access Healthcare, American BPO Company, has acquired Pacific BPO, which concentrates on giving cost and process optimization solutions to manufacturers in the healthcare industry.
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About the report:
The global healthcare supply chain BPO market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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