Press release
Massive Demand for Healthcare BPO Services Market by 2020-2025 Focusing on Leading Players IBM, Accenture, WNS (Holdings) Ltd.
Global healthcare BPO services market, based on payer service was segmented into claims administration, billing, member management, provider management, fraud management, and others. In 2017, the claims administration segment held a largest market share of 61.2% of the healthcare BPO services, by payer service. This segment is also expected to dominate the market in 2025. This is primarily attributed to the increasing demand for faster, error-free processing and payments, and a better overall customer experience is increasing. The paper claims or traditional claim administration procedures are time consuming and the Healthcare BPO enables the payers to save time and money, and provide better services to their clients by increasing efficiencies throughout the entire claims lifecycle from claims intake to final payment. However, the fraud management segment is anticipated to witness the fastest growth rate among the payer service segment.
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The market for healthcare BPO services is expected to grow due to the factors such as constant changes in government regulations, mounting pressure on healthcare providers to reduce healthcare costs, rising consolidation in the healthcare BPO industry. Additionally, the future trend such as outsourcing Teleradiology services is likely to increase the growth of the healthcare BPOs in the forecasted period.
The major players operating in the healthcare BPO services market include IBM, Accenture, WNS (Holdings) Ltd., HCL Technologies Limited., Invensis Technologies Pvt Ltd, Cognizant, Infosys Limited, Tata Consultancy Services Limited, Genpact, Xerox Corporation, GeBBS Healthcare Solutions, Capgemini, Omega Healthcare, Flatworld Solutions Pvt. Ltd., and Magellan Solutions among others. Adoption of advanced digitalization as well as automation and use of analytics in the service platforms are the new inputs incorporated by the market players to sustain in the highly competitive healthcare BPO services market. For instance, in February 2016, Cognizant developed of a new digital healthcare platform, Cognizant Health TranZform. The new digital platform will help consumers make more informed decisions about the cost and quality of their care, while simultaneously enabling healthcare providers and payers to drive greater levels of consumer engagement and operational efficiency.
The report segments the global Healthcare BPO Services Market as follows:
Global Healthcare BPO Services Market - By Payer Service
o Claims Administration
o Member Management
o Provider Management
o Billing
o Fraud Management
o Others
Global Healthcare BPO Services Market - By Provider Service
o Medical Billing
o Finance & Accounts
o Medical Coding
o Others
Global Healthcare BPO Services Market - By Pharmaceutical Service
o Manufacturing
o Research & Development
o Sales & Marketing
o Supply Chain & Logistics
o Others
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