Healthcare BPO Market to Show Tremendous Growth Due to Covid 19 Outbreak 2020 | Leading Players-Accenture, Cognizant, GeBBS Healthcare Solutions, United Health Group, Firstsource, Charles River - 3rd Watch News
| Posted: 25 Jun 2020 10:58 AM PDT HEALTHCARE BPO market report helps in knowing how the market is going to perform in the forecast years by giving information about market definition, classifications, applications, and engagements. Analysis and estimations derived through the massive information gathered in this market analysis report are extremely necessary when it comes to dominating the market or creating a mark in the market as a new emergent. It is the business document that is promising and the way in which it is anticipated. The HEALTHCARE BPO report also comprises of the all the market drivers and market restraints which are derived from SWOT analysis. The global HEALTHCARE BPO report focuses on major driving factors of the market and the market restraints which generally causes inhibition. The market report covers professional in-depth study on the current state of the ABC industry. This business document identifies and analyses the emerging trends along with major drivers, inhibitors, challenges and opportunities in the market. A wide ranging HEALTHCARE BPO market report also provides better market insights with which driving the business into right direction becomes easy. For acquiring detailed market report, request an analyst call or drop down an enquiry at any time. Healthcare business process outsourcing (Healthcare BPO) is a specialist process vendor or technology, which manages the critical and non-critical enterprise and application of an organization. Healthcare BPO services are distinguished are based on the payers and providers. North America healthcare BPO market is expected to register a healthy CAGR of 11.0% in the forecast period of 2019 to 2026. Get Sample Report + All Related Graphs & Charts @https://www.databridgemarketresearch.com/request-a-sample/?dbmr=north-america-healthcare-bpo-market The payers services include in managing the product development, business acquisitions, provides management, member management, care management, claim management services. The healthcare business process services for the providers and payers enhances the efficiencies, reduces cost, increases outcomes, reduces risk, deliver competitive services and cost effective. Healthcare outsourcing is an important part of the organization to reduce the cost by providing efficient healthcare services. The healthcare BPO services help vendors to minimize the administrative cost, minimizes the cost in delivering the healthcare, electronic medical records management, consumer engagement and clinical transformation. Also, the healthcare outsourcing helps and minimizes the error occurs in the medical billing, enable access to specialist, minimizes staff training cost. North America Healthcare BPO Market By Component (Payer Services, Provider Services, Pharmaceutical Services), End User (Hospital, Dental Clinics, Public Services, Life Sciences Companies, Medical Devices Companies, Pharmacy Benefit Managers, Others), Geography (U.S., Canada, Mexico) – Industry Trends and Forecast to 2026 Segmentation:North America Healthcare BPO Market North America healthcare BPO market is segmented into three notable segments such as component, end user and geography On the basis of component, the market is segmented into payer services, provider services and pharmaceutical services. The payer segment is further segmented into integrated front end and back office operations, provider management, billing and accounts management, human resource management, claims management, customer relationship management, operational/administrative management, product development and care management. The provider segment is further segmented into medical billing, medical coding, medical transcription, finance and accounts, patient enrollment and strategic planning, device monitoring, revenue cycle management. The pharmaceutical services segment is further segmented as manufacturing outsourcing, pharmacovigilance services, clinical data management, research and development, non-clinical services, sales and marketing, supply chain management and logistics, other non-clinical functions and others. In 2019, provider services segment is growing at the highest CAGR and expected to reach USD in the forecast period of 2019 to 2026. In January 2019, Charles River Laboratories entered into strategic alliance with Atomwise (U.S.). This provides clients an access to artificial intelligence-powered and drug design technology. Competitive Analysis: North America Healthcare BPO Market Some of the prominent participants operating in this market are Accenture, Cognizant, GeBBS Healthcare Solutions, United Health Group, Firstsource, Charles River, Genpact, Invensis Technologies Pvt Ltd, HCL Technologies Limited, Iqvia, WNS (HOLDINGS) LTD, Pharmaceutical Product Development, LLC., Parexel, Catalent, INC, Lonza, Covance INC., Sutherland Global, INC., Premier BPO, INC., HGS LTD.,Boehringer Ingelheim. Services Launch: In 2019, In January, Accenture launched human-machine operating engine SynOps. SynOps comprises of talent, capabilities and technology to achieve efficiency. This will help the company to become more flexible and generate more operations quickly. In 2017, Lonza launched XS Pichia 2.0 Expression and Manufacturing Platform for the formulation and development of next generation therapeutics. Drivers: North America Healthcare BPO Market Regulatory Changes in the US Regulatory norms in the U.S. health-care system are imposed by private and public entities at the federal, state and country