U.S. Healthcare BPO Market is expected to worth $141.7 Billion By 2018

Healthcare BPO or Healthcare business purpose outsourcing is an industry in which various healthcare organizations to outsource business related operations to outside vendors. By outsourcing the business operations related to healthcare they do not have to rely on staff and equipment onsite. So the focus can be put primarily on patient care rather than to manage computers, employees, customers and accounting.  Healthcare BPO can handle IT tasks, employee training, human resources, financial accounting, and supply chain management. There can be various factors in finding the right healthcare BPO. It must be skilled in providing services which are demanded, training staff, and a well-acknowledged IT staff and support system. The healthcare BPOs should be expert in project management, providing financial services and healthcare management.

A healthcare organization should not outsource everything at once. There can be various factors to be looked upon. The vendor must be able to provide following benefits:

1.       Reduces payroll & operational costs.

2.       Boost revenues & maximize shareholder value.

3.       Complete patient & physician satisfaction.

4.       Reduce staffing issues & training time.

5.       Improve business service levels.

6.       Maximize efficiencies & economies of scale.

                                        Source: http://www.healthtechnolgy.com/

The healthcare organizations can start with a step by step approach by firstly outsourcing data entry and IT support operations. Then they can outsource transaction processing tasks. Furthermore they can extend the outsourcing to patient interactions, call centre management and supply chain management which requires excessive knowledge of the healthcare industry. There are only some healthcare BPO vendors that fully specialize in providing the full range of business processes to clients.

According to a new market research report by MarketsandMarkets, the U.S. healthcare market is undergoing a significant transformation. The U.S. healthcare payer, provider, and pharmaceutical outsourcing markets are valued at $11.1 billion, $6.8 billion and $65.6 billion respectively in the year 2013 and it is expected to reach up to $141.7 billion by 2018.

The U.S. healthcare BPO market is categorized into 3 segments which are, payer outsourcing, provider outsourcing, & pharmaceutical outsourcing. Payer services include claims processing, HR services, customer care, finance and accounts. Provider outsourcing consists of medical billing, coding, transcription, finance and accounts. Pharmaceutical services include Clinical research organizations (CROs), contact manufacturing organizations (CMOs), and non-clinical services. The report analyzes the major market drivers, restraints, and opportunities present in the U.S.

The U.S. healthcare BPO companies provide assistance to healthcare through strong compliance programs and improved technology, finance and revenue efficiency. The marketing intelligence and analytics, patient access services and revenue cycle management are the integral part of the healthcare BPO market. The introduction of Patient Protection and Affordable Care Act (PPACA) has greatly impacted the U.S. healthcare payer market driven by claim processing services. Moreover, as the pharmaceutical companies are adopting strategies like downsizing and consolidation of infrastructure, the demand for outsourced services in the U.S. has increased immensely.

The major players in the healthcare BPO market are Accenture (Ireland), Medusind (U.S.), GeBBS Healthcare (U.S.), and Genpact Limited (Bermuda), among others. Lonza (Switzerland), Catalent (U.S.), Boehringer Ingelheim (Germany), and DSM Pharma (U.S.) are some of the CMOs in the market, while some of the players in the CRO space are Quintiles (U.S.), Covance (U.S.), PPD (U.S.), Parexel (U.S.), and Charles Rivers Laboratories (U.S.).

The report can be referred here:
http://www.prweb.com/releases/us-healthcare-bpo/market/prweb11030417.htm