Constant Changes in the Government Regulations Are Likely to Accelerate the Growth of healthcare BPO services market from 2018 to 2025.
The global healthcare BPO services market is expected to reach US$ 68,198.3 Mn in 2025 from US$ 35,818.9 Mn in 2017. The market is estimated to grow with a CAGR of 8.6% from 2017-2025. The healthcare BPO services market report highlights the trends prevalent in the global healthcare BPO services and the factors driving the market along with those that act as restraints to its growth. The global healthcare BPO services is experiencing significant rise in the present days and is anticipated to explore in the forecast period owing to the following factors. Constant changes in government regulations, mounting pressure on healthcare providers to reduce healthcare costs, rising consolidation in the healthcare BPO industry, the market is expected to witness a significant growth over the forecast years. However, hidden costs of outsourcing and dearth of skilled professionals and researchers can pose major challenges for the growth of global healthcare BPO services market.
Business Process Outsourcing (BPO) is majorly used as one of the strategy that various organizations and industries implements in order to cut down the healthcare processing costs. However, the lift and shift practice, which was primarily meant to act as a driving factor for the healthcare BPO industry no longer sustains to stand out in the market. BPO industry has a prerequisite to keep up with the rapidly changing healthcare landscape. Changes and mandates brought in the system through the Affordable Care Act (ACA) have started to challenge the payer organizations. BPO partners offering assistance to the payer organizations to better meet the changing scenario of healthcare industry in terms of leading with automation and data analytics is one of the most lucrative opportunities that can help the BPO companies to sustain in the highly competitive healthcare BPO services market.
Furthermore, companies have also raised up their service portfolio through incorporation of analytics and automation enhancing the BPO solutions to its customers. For instance, in June 2017, Accenture developed a new analytics platform known as the Clinical Operations Insights Platform (COIP). It is a module of the Accenture Life Sciences Cloud for R&D, an industry platform for running clinical trials that deliver better patient outcomes. Moreover, in February 2018, GeBBS Healthcare Solutions and Continuum Health entered into a partnership to provide innovative, end-to-end RCM solutions to enhance the client based business operations. With an increased focus on data and the customer experience, a great BPO partner is expected to rely on advanced automation and analytics, as key drivers of business improvements or process changes. Thus, indulgence of market players towards offering automated and analytical solutions are likely to present a flourishing scenario for the companies in the global healthcare BPO services market.