levels. These reforms are introduced as there is a constant need of enhancing quality, expanding access, and controlling costs in healthcare. Some of the major federal regulatory organizations under the umbrella of the United States Department of Health & Human Services (HHS) include: Centers for Medicare and Medicaid Services (CMS) Pressure to Reduce Rising Healthcare Costs: The United States has the highest healthcare cost when compared with other nations. In 2016, the nation spent about $3.3 trillion on healthcare. Healthcare costs have increased drastically over the past few years in U.S. It used to be 5% GDP in 1960 which rose to 18% in 2016. The CMS projects that this trend will only rise and will reach about $5.7 trillion by 2026. Grab Your Report at an Impressive 30% Discount! Please click Here @https://www.databridgemarketresearch.com/inquire-before-buying/?dbmr=north-america-healthcare-bpo-market Restraint:North America Healthcare BPO Market Hidden Costs of Outsourcing: Outsourcing is a common practice used by many businesses in order to gain expertise in a particular geography, improve performance and to provide a greater level of service to their customers that could not be achieved with internal management. However, in recent years the shift to outsourcing has included complete outsourcing of coding and medical records, dietary services and housekeeping. In fact, nowadays services such as ER Services, Imaging, Lab, Nursing, Supply Chain, Human Resources or even Administration are outsourced by various U.S. leading hospitals. Fear of Losing Visibility and Control Over the Business Process: One of the biggest restraints in the future growth of outsourcing market is the loss of visibility and control of your own business. Loss of control in outsourcing can mean very high costs with a sub-par product that was developed behind schedule. Many a times management fear that transferring the back-office finance & administration to an outsourced provider is equal to transfer control. OPPORTUNITIES: Big Data Analytics in Healthcare Data science plays an important role in many industries. In facing massive amounts of heterogeneous data, scalable machine learning and data mining algorithms and systems have become extremely important for data scientists. The growth of volume, complexity and speed in data, drives the need for scalable data analytic algorithms and systems. The rapidly expanding field of big data analytics has started to play a pivotal role in the evolution of healthcare practices and research. It has provided tools to accumulate, manage, analyse, and assimilate large volumes of disparate, structured, and unstructured data produced by current healthcare systems. For More Insights Get Detailed TOC @ https://www.databridgemarketresearch.com/toc/?dbmr=north-america-healthcare-bpo-market Shift to ICD-10 Coding Standards and Upcoming ICD-11 World Health Organisation (WHO) International Statistical Classification of Diseases and Related Health Problems (ICD) is a protocol while translating diagnoses and other health related problems in patient's medical record. The classification of diagnoses using ICD-10 is a mandatory national requirement for the NHS Admitted Patient Care (APC). ICD-10-CM is a seven-character, alphanumeric code in healthcare. Each code begins with a letter, followed by two numbers. The first three characters of ICD-10-CM are the category. The category describes the general type of the injury or disease. The category is followed by a decimal point and the subcategory. This is followed by up to two sub classifications, which further explain the cause, manifestation, location, severity, and type of injury or disease. The last character is the extension, which means encounter. Few examples from ICD-10 Coding Systems A00-B99 – Infectious and Parasitic Diseases CHALLENGES: Dearth of Skilled Workforce The healthcare business processing outsourcing (BPO) industry is a blooming industry but it faces a certain challenge which is hard to overcome. Healthcare BPO often require skilled labour like a person who is trained in medical coding or a person trained as medical scriber. This person should have in depth knowledge of medical terminologies. However, there are limited trained staffs for Healthcare BPOs. Also they are often unable to keep up with the field's ever growing demands. Market Trends: On the basis of component, themarket is segmented into payer services, provider services and pharmaceutical services. The payer segment is further segmented into integrated front end and back office operations, provider management, billing and accounts management, human resource management, claims management, customer relationship management, operational/administrative management, product development and care management. The provider segment is further segmented into medical billing, medical coding, medical transcription, finance and accounts, patient enrollment and strategic planning, device monitoring, revenue cycle management. The pharmaceutical services segment is further segmented as manufacturing outsourcing, pharmacovigilance services, clinical data management, research and development, non-clinical services, sales and marketing, supply chain management and logistics, other non-clinical functions and others. In 2019, provider services segment is growing at the highest CAGR and expected to reach USD in the forecast period of 2019 to 2026. On the basis of end user, the market is segmented into hospitals, dental clinics, public services, life sciences companies, medical devices companies, pharmacy benefit managers and others. In 2019, hospital segment is growing at the highest CAGR and expected to reach USD in the forecast period of 2019 to 2026.
