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. Healthcare BPO is a practice in which healthcare organizations outsource their business operations to third-party organizations. The need to reduce rising healthcare costs, increasing demand for niche services and need for structured processes and documentation are compelling payers and providers to outsource their business processes to low-cost countries in order to reduce their operational costs.
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The Healthcare BPO Market Report Covers
· Comprehensive research methodology of the global healthcare BPO market.
· This report also includes a detailed and extensive market overview with key analyst insights.
· An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
· Analysis of regional regulations and other government policies impacting the global healthcare BPO market.
· Insights about market determinants that are stimulating the global healthcare BPO market.
· Detailed and extensive market segments with the regional distribution of forecasted revenues.
· Extensive profiles and recent developments of market players.
Top Healthcare BPO Market Player
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 was 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.
Cognizant was the second-leading player in the healthcare BPO market. It is a publicly held company, was founded in 1994 and is headquartered in New Jersey, US. The company offers IT consulting, enterprise information management (EIM), and business process outsourcing services across the globe. The company provides healthcare IT solutions and services to physicians and healthcare organizations for population health management, accountable care, and value-based initiatives.
Tata Consultancy Services (TCS) was the third-largest player in the healthcare BPO market. TCS, a pioneer in offering innovative, best-in-class consulting and IT solutions and services, such as assurance services, digital enterprise, engineering and industrial services, business services, application services, managed infrastructure services, financial services, logistics, and managed services.
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Recent Developments
· UnitedHealth Group Inc. has acquired InstaMed, a healthcare payments platform, for an undisclosed sum.
· Cigna Corp. has acquired ScriptDrop, a medication delivery and adherence platform, for an undisclosed sum.
· Optum Inc. has acquired Change Healthcare, a healthcare technology company, for $13 billion.
· Anthem Inc. has acquired Evolent Health, a population health management company, for $4.7 billion.
· Humana Inc. has acquired Genoa Healthcare, a behavioral health pharmacy services provider, for $1 billion.
· Aetna Inc. has acquired Healthagen, a population health management company, for an undisclosed sum.
· Cerner Corp. has acquired NantHealth, a healthcare technology company, for an undisclosed sum.
· Allscripts Healthcare Solutions Inc. has acquired McKesson Corporation’s US Hospital and Health Systems business for an undisclosed sum.
· Cognizant Technology Solutions Corp. has acquired TriZetto, a healthcare information technology provider, for $2.7 billion.
· HCL Technologies Ltd. has acquired Medix, a healthcare BPO provider, for $85 million.
Healthcare BPO Market Advantages:
1. Cost Savings: By outsourcing specific business processes, healthcare organizations can save on cost of infrastructure and personnel. This helps them to focus on their core operations and reduce their expenses.
2. Improved Efficiency: By outsourcing certain processes, healthcare organizations can improve their overall efficiency by focusing on their core operations and streamlining their processes.
3. Enhanced Quality: Healthcare BPO companies have experienced and skilled personnel, who can work on projects efficiently and ensure that the best quality standards are maintained.
4. Access to Advanced Technologies: Healthcare BPO companies have access to advanced technologies and resources, which can help healthcare organizations to stay up to date with industry trends.
5. Risk Management: Healthcare BPO companies have detailed processes and procedures in place to manage risks associated with outsourcing. This helps to ensure that the data of healthcare organizations is secure and confidential.
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