HEALTHCARE BPO MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 


Healthcare BPO Market Analysis:

The Healthcare Business Process Outsourcing (BPO) market is expected to exhibit a Compound Annual Growth Rate (CAGR) of 8% during the forecast period. It is evident that the COVID-19 pandemic had a significant impact on the aforementioned market. The healthcare industry’s expansion was impeded during the initial stages of the pandemic, with research and development coming to a halt due to mandatory lockdowns and shutdowns. Despite this, hospitals continue to suffer from the pandemic’s effects, and will likely do so for some time. For example, in July 2022, Quorum Health Resources, LLC released a report on the post-pandemic impact on hospital revenue cycle management, which indicated that the system and its inhabitants are in a chronic, cumulative state of overload due to the hardships of the past two years, which does not fully subside during the brief intervals between COVID-19 waves. As a result, the demand for revenue cycle management, one of the provider services of Healthcare BPO, has suffered due to the cumulative overload of previous years and is expected to continue to do so over the coming period, significantly impacting the market.

The market’s growth is attributed to several factors, including the rapid increase in Clinical Process Outsourcing (CPO). The implementation of the Patient Protection and Affordable Care Act (PPACA) compelled healthcare players to move towards outsourcing, resulting in fewer errors in several non-critical functions such as finance and accounting, customer care services, etc.

Another significant driving factor is the increasing strategic activities such as product launches, partnerships, and others by major companies, which are expected to drive market growth during the forecast period. For instance, in December 2021, Teleperformance, a leading global group in digitally integrated business services, announced its acquisition of Senture, a significant business process outsourcing (BPO) operator for government services in the United States. In October 2021, the Competition Commission of India (CCI) approved Betaine B.V’s acquisition of Hinduja Global Solutions’ healthcare BPO services. These major developments are expected to drive market growth, and as a result, the healthcare BPO market is expected to grow during the forecast period.

However, stringent regulations and the hidden costs associated with outsourcing are expected to slightly hamper market growth during the analysis period.

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