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| Posted: 21 Jun 2020 12:41 PM PDT Healthcare BPO Market analysis report puts light on several factors such as market size in various countries around the world, projected CAGR of the market to grow in the forecast period 2020-2026, base year calculated in the report, key factors driving the market, most influencing segment growing in the market, top companies that hold the market share in the market, region to provide more business opportunities in the coming years and more. It examines market challenge and opportunities including markets priorities and concerns as well as motivators and de-motivators. The Healthcare BPO Market industry report gives idea about the sub-market that will make the momentous contribution to the market. Healthcare business process outsourcing (Healthcare BPO) is a specialist process vendor or technology, which manages the critical and non-critical enterprise and application of an organization. Healthcare BPO services are distinguished are based on the payers and providers. North America healthcare BPO market is expected to register a healthy CAGR of 11.0% in the forecast period of 2019 to 2026. To Remain 'Ahead' Of Your Competitors, Request for a FREE Sample Here (with covid 19 Impact Analysis) @https://www.databridgemarketresearch.com/request-a-sample/?dbmr=north-america-healthcare-bpo-market North America Healthcare BPO Market By Component (Payer Services, Provider Services, Pharmaceutical Services), End User (Hospital, Dental Clinics, Public Services, Life Sciences Companies, Medical Devices Companies, Pharmacy Benefit Managers, Others), Geography (U.S., Canada, Mexico) – Industry Trends and Forecast to 2026 The payers services include in managing the product development, business acquisitions, provides management, member management, care management, claim management services. The healthcare business process services for the providers and payers enhances the efficiencies, reduces cost, increases outcomes, reduces risk, deliver competitive services and cost effective. Healthcare outsourcing is an important part of the organization to reduce the cost by providing efficient healthcare services. The healthcare BPO services help vendors to minimize the administrative cost, minimizes the cost in delivering the healthcare, electronic medical records management, consumer engagement and clinical transformation. Also, the healthcare outsourcing helps and minimizes the error occurs in the medical billing, enable access to specialist, minimizes staff training cost. Segmentation:North America Healthcare BPO Market North America healthcare BPO market is segmented into three notable segments such as component, end user and geography On the basis of component, the market is segmented into payer services, provider services and pharmaceutical services. The payer segment is further segmented into integrated front end and back office operations, provider management, billing and accounts management, human resource management, claims management, customer relationship management, operational/administrative management, product development and care management. The provider segment is further segmented into medical billing, medical coding, medical transcription, finance and accounts, patient enrollment and strategic planning, device monitoring, revenue cycle management. The pharmaceutical services segment is further segmented as manufacturing outsourcing, pharmacovigilance services, clinical data management, research and development, non-clinical services, sales and marketing, supply chain management and logistics, other non-clinical functions and others. In 2019, provider services segment is growing at the highest CAGR and expected to reach USD in the forecast period of 2019 to 2026. In January 2019, Charles River Laboratories entered into strategic alliance with Atomwise (U.S.). This provides clients an access to artificial intelligence-powered and drug design technology. Competitive Analysis: North America Healthcare BPO Market Some of the prominent participants operating in this market are Accenture, Cognizant, GeBBS Healthcare Solutions, United Health Group, Firstsource, Charles River, Genpact, Invensis Technologies Pvt Ltd, HCL Technologies Limited, Iqvia, WNS (HOLDINGS) LTD, Pharmaceutical Product Development, LLC., Parexel, Catalent, INC, Lonza, Covance INC., Sutherland Global, INC., Premier BPO, INC., HGS LTD.,Boehringer Ingelheim. Services Launch: In 2019, In January, Accenture launched human-machine operating engine SynOps. SynOps comprises of talent, capabilities and technology to achieve efficiency. This will help the company to become more flexible and generate more operations quickly. In 2017, Lonza launched XS Pichia 2.0 Expression and Manufacturing Platform for the formulation and development of next generation therapeutics. Drivers: North America Healthcare BPO Market Regulatory Changes in the US Regulatory norms in the U.S. health-care system are imposed by private and public entities at the federal, state and country levels. These reforms are introduced as there is a constant need of enhancing quality, expanding access, and controlling costs in healthcare. Some of the major federal regulatory organizations under the umbrella of the United States Department of Health & Human Services (HHS) include: Centers for Medicare and Medicaid Services (CMS) Pressure to Reduce Rising Healthcare Costs: The United States has the highest healthcare cost when compared with other nations. In 2016, the nation