Healthcare BPO Market Scope
Healthcare BPO is a solution for customers to accept smart methods that will support the organization by dropping the prices and growing the overall output. Healthcare BPO provide services such as patient enrollment and strategic planning, medical billing, medical transcription, device monitoring and revenue cycle management.
According to AMA, the Global Healthcare BPO market is expected to see growth rate of 20.3% Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Healthcare BPO market throughout the predicted period.
Cognizant (United States), Accenture (Ireland), Xerox (United States), Genpact (Bermuda), TCS (India), Infosys (India), Eli Global (United States), IBM (United States), GeBBS Healthcare Solutions, Inc (United States) and Parexel (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Quintiles (United States), Sutherland (United States), United Health Group (United States) and Truven Health (United States).
Segmentation Overview
The study have segmented the market of Global Healthcare BPO market by Type (Patient Enrollment and Strategic Planning, Medical Billing, Medical Transcription, Device Monitoring and Revenue Cycle Management) and Region with country level break-up.
On the basis of geography, the market of Healthcare BPO has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Introduction of Government Regulations to Reduce Cost and Rising Need for Structured Processes, Documentation
Market Growth Drivers:
Loss of Income Due to Billing Mistakes and Upsurging Demand Trained Professional
Challenges:
Strict Government Regulations and Rising Rivalry between Hospital Management Corporations
Restraints:
Data Privacy and Security and Quality of Service
Opportunities:
Technological Advancement in IT and Health Care Sector
Market Leaders and their Expansionary Development Strategies
In may 2018, GeBBS Healthcare Solutions has announced a partnership with Prospect Medical Holdings, Inc. for Healthcare Information Management (HIM) and Revenue Cycle Management (RCM).
In June 2020 Cognizant launched its healthcare BPO platform
In the United States, The Health Insurance Portability and Accountability Act (HIPAA) was settled to protect the confidentiality of a patient’s medical evidence and to safeguard persons' medical records and private health-related data. It sets a boundary on the use and the release of health records., and HITECH (Health Information Technology for Economic and Clinical Health) Act – HITECH is part of the American Recovery and Reinvestment Act of 2009 (ARRA). The HITECH Act is intended to encourage more effective and efficient healthcare through the use of technology, like implementing electronic health records (eHR), thereby reducing the healthcare costs and enabling greater access to the system. It aims to address the privacy and security concerns associated with the electronic transmission of health information.
Key Target Audience
Healthcare Service Providers, Health Insurance Corporations, Business Research Service Providers, Private Research Institutions, Government Regulatory Bodies, Government Research Organizations and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.