Healthcare BPO Market Analysis, Competitive Strategies and Forecasts, 2015 to 2025
Adoption of business strategies such as alignment of major resources towards core competencies is projected to drive the healthcare BPO market over the forecast period.
(firmenpresse) - The global healthcare BPO market size is expected to witness high growth over the forecast period. Increasing need to reduce operational costs is anticipated drive the market. The business process outsourcing (BPO) model has several advantages such as easy availability of skilled labor, low rates, and reduced training costs. Through outsourcing, medical organizations can concentrate on their core competencies and reduce their efforts and investments on support activities. These factors are driving the adoption of BPO in the medical sector.
High prevalence of various diseases has increased workload of medical institutions. Through adoption of outsourcing solutions, these organizations are able to focus on their core activity to maintain quality of service. Outsourcing services assist organizations in different supporting activities such as accounting, medical transcriptions, and patient database maintenance among others. Collaborations with third party healthcare BPO vendors for these activities is a rising industry trend.
Adoption of business strategies such as alignment of major resources towards core competencies is projected to drive the market over the forecast period. Cost cutting through outsourcing business model is anticipated to further augment the market in near future.
Costs of medical services have increased significantly over the last few years. Developing countries such as India, Philippines, and China offer skilled labour at low costs. As a result, companies are able to reduce overall cost by delegating work to vendors located in these regions. This factor is anticipated to positively influence the market over the forecast period. Offshore vendors handle activities such as medical billing, accounting, payroll, medical transcription, and coding.
Hospitals in the U.S. maintain a patient database used by insurance organisations for authentication. Database management and analysis are the key activities requiring professionals with adequate interpretation skills. Staff recruitment for such activities turns out to be a costly affair. Hence, hospitals find it easy to partner up with service providers located at distant locations.
However, risks associated with this business model are major restraints hampering overall growth of the healthcare BPO market. Data security is a growing concern owing to high risk of confidential patient data getting misused. Further, most outsourcing establishments are present in Asia Pacific. This makes coordinating in different time zones a challenge for both parties. Moreover, delays in rendering services on account of these factors are the reason why some organisations prefer in-house activities.
A remarkable rise in adoption of advanced technology in the medical and pharmaceutical sectors is anticipated to boost the growth of the global market for healthcare BPO in the forthcoming years. Hospitals have adopted enterprise resource planning (ERP) systems for crowd control and management. Digitization of various supportive medical activities is poised to bode well for demand in near future.
Moreover, government initiatives to reduce service cost is facilitating the need for outsourcing owing to its cost reduction ability. For instance, in 2012, the U.S Supreme Court upheld the main elements of Presidentheir core functions and cut costs by choosing third party sub-contractors for non-core functions.
Pharmaceutical outsourcing, provider outsourcing, and payers outsourcing are the three major applications of healthcare BPO. Pharmaceutical subcontracting is one of the prominent applications in terms of global demand. Provider subcontracting deals with medical coding, billing, Human Resources (HR), and medical coding. Payers segment deals with handling tasks associated with payroll, finance, and accounts.
North America was the leading region in global market on account of highly developed healthcare sector and high in-house operational costs. Pharmaceutical companies in U.S take support of off-shore vendors to focus on research and development.
Asia Pacific is expected to witness significant growth over the forecast period owing to the overall development of medical science coupled with high prevalence of diseases. In addition, Europe is expected to showcase a steady CAGR in near future mainly on account of developed pharmaceutical sector, especially in France and Germany.
Africa and South America are projected to witness a slow expansion owing to sluggish growth of healthcare industry. Moreover, companies from developing economies prefer in-house activities. This factor is anticipated to hinder regional market growth to an extent. Leading countries where vendors have their operational centers are U.S, Mexico, Ireland, France, India, Philippines, China, Vietnam, South Africa and Argentina.
Key players operating in the healthcare BPO market are Cognizant Technologies; Accenture; Wipro Technologies; Tata Consultancy Services; Genpact; WNS; Hinduja Global; Boehringer Ingelheim; Charles River Laboratories; Covance Inc.; Infosys; Lonza Group; Xerox Corporation; HCL Technologies; Exlservice; Medusind; Catalent; GeBBS Healthcare Solutions; and Quintiles, Inc.
Themen in dieser Pressemitteilung:
healthcare-industry
healthcare-bpo-market
healthcare-bpo-industry
healthcare-bpo-market-size
healthcare-bpo-market-growth
healthcare-bpo
healthcare
Unternehmensinformation / Kurzprofil:
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Ryan Shaw
Hexa Research
Felton Office Plaza
6265 Highway 9
Felton, California 95018
United States
Phone: +1-800-489-3075
Email: sales(at)hexaresearch.com
Website: https://www.hexaresearch.com
Datum: 31.08.2018 - 09:17 Uhr
Sprache: Deutsch
News-ID 1540422
Anzahl Zeichen: 5829
contact information:
Contact person: Ryan Shaw
Town:
Felton
Phone: +1-800-489-3075
Kategorie:
Healthcare & Medical
Typ of Press Release: Finanzinformation
type of sending: Veröffentlichung
Date of sending: 31.08.2018
Anmerkungen:
Diese Pressemitteilung wurde bisher 562 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Healthcare BPO Market Analysis, Competitive Strategies and Forecasts, 2015 to 2025
"
steht unter der journalistisch-redaktionellen Verantwortung von
Hexa Research (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
