Teamed up with recent developments in customer retention strategies positioned to accelerate patient care delivery besides addressing existing bottlenecks are poised to expand capabilities in healthcare BPO market. Healthcare expenditure is soaring exponentially, and this pricing flexibility is poised to deliver improved services in healthcare BPO industry. Matured economies such as the US and several EU countries are forerunners in bracing contact center services for improved healthcare BPO performance.
The global market for the Healthcare BPO is anticipated to develop at a compound annual growth rate (CAGR) of 9.49% throughout the course of the forecast, to reach USD 755.76 billion by 2030.
According to a report by the Economic Times, ripe acquisition probabilities exist to acquire stakes in healthcare IT forerunner, Emid Technologies. The key runners in the league amidst this acquisition encompass ChrysCapital, KKR, and Everstone besides others, with estimated deal valuation likely to be worth $200-225 million.
Emid Technologies Hopes Big Returns on the Back Private Equity Acquisitions
Emid Technologies is best known to offer expert services, encompassing healthcare IT and BPO offerings dedicated to the healthcare industry. Core service deliverables include, sophisticated technologies such as electronic health record (EHR), analytics, testing, business intelligence, and governance.
The company has also registered substantial progress on the back of its previous acquisitions such as Council Capital and Baird Capital acquisitions as well as Encore Health Resources for portfolio diversification in healthcare information analytics. The company boasts of a rather elongated clientele such as hospitals, medical insurance, healthcare software veterans, and health-tech companies.
Further, on similar lines, private equity veteran, Baring Private Equity Asia has closed an acquisition deal to attain control over the analytics services of CitiusTech. The deal closed at a whopping $1 billion wherein stalwarts in private equity participated in the bidding.
CitiusTech is a first line provider of expert medical services inclusive IT solutions and BPO aid. The company is currently witnessing disruptive investments by healthcare stakeholders comprising insurance firms and hospitals. The company, eying farsighted sustenance has designed an advisory commission to render profit oriented strategies. With such farfetched investments, healthcare contact center services are poised to soar high.
Investment Major, ChrysCapital Invests Big in Healthcare BPO Veteran, GeBBS
Expanding further in remunerative M&A developments, investment stalwart, ChrysCapital, worth asset valuation of $4billion has recently closed yet another vital deal, by acquiring stakes in healthcare BPO, GeBBS.
This India based investment firm has bid big by acquiring stakes in healthcare service provider GeBBS, based in the US. The deal is worth a sprawling $140 million. The latter is best known for its expertise in revenue cycle management catering to the US healthcare market. The deal is envisioned to further harbor growth in healthcare BPO industry with distinguished services of both the companies in IT and BPO realm, allowing significant growth spurt in healthcare contact center services market in the near future.
Healthcare contact center services market is gaining defining strides with magnanimous investments in healthcare development. To accentuate heavy returns on investments, healthcare veterans such as hospitals and diagnostic centers are bracing diversified solutions to ensure maximum profitability, procure unlimited skilled labor, deliver unfailing patient care, and manage geographical differences with dynamic process outsourcing solutions. These developments are poised to elevate growth prospects in healthcare BPO/contact center services market in the coming years.
Patient relation plays a key role in keeping the growth pace steady in healthcare dynamics. Managing revenue cycles and handling patient centric services such as bill settlement and quick query management for minimal turn-around-time has further necessitated dependence and growth in healthcare BPO market.
Medical Transcription and Pharmacovigilance to Trigger Healthcare BPO Industry across Mid Income Economies
Augmented by high prevalence of skilled labor force, populous companies such as India are offering favorable labor support. Besides preliminary services such as medical data entry and medical transcription, healthcare BPO industry is further expanding solutions in medical billing, medical animation, healthcare software development, and coding besides other IT solutions. Niche services such as medical animation is a 2D and 3D representation of images to render optical illusion to offer scalable understanding on complex medical concepts.
