Healthcare BPO and Its Upcoming Trends in 2022

The global supply chain for the BPO Healthcare industry is expanding exponentially. There are several factors that are contributing to the growth of this industry. The global market is expected to reach 4,035.07 million by 2027. BPO in the healthcare industry is basically outsourcing non-seminal works to a competent third-party vendor. In other words, healthcare providers look for a suited party so that they can focus on essential issues like patient care. The unprecedented COVID pandemic has been pushing the industry to the brink of collapse. However, as of now, the cases are decreasing worldwide. Still, the consequences of the pandemic forced policymakers and healthcare providers to reconsider the existing condition of the healthcare industry. 

What are the factors fueling the growth of BPO in the Healthcare Sector?  

As the study has been done on BPO healthcare, it is expected that the market will grow the market at a CAGR of 8%. The Global economy is very volatile, and moreover, the pandemic is still exerting still ominous power over people. Similarly, the requirement of BPO is getting high gradually in this sector. There are factors that need to be taken into consideration. The factors like rapid increase in clinical process outsourcing (CPO), an increasing number of patients and implementation of PPACA (Patient Protection and Affordable Care Act)

Resonate with the outsourcing rise

Other issues contributing to the growth of BPO global chain supply are Cloud Computing, Finance Management, Accounting etc. Interestingly, cloud computing has revolutionised the data processing system altogether. As a result of its increasing use, Healthcare saves up lots of money. 

Global Healthcare BPO companies who are competing in the Market

The market is getting bigger in its stature gradually. However, the market will benefit from this competitive market. The competition will force companies to increase work quality, the agility of the work environment will also boost the healthcare industry. The incorporation of sectors like Fintech, banking and manufacturing will strengthen the industry, and the BPO market will become more versatile. The following companies are competing in maintaining their quality as well as ability to change according to the demand of the market.

1. Cognizant Technology Solutions

2. Conduent, Inc.

3. Eli Global

4. Firstsource Solutions

5. GEBBS Healthcare Solutions

6. Genpact

7. IBM

8. Infosys

9. Invensis Technologies

10. Lonza

11. MiraMed Global Services, Inc.

12. Omega Healthcare

13. Parexel

14. Quintiles IMS Holdings

15. Sutherland Global Services

16. Tata Consultancy Services

17. Truven Health

18. United Health Group

19. WIPRO LTD

20. WNS (Holdings)

21. WNS Global Services

Advanced Technologies which are being incorporated in the BPO sector

The reason for tremendous growth in the BPO industry is the availability of the latest technologies.  BPO services (United Kingdom) earn credentials by providing timely delivery, round the clock assistance, and real-time solutions. Healthcare service is a service of 24 hours. And BPOs’ foundation is based on customer service, and they can address patients’ concerns at any time. Besides, the industry will also benefit from emerging technologies and efficiency in healthcare will increase. 

The future growth of outsourcing is promising as these companies change their function styles from time to time. Machine learning, Artificial Intelligence, Robotic Process Automation and data analytics are essential features that will shape the industry in future.  Moreover, factors such as the increasing adoption of SaaS-based solutions enhancements in cloud-based infrastructure get things done fast and error-free. Moreover, the rapid adoption of process automation in business functions contribute to market growth. 

The regional markets benefit most from healthcare BPO 

The basic idea of outsourcing is to reduce cost production. So, the clients who want to outsource their non-core activities in a place or country wherein they would complete with less money. In the US, corporate is very expensive and the labour cost is also high. However, developing countries like India, the Philippines, Malaysia are less expensive. Similarly, these countries have an abundance of talent pools that just want jobs. A country like India has a promising economy along with potential young people who can be an asset to any economy.

BPO targets young people who are agile and energetic. It is apparent that developed countries benefit from this process of outsourcing. Contrary to this banal notion, it would be a fishing bait for developing countries. The Healthcare sector is ever-growing, and there is a gap between requirements and availability. This market will be expanded, and so the competition will increase. In future, hosting countries can raise their bargain power. They can charge more than what they are charging. Lower wage is of concern for these countries. Hence they can fix appropriate wages for their workers. Furthermore, this process reduces employability and contributes to the growth of an emerging economy. 

 

Marketing Strategy and Analysis and the social media platforms    

Healthcare BPO is a promising market and invariably, competition among BPO companies will rise. So they have to change their market strategy. They analyze market growth their revenues in comparison to the other customer base. 

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1. Who are the key market players in the Healthcare Supply Chain BPO Market?

Ans. The key market players are Cognizant Technology Solutions, Conduent, Inc., Eli Global, Firs source Solutions, GEBBS Healthcare Solutions, Genpact, IBM, Infosys etc.

2. Which are the major regions for dissimilar trades that are expected to eyewitness astonishing growth for the Healthcare Supply Chain BPO Market?

Ans. The expected regions that are going to witness astonishing growth are India, the Philippines, Malaysia, Bangladesh etc.

3. Which segment accounted for the largest healthcare supply chain BPO market share?

Ans. As per the reports published on BPO global chain supply, North America dominates healthcare with a whopping share of 50.0% in 2019. 

4. What will be the market size and the growth rate by the end of the forecast period?

Ans. As the study has been done on BPO healthcare, it is expected that the market will grow the market at a CAGR of 8%, and the market size would be USD4,035.07 million by 2027.

5. What are the key Healthcare Supply Chain BPO Market trends impacting the growth of the market?

Ans. The key factors that are driving the healthcare market growth include a growing number of healthcare organizations, increasing patient inflow, and rising demand for non-core medical services.

6. What are the major Product Types of Healthcare Supply Chain BPO?

Ans. The major products types of healthcare are accounting, data management, medical billing and coding and insurance claim etc. 

7. What are the major applications of Healthcare Supply Chain BPO?

Ans. The major applications are AI, machine learning. Robotic process automation and cloud computing etc.  

8. Which Healthcare Supply Chain BPO Service providers will top the market in the next 7 years?

Ans. As per the contributions and participation in the global supply chain, the followings have potential future; Accenture; Cognizant Technology Solutions; Genpact and FireSource Solutions. Their market analysis and strategy gives an idea about how the healthcare market behaves and perform in the future.