spent about $3.3 trillion on healthcare. Healthcare costs have increased drastically over the past few years in U.S. It used to be 5% GDP in 1960 which rose to 18% in 2016. The CMS projects that this trend will only rise and will reach about $5.7 trillion by 2026. Grab Your Report at an Impressive 30% Discount! Please click Here @https://www.databridgemarketresearch.com/inquire-before-buying/?dbmr=north-america-healthcare-bpo-market Restraint:North America Healthcare BPO Market Hidden Costs of Outsourcing: Outsourcing is a common practice used by many businesses in order to gain expertise in a particular geography, improve performance and to provide a greater level of service to their customers that could not be achieved with internal management. However, in recent years the shift to outsourcing has included complete outsourcing of coding and medical records, dietary services and housekeeping. In fact, nowadays services such as ER Services, Imaging, Lab, Nursing, Supply Chain, Human Resources or even Administration are outsourced by various U.S. leading hospitals. Fear of Losing Visibility and Control Over the Business Process: One of the biggest restraints in the future growth of outsourcing market is the loss of visibility and control of your own business. Loss of control in outsourcing can mean very high costs with a sub-par product that was developed behind schedule. Many a times management fear that transferring the back-office finance & administration to an outsourced provider is equal to transfer control. OPPORTUNITIES: Big Data Analytics in Healthcare Data science plays an important role in many industries. In facing massive amounts of heterogeneous data, scalable machine learning and data mining algorithms and systems have become extremely important for data scientists. The growth of volume, complexity and speed in data, drives the need for scalable data analytic algorithms and systems. The rapidly expanding field of big data analytics has started to play a pivotal role in the evolution of healthcare practices and research. It has provided tools to accumulate, manage, analyse, and assimilate large volumes of disparate, structured, and unstructured data produced by current healthcare systems. For More Insights Get Detailed TOC @ https://www.databridgemarketresearch.com/toc/?dbmr=north-america-healthcare-bpo-market Shift to ICD-10 Coding Standards and Upcoming ICD-11 World Health Organisation (WHO) International Statistical Classification of Diseases and Related Health Problems (ICD) is a protocol while translating diagnoses and other health related problems in patient's medical record. The classification of diagnoses using ICD-10 is a mandatory national requirement for the NHS Admitted Patient Care (APC). ICD-10-CM is a seven-character, alphanumeric code in healthcare. Each code begins with a letter, followed by two numbers. The first three characters of ICD-10-CM are the category. The category describes the general type of the injury or disease. The category is followed by a decimal point and the subcategory. This is followed by up to two sub classifications, which further explain the cause, manifestation, location, severity, and type of injury or disease. The last character is the extension, which means encounter. Few examples from ICD-10 Coding Systems A00-B99 – Infectious and Parasitic Diseases CHALLENGES: Dearth of Skilled Workforce The healthcare business processing outsourcing (BPO) industry is a blooming industry but it faces a certain challenge which is hard to overcome. Healthcare BPO often require skilled labour like a person who is trained in medical coding or a person trained as medical scriber. This person should have in depth knowledge of medical terminologies. However, there are limited trained staffs for Healthcare BPOs. Also they are often unable to keep up with the field's ever growing demands. Market Trends: On the basis of component, themarket is segmented into payer services, provider services and pharmaceutical services. The payer segment is further segmented into integrated front end and back office operations, provider management, billing and accounts management, human resource management, claims management, customer relationship management, operational/administrative management, product development and care management. The provider segment is further segmented into medical billing, medical coding, medical transcription, finance and accounts, patient enrollment and strategic planning, device monitoring, revenue cycle management. The pharmaceutical services segment is further segmented as manufacturing outsourcing, pharmacovigilance services, clinical data management, research and development, non-clinical services, sales and marketing, supply chain management and logistics, other non-clinical functions and others. In 2019, provider services segment is growing at the highest CAGR and expected to reach USD in the forecast period of 2019 to 2026. On the basis of end user, the market is segmented into hospitals, dental clinics, public services, life sciences companies, medical devices companies, pharmacy benefit managers and others. In 2019, hospital segment is growing at the highest CAGR and expected to reach USD in the forecast period of 2019 to 2026. Contact: US: +1 888 387 2818 UK: +44 208 089 1725 Hong Kong: +852 8192 7475 Corporatesales@databridgemarketresearch.com About Data Bridge Market Research: An absolute way to forecast what future holds is to comprehend the trend today!  |
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