Healthcare BPO Market to Grow at 5.83% CAGR Driven by Medical Document Outsourcing to 2020
RnRMarketResearch.com adds Global Healthcare BPO Market 2016-2020 latest research report, the research analysts forecast global healthcare business process outsourcing (BPO) market to grow at a CAGR of 5.83% during the period 2016-2020.
June 29, 2016 /MarketersMedia/ —
The global healthcare BPO market forecast trend which is boosting market growth is the growing phenomenon of medical document outsourcing. As healthcare organizations rely on automation of solutions to generate profit, a lack of proper automation can lead to complexities in document handling, which may lead clients to look for alternatives. In addition, lack of expertise in the specific solution associated with document handling or document processing creates a demand for outsourcing services. Centralized document management systems provided by outsourcing firms help organizations control the flow of digital documents across functional departments of hospitals. Firms can share documents among numerous functional departments such as sales and marketing, finance, and HR. Document management systems in the healthcare industry are shifting toward paperless and green printing technology.
Complete report on Healthcare BPO market spread across 110 pages, analyzing 5 major companies and providing 48 data exhibits is now available at http://www.rnrmarketresearch.com/global-healthcare-bpo-market-2016-2020-market-report.html
According to the 2016 healthcare BPO market report, a key driver boosting market growth is the shift from ICD-9 to ICD-10. ICD is the medical categorization and standard diagnostics tool for epidemiology. It was introduced by the World Health Organization (WHO) for population health management. ICD-10, the latest version, has replaced the ICD-9 version of medical coding systems. Healthcare providers such as doctors, medical staffs, healthcare policy makers, medical coders, and medical researchers use ICD-10 to classify diseases and health-related issues. Healthcare payers use ICD-10 coding systems for reimbursement.
The rise in automation and integrating solution strategies is the fundamental driving force behind growth in the healthcare BPO market. Healthcare business process outsourcing (BPO) firms are implementing next-generation BPO services such as robotic process automation (RPA) to bring automation in the finance and accounting (F&A) process. From document management systems to financial management systems, healthcare BPO services are set for end-to-end automation, thereby reducing staffing costs and eliminate manual procedures in hospitals and healthcare payer firms. In 2015, the Americas dominated the global healthcare BPO outsourcing market by accounting for almost 43% of the market share. Healthcare reforms and digital transformation in hospitals and clinics are some of the factors responsible for the rapid adoption of healthcare BPO solutions in this region.
The following companies are the key players in the global healthcare business process outsourcing (BPO) market: Accenture, Cognizant Technology Solutions, Genpact, TCS, and Xerox. Other prominent vendors in the market are: 3i Infotech, Acclaris, Accretive Health, ACS, Acura, Aditya Birla Minacs, Aon, Aegis, Allscripts Healthcare Solutions, Allsec Technologies, Capgemini, CGI, Convergys, CSC, Dell, Dynamic Healthcare Systems, EXL, Firstsource, HCL Technologies, Hexaware, Hinduja Global Solutions, HP, IBM, IGATE, IMS Health, Infosys, iProjects, McKesson, Medusind Solutions, Minacs, Mphasis, NCO Financial Systems, Serco Global Services, Siemens Healthcare, SourceHOV, SUN Knowledge, Sutherland Global, Tech Mahindra, Teleperformance, Teletech, ThinkHealth Services, TMG Health, Wipro, and WNS. Order a copy of Global Healthcare BPO Market 2016-2020 report @ http://www.rnrmarketresearch.com/contacts/purchase?rname=620491
during 2015, the customer relationship management (CRM) segment occupied almost 54% of the market share to become the dominant shareholder in the global healthcare BPO market. CRM is critical functions in hospitals that help patients interact directly with healthcare service providers for quality patient care. Hospitals outsource their CRM functions to third-party service providers to strengthen their foothold in the competitive market. As a result, CRM outsourcing solution providers in the market are offering next-generation outsourcing solutions incorporated with state-of-the-art IT solutions such as analytics and social media.
Further, the report states that one challenge that could hamper healthcare BPO market growth is the lack of adequate information and communication technology infrastructure. The lack of adequate ICT infrastructure in developing countries makes it difficult for many ITO vendors to implement their IT solutions in hospitals. Technology adoption for healthcare services is slow in developing countries compared to developed countries that enjoy faster Internet bandwidths.
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