Healthcare business process outsourcing
allows healthcare facilities to contract their non-core activities to an
external party and focus on their core competencies. Growth of this market is
attributed to the growing outsourcing in the pharma and biopharma industries,
need to curtail the escalating healthcare costs, rising demand for niche
services (including care management and fraud detection services), and the need
for structured processes and documentation in the healthcare industry.
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Growth in this market is primarily driven
by the need to reduce rising healthcare costs and the implementation of the
Patient Protection and Affordable Care Act (PPACA) are compelling payers and
providers to outsource their business processes to low-cost countries in order
to reduce their operational costs.
The global healthcare BPO market is
projected to reach USD 468.5 billion by 2026 from USD 296.4 billion in 2021, at
a CAGR of 9.6% during the forecast period.
The major source geographies that
primarily outsource most of their non-core activities to third parties include
North America, Europe, and Rest of the World.
The COVID-19 pandemic has had a significant
impact on the world’s population and economy. As a result of the pandemic,
healthcare facilities are facing immense pressure to create a well-coordinated
environment where all clinical functions are connected internally and where the
organization operates in coordination with other healthcare units. This is
compelling healthcare organizations to outsource their non-core functions,
including revenue cycle management, claims management, and patient engagement,
among other functions, to third parties and focus on their core competencies
for better patient outcomes.
Revenue cycle management services to
register the highest growth in the Healthcare BPO market
Based on type, the Healthcare BPO market is
segmented into revenue cycle management, patient enrollment, and patient care.
The revenue cycle management services segment is expected to account for the
largest share of 70.8% of the healthcare BPO market in 2021. The declining
trend in reimbursements in the healthcare industry, reductions in overall
healthcare costs, initiatives undertaken by governments for implementing
revenue cycle management solutions, and increasing expenditure by the
healthcare IT industry are the key factors driving the growth of the revenue
cycle management services market.
Manufacturing services to account for
the largest segment in the Healthcare BPO market
Based on type, the Healthcare BPO market is
segmented into manufacturing, R&D, and non-clinical services. The
manufacturing services segment is expected to account for the largest share of
55.6% of the healthcare BPO market in 2021. This can be attributed to the
constantly changing regulations on testing and clinical trials, the need to
reduce overall operational costs and increasing focus on accelerating the drug
development process while maintaining high levels of safety and control.
North American healthcare BPO market to
register the largest and highest growth from 2021 to 2026
North America dominated the healthcare BPO
market, with a share of 48.6% in 2020, and is expected to register the highest
CAGR of 10.6% during the forecast period. The large share of the North American
market can be attributed to the increased pressure to reduce healthcare costs
and improve services and changing government regulations in the healthcare
industry. Growing need for costs curtailment and process efficiencies among
pharmaceutical companies is further expected to boost the market growth in
coming years.
Some of the prominent players operating in
the Healthcare BPO market are Accenture (Ireland), Cognizant (US), Tata
Consultancy Services (India), Xerox Corporation (US), WNS (Holdings) Limited
(India), NTT Data Corporation (Japan), IQVIA (US), Mphasis (India), Genpact
(US), Wipro (India), Infosys BPM (India), Firstsource Solutions (India), IBM
Corporation (US), HCL Technologies (India), Sutherland Global (US), GeBBS
Healthcare Solutions (US), Lonza (Switzerland), Omega Healthcare (India), R1
RCM (US), Invensis Technologies (India), UnitedHealth Group (US), Sykes
Enterprises (US), Parexel International (US), Access Healthcare (US), and
Akurate Management Solutions (US), among others
Accenture is
the largest player in the healthcare BPO market. Being a pioneer in the
healthcare BPO, Accenture has successfully established a brand of its own. The
company was founded in 1989 and is headquartered in Dublin, Ireland. The company
mainly offers management consulting, technology, and outsourcing services.
Accenture provides a variety of services and solutions for strategy,
consulting, digital, technology, and operations to deliver end-to-end services
and solutions to clients in more than 120 countries across the globe.