The latest research study “United States Healthcare BPO Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the United States healthcare BPO market is expected to exhibit a CAGR of 8.09% during 2022-2027.
Healthcare business process outsourcing (BPO) involves outsourcing business operations that provide support to medical workers, organizations, and institutions. It includes data and claim processing and medical coding and billing that helps healthcare providers to treat patients more efficiently and focus on business functions. It reduces expenses by lowering the operating costs of hiring and training the in-house team. It also helps collect prescriptions, tests and lab reports, drug inventory, bill payment records, and insurance details of patients. Since it verifies the patient record instantly while performing an analytical diagnosis to generate valuable insights related to patient care, healthcare BPO has gained immense traction in the United States.
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United States Healthcare BPO Market Trends and Drivers:
The United States healthcare BPO market is primarily driven by the increasing need to reduce the overall cost of revisits and re-treatment while offering quality patient care. Moreover, there has been a significant rise in demand for healthcare BPOs to enhance the availability of skilled healthcare professionals by providing access to specialists.
In line with this, the rapid expansion of the healthcare industry in the country is positively influencing the market growth. Additionally, the rising non-core activities of hospitals, such as predictable cash flow, improved patient care, and increased net revenue, have catalyzed market growth.
Besides this, the increasing outsourcing of medical claims by hospitals to avoid the time-consuming process of maintaining patient records, interacting with health insurance agencies, and issuing invoices is another major growth-inducing factor. Other factors, including the escalating demand for structured processes and documentation, loss of revenue due to billing errors, favorable government initiatives, and rising outsourcing in the pharma and biopharma industries, are also anticipated to propel the market growth.
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United States Healthcare BPO Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
The report has segmented the market on the basis of region, payer service, provider service and pharmaceutical service.
Breakup by Payer Service:
- Human Resource Management
- Claims Management
- Customer Relationship Management
- Operational and Administrative Management
- Care Management
- Provider Management
- Others
Breakup by Provider Service:
- Patient Enrollment and Strategic Planning
- Patient Care Service
- Revenue Cycle Management
Breakup by Pharmaceutical Service:
- Manufacturing Services
- Research and Development Services
- Non-clinical Services
Breakup by Region:
- Northeast
- Midwest
- South
- West
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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