Healthcare BPO Services Market: Constant Changes in Government Regulations to Drive Healthcare BPO Services Market Growth

The healthcare BPO services market was valued at US$ 35,818.9 million in 2017 and it is projected to reach US$ 68,198.3 million in 2025; it is expected to grow at a CAGR of 8.6% from 2018 to 2025.

Healthcare Business Processing Outsourcing (BPO) offers customized solutions to the healthcare providers and payers to reduce the complexity of various tedious tasks involved at several stages of the workflow and establishment. These services are also helpful to enrich resource allocation, boost the financial performance of the company/organization, seek strategic growth support as well as reduce operational costs to maximize profit margins. The growth of the healthcare BPO services market is attributed to the constant changes in government regulations, mounting pressure on healthcare providers to reduce healthcare costs, rising consolidation in the healthcare BPO industry. However, hidden costs of outsourcing and dearth of skilled professionals and researchers is the major factor hindering the market growth.

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Healthcare BPO services market Segmentation:

• In terms of payer service, the healthcare BPO services market is segmented into claims administration, billing, member management, provider management, fraud management, and others. In 2017, the claims administration segment held largest share of the market and the fraud management segment is estimated to register the highest CAGR during the forecast period.
• Based on provider service, the healthcare BPO services market is segmented into medical billing, medical coding, finance & accounts and others. The medical billing segment held the largest share of the market in 2017. Also, the same segment is estimated to register highest CAGR during the forecast period.
• In terms of pharmaceutical service, the healthcare BPO services market is segmented into research & development, manufacturing, sales & marketing, supply chain & logistics, and others. The manufacturing segment held the largest share of the market in 2017.
• WNS (Holdings) Ltd., Invensis Technologies Pvt Ltd, Cognizant, Infosys Limited, ACCENTURE, Genpact, Xerox Corporation, GeBBS Healthcare Solutions, Capgemini, Omega Healthcare, Flatworld Solutions Pvt. Ltd. And Magellan Solutions are among the leading companies operating in the global healthcare BPO services market.

Constant Changes in Government Regulations to Drive Healthcare BPO Services Market Growth

The healthcare costs continues to be a significant factor and influences the current and future allocation of budget by the government in every country across the world. The healthcare disparity between various regions have led to constantly changing government regulations and policies for healthcare companies in terms of the priorities and other aspects. For instance, in January 2017, Donald Trump, the US president signed an executive order for immediate repeal of Patient Protection and Affordable Care Act of 2010 (PPACA), that would pose an economic burden on the American people and those involved in the health care industry. The new administration also affecting the country’s regulatory authority (USFDA in this case) to address issues such as high pricing, clearance of orphan drug request backlog and others affects the healthcare companies that are present in the US as well as the ones that have invested in the country.

Similarly, Section 3d of the Indian Pharma Act does not approve and allow the marketing and use of a drug that is in altered form of an already known molecule and fails to represent improved efficacy over the prevalent one in the market, which is not the case in case of other countries such as the U.S., Australia, UK and are approved for their use. Additionally, the Indian government in 2016 had banned 350 fixed dose combination drugs, however mounting legal challenges by the pharmaceutical industry prompted the Supreme Court to call a review by an advisory board and remove the ban. However, in September 2018, the health ministry of India re-banned the manufacture, sale and distribution of 328 fixed dose combination of drugs with immediate effects and restricted another six drugs. Healthcare companies that are unaware of these constantly changing regulatory policies may endure a significant loss and lose their interest for investing into markets with high growth potentials. The business process outsourcing services that assists these companies by providing a report regarding the constant track changes and helps in creating strategic plans to invest in countries that have favorable policies for the investor is expected to increase the adoption of these services and hence support the growth of market over the years.

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