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Healthcare BPO Services Market to Surge at 9% CAGR: Reducing Billing Errors and Revenue Loss by 2030

 


The global healthcare BPO services market is set to witness a growth rate of 9% in the next 5 years. Transition to ICD-10 coding standards and the forthcoming implementation of ICD-11; rising pressure to reduce healthcare costs; revenue losses caused by billing inaccuracies; increasing demand for specialized services; increasing complexity of healthcare operations; and limited in-house expertise; are some of the key factors driving the healthcare BPO services market.

Healthcare BPO services involve the delegation of non-core and administrative functions by healthcare organizations to external service providers. These services include medical billing, coding, claims processing, revenue cycle management, data entry, medical transcription, and customer support among others. By outsourcing these tasks, healthcare providers can reduce operational costs, improve efficiency, and focus more on core activities like patient care. Healthcare BPO providers leverage advanced technologies such as robotic process automation (RPA), artificial intelligence (AI), and analytics to deliver accurate and compliant solutions. This ensures streamlined workflows, improved data management, and adherence to regulatory standards like HIPAA and GDPR.

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Transition to ICD-10 coding standards and the forthcoming implementation of ICD-11 to propel market demand

The transition to ICD-10 coding standards and the impending implementation of ICD-11 is driving growth in the healthcare BPO services market by increasing the complexity of medical coding processes. These standards require precise documentation and a deep understanding of complex codes to ensure accurate billing and compliance with regulatory requirements. Healthcare organizations increasingly rely on BPO providers for expertise in managing these transitions, reducing errors, and avoiding revenue losses due to claim rejections. BPO providers also help streamline workflows and train staff in new coding systems, enabling healthcare providers to focus on delivering quality patient care.

Rising pressure to reduce healthcare costs are driving the market growth

The rising pressure to reduce healthcare costs is a key driver for the growth of the healthcare BPO services market. By outsourcing non-core functions such as medical billing, claims processing, and revenue cycle management, healthcare providers can significantly lower operational expenses while maintaining service quality. BPO providers offer economies of scale and access to advanced technologies like robotic process automation (RPA) and artificial intelligence (AI), which enhance efficiency and reduce errors. This enables healthcare organizations to allocate more resources to patient care, improving overall service delivery while meeting the increasing demand for cost-effective healthcare solutions.

Competitive Landscape Analysis

The global healthcare BPO services market is marked by the presence of established and emerging market players such as Accenture, Cognizant, TATA Consultancy Services Limited, WNS (Holdings) Ltd., NTT DATA Group Corporation, IQVIA, Mphasis, Wipro, Infosys Limited, and Capgemini; among others. Some of the key strategies adopted by market players include new product development, strategic partnerships and collaborations, and geographic expansion.

Unlock key data with a sample report for competitive analysis:

https://meditechinsights.com/healthcare-bpo-market/request-sample/

Global Healthcare BPO Services Market Segmentation

This report by Medi-Tech Insights provides the size of the global healthcare BPO services market at the regional- and country-level from 2023 to 2030. The report further segments the market based on payer services, provider services, and life science services.

Market Size & Forecast (2023-2030), By Payer Services, USD Million

  • Claims Management
  • Integrated Front-End Services and Back-Office Operations
  • Member Management
  • Provider Management
  • Care Management
  • Product Development and Business Acquisition
  • Billing and Accounts Management Services
  • Provider Management
  • Care Management
  • Human Resource Services
  • Other Payer Services

Market Size & Forecast (2023-2030), By Provider Services, USD Million

  • Revenue Cycle Management
  • Patient Care and Patient Enrolment
  • Other Provider Services

Market Size & Forecast (2023-2030), By Life Science Services, USD Million

  • Manufacturing Services
  • Sales and Marketing Services
  • Research, and Development Services
  • Supply Chain Management
  • Other Non-clinical Services

Market Size & Forecast (2023-2030), By Region, USD Million

  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of Asia Pacific
  • Latin America
  • Middle East & Africa

About Medi-Tech Insights

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.

Contact:

Ruta Halde
 Associate, Medi-Tech Insights
 +32 498 86 80 79
 info@meditechinsights.com 

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