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DUBLIN--(BUSINESS WIRE)--Oct 27, 2022--
The "Healthcare BPO Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global healthcare bpo market.
The global healthcare BPO market is expected to grow from $247.26 billion in 2021 to $277.24 billion in 2022 at a compound annual growth rate (CAGR) of 12.1%. The healthcare BPO market is expected to grow to $441.08 billion in 2026 at a CAGR of 12.3%.
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The healthcare BPO market consists of sales of healthcare business process outsourcing services by entities (organizations, partnerships, and sole proprietors) that include the practice of healthcare organizations outsourcing non-core business activities to outside vendors. Outsourced business activities or processes that provide administrative or other support to medical institutions, staff, and organizations are referred to as healthcare BPOs. Coding, billing services, transcription, and other similar tasks are frequently outsourced by healthcare institutions to BPO providers.
The main services provided by healthcare BPO are revenue cycle management; patient enrollment and strategic planning and patient care. Revenue cycle management (RCM) is the financial process that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance using medical billing software. The various payer services include human resource management, claims management, customer relationship management (CRM), operational/administrative management, care management, provider management, and other payer services that are used by pharmaceutical companies for research and development, manufacturing, and non-clinical service.
North America was the largest region in the healthcare BPO market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare BPO market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The healthcare BPO market research report is one of a series of new reports that provides healthcare BPO market statistics, including healthcare BPO industry global market size, regional shares, competitors with a healthcare BPO market share, detailed healthcare BPO market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare BPO industry. This healthcare bpo market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The rapid increase of clinical process outsourcing is significantly driving the growth of the healthcare BPO market. Clinical process outsourcing is administrative work in the healthcare industry that requires or benefits from clinical expertise. The increase in the increase of clinical trials outsourcing is due to the rise in a number of drugs entering clinical phases and the companies that are slashing their workforce look for CROs to help them manage their portfolios.
Technology advancements are shaping the healthcare BPO market. The key players in the healthcare BPO market are focusing on innovating the outsourced services and expanding their scope of application to gain their market position. For instance, in May 2020, IQVIA, an American health information technology company, launched HCP/HCO Engagement Management. It is a completely orchestrated healthcare professional/organization (HCP/HCO) solution that lets users plan, manage, contract, and pay HCP/HCOs anywhere in the world. HCP/O Engagement Management is a transformative technology that integrates with customers' existing IT ecosystems and adapts to how they do business.
In January 2022, Betaine BV, affiliated with Baring Private Equity Asia (BPEA), a Hong Kong-based Asian private equity firm acquired Hinduja Global Solutions (HGS) Limited for $1,200 million enterprise value. Through this acquisition, HGS will strategically invest in building its technology capabilities to support the company's future growth. Hinduja Global Solutions (HGS) Limited is an Indian company that specializes in business process management (BPM) and customer experience optimization in healthcare.
The countries covered in the healthcare BPO market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
For more information about this report visit https://www.researchandmarkets.com/r/e21pl2
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INDUSTRY KEYWORD: HEALTH HEALTH TECHNOLOGY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/27/2022 06:41 AM/DISC: 10/27/2022 06:41 AM
http://www.businesswire.com/news/home/20221027005559/en