Healthcare BPO Market: Outlook and Business Scope
Healthcare services have been constantly evolving to balance the multiple aspects of managing operational costs, bottom-line of companies, and regulations all toward improving patient outcomes. Constant urge to drive better patient and customer experiences in the face of ever-receding bottom line and budget constraints have brought forth new business models. The drive for healthcare BPO market stems from relentless efforts to make healthcare services more customer-centric, and to empower patient-doctor interactions.
Business proposition for healthcare business process outsourcing partners has gained strength in the growing role of their services in improving patient care, boost health outcomes, and aid in cost-optimizing for healthcare providers.
The ecosystem of players in the healthcare BPO market is wide. Broadly myriad time-consuming tasks are outsourced through BPO services, which help in lowering operational costs. Some of the key end users are research and development, manufacturing, sales and analytics. Common areas where healthcare services in the healthcare BPO market are sought include medical coding and billing, claims processing, and data processing services.
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Key Trends Shaping Forces of Growth in Healthcare BPO Market
The growing trend of payers and providers in healthcare industry to seek business models that focus on patient-centric business outcomes is propelling prospects in the healthcare BPO market. Past couple of decades have seen healthcare sector worldwide keen on adopting intelligence automation notably the use of artificial intelligence technologies in automation in operations. The trend has seen prevention of costly medical mistakes for healthcare providers on one hand and optimizing the use of assets in superior patient outcomes.
Technology companies including those with prominent presence in healthcare IT in emerging economies have geared toward tapping into the incredible revenue streams in developed nations. Healthcare providers in these countries prefer to outsource claims processing for boosting productivity gains. Growing adoption of omnichannel customer service strategy by healthcare providers for offering a consistent experience across all customer channels is a trend, engendering the attractiveness of services in the healthcare BPO market.
Some Key Developments Unlocking Stakeholder Value in Healthcare BPO Market
A key area that has attracted immense attention of players in the healthcare BPO market is offering services for ensuring health insurance portability and complying with accountability rules and regulations. The demand for such services has stridently risen in recent years on the back of strengthening forces of digitalization in the healthcare and medical sectors.
Some of the key industry developments that have potential to influence the course of evolution of the healthcare BPO market are:
- A number of players technology companies and BPO service providers are leveraging AI to offer advanced capabilities to clients in claims processing, promising huge medical cost savings.
- Companies such as NTT DATA and Accenture are keen on expanding the portfolio of AI-based services for early disease diagnosis to health insurance and provider communities in the healthcare BPO market.
- A growing number of BPO service providers are ensuring that their offering meet major regional regulations such as HIPAA, ISO 27001, and GDPR.
Some of the key players in the healthcare BPO market are Parexel International, Invensis Technologies, Omega Healthcare, GeBBS Healthcare Solutions, IBM Corporation, Infosys BPM, IQVIA, and Xerox Corporation.
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Healthcare BPO Market: Regional Growth Dynamics
On the regional front, North America has been cynosure of attention for healthcare BPO service providers based in developing economies. Enormous prospects have stemmed from the trend of adopting healthcare BPO services by healthcare providers and payers for optimizing operational costs and improving patient outcomes. Over the past few decades, the U.S. and Canada have been hotbed of opportunities for players in the healthcare BPO market. The growing penetration of AI in disease diagnosis is a key trend that has spurred massive revenue streams in the regional market. Other prominent regions are Europe and Asia Pacific.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.