Besides investing in contract research outsourcing for drug manufacturing and device additions, pharmaceutical behemoths are also investing in other contract services such as medical writing and pharmavigilance services, which are poised to incur substantial advances and growth in healthcare contact center services market.
Maintaining regulatory compliance is emphatically vital in healthcare. Pharmaceutical veterans and biotechnological players are significantly investing in improved pharmacovigilance to adhere to regulatory norms.
Emerging Economies such as India Emphasize on AI and Machine Learning Advances in Pharmacovigilance
Considering the expanding scope and demands for impeccable pharmacovigilance, top notch healthcare outsourcing companies are especially improving their geographical stance across emerging economies. These countries are imparting novelties in process automation, thereby bidding big in healthcare BPO market. International conferences and programs conducted across emerging economies hint about magnanimous leaps in healthcare industry, highlighting importance of several niche areas such as pharmacovigilance. A recent DIA pharmacovigilance conference has been recently conducted in Indian commercial capital Mumbai, wherein advances in automation, AI, and machine learning were thoroughly discussed.
In a recent development, WNS, renowned for its BPO services has successfully entered into an acquisition deal with HealthHelp that excels in expert care delivery. The latter is best known for its dedicated services in developing efficient payment models for superlative patient experience. This development is poised to incur sustainable revenue pools in healthcare BPO market, cementing WNS’ leading stance amidst stiffening competition. Additionally, HealthHelp is also reported to have entered into a partnership deal with Clover Health in collaboration with Alphabet. Clover excels in preventive healthcare aided by its data science excellence in rendering thoughtfully designed insurance systems.
Healthcare BPO Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 755.76 billion|
|Growth Rate||CAGR of 9.49 % during 2022-2030|
|Segment Covered||By Provider Service, Region.|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Accenture (Ireland), Access Healthcare (US), Akurate Management Solutions (US), Cognizant (US), Firstsource Solutions (India), GeBBS Healthcare Solutions (US), Genpact (US), HCL Technologies (India), IBM Corporation (US), Infosys BPM (India), Invensis Technologies (India), IQVIA (US), Lonza (Switzerland), Mphasis (India), NTT Data Corporation (Japan)|
Key Segment Of The Healthcare BPO Market
By Provider Service, 2022-2030 (USD Million)
o Revenue Cycle Management
o Patient Enrolments
o Patient Care
• Medical Transcription
• Medical Imaging
• Device Monitoring
By Payer Service, 2022-2030 (USD Million)
o Claims Management
• Claims Adjudication Services
• Claims Settlement Services
• Information Management Services
• Claims Repricing
• Claims Investigation Services
• Claims Indexing Services
• Fraud Detection & Management
o Product Development & Business Acquisition (PDBA)
o Member Management
o Provider Management
o Care Management
o Integrated Front-End Services and Back-office Operations
o Billing and accounts management services
o HR Services
By Life Science Service, 2022-2030 (USD Million)
o Non-Clinical Services
• Supply Chain Management & Logistics
• Sales and Marketing Services
• Performance Reporting
• Other Non-Clinical Services
Regional Overview, 2022-2030 (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
Key Market Movements
- Emerging economies are heading the race in terms of skilled taskforce in healthcare BPO market
- Medical transcriptions and pharmacovigilance are likely to witness continued demands, further necessitating adoption of contact center services
- Technological leaps such as machine learning and AI integration to harbinger great progress in healthcare BPO services as these are cost intensive areas wherein pharma giants hold reservations in investing
- M&A are likely to remain staple for a flourishing contact center services market
Key Study Deliverables
- Market valuation in terms of value and volume with forecast estimations in the global rubber process oil market through the forecast span, 2018-25 with CAGR during the said period.
- Comprehensive market analysis and assessment based on market segmentation as well as regional diversity.
- Identifying market dynamics such as drivers, threats, challenges, and opportunity assessment
- A holistic assessment of the competitive landscape based on standard assessment tools
- An elaborate review of industry participants and an assessment on the basis of company and product overview, financial returns, and other substantial business strategies