Healthcare BPO outsourcing: Key market research findings
- Americas dominate the market geographically
- Increasing rate of document outsourcing
- Key vendors – Accenture, CTS, Genpact, TCS, and Xerox
Technavio’s market research analysts expect the global healthcare BPO outsourcing market to grow at a CAGR of almost 6% between 2016 and 2020. The rise in automation and integrating solution strategies is the fundamental driving force behind growth in the market. Healthcare business process outsourcing (BPO) firms are implementing next-generation BPO services such as robotic process automation (RPA) to bring automation in the finance and accounting (F&A) process. From document management systems to financial management systems, healthcare BPO services are set for end-to-end automation, thereby reducing staffing costs and eliminate manual procedures in hospitals and healthcare payer firms. In 2015, the Americas dominated the global healthcare BPO outsourcing market by accounting for almost 43% of the market share. Healthcare reforms and digital transformation in hospitals and clinics are some of the factors responsible for the rapid adoption of healthcare BPO solutions in this region.
The new market research report from Technavio presents a breakdown and analysis of the healthcare BPO segments based on services.
“The increasing rate of medical document outsourcing is the latest trend in the global healthcare BPO market. Document outsourcing services help organizations to reduce the administrative costs, adhere to compliance standards such as Health Insurance Portability and Accountability Act (HIPAA), and enhance patient care. Hospitals are increasingly outsourcing their image management system to improve efficiency in document processing systems. For instance, Xerox and Ricoh aid hospitals to reduce their medical document management systems through outsourcing services,” says Amit Sharma, Lead Analyst, ICT, Technavio Research.
During 2015, the customer relationship management (CRM) segment occupied almost 54% of the market share to become the dominant shareholder in the global healthcare BPO market. CRM is a critical function in hospitals that help patients interact directly with healthcare service providers for quality patient care. Hospitals outsource their CRM functions to third-party service providers to strengthen their foothold in the competitive market. As a result, CRM outsourcing solution providers in the market are offering next-generation outsourcing solutions incorporated with state-of-the-art IT solutions such as analytics and social media.
The key vendors in the market include Accenture, CTS, Genpact, TCS, and Xerox. The vendor competition is intense due to the presence of several healthcare BPO companies. The adoption of mobile solutions, robotics, IOT, analytics, and other advanced IT solutions, make the market appear very dynamic. Continuous investments in R&D to develop innovative healthcare BPO services and the entry of new players in the market will further intensify vendor competition in the market.
A more detailed analysis is available in the Technavio report, Global Healthcare BPO Outsourcing Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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