The COVID-19 pandemic has brought immense pressure on healthcare facilities. The pressure in the healthcare industry is for the development of a well-organized environment with interconnected clinical functions and also the development of coordination among healthcare units.
The COVID-19 pandemic has brought immense pressure on healthcare facilities. The pressure in the healthcare industry is for the development of a well-organized environment with interconnected clinical functions and also the development of coordination among healthcare units. It has forced the healthcare industry for outsourcing non-core functions, such as patient engagement, claims management, revenue cycle management. Apart from these functions focus on core competencies to achieve better patient outcomes is also important.
With the implementation of digital innovations, platforms, and technologies, efficient and accurate operations of the healthcare BPO market is possible. It is not about routine tasks and activities but also during crisis times. The key factors attributed to the healthcare BPO market are increasing outsourcing in biopharma and pharma industries, growing requirement for niche services, documentation in the healthcare industry, controlling escalating healthcare costs, and also the necessity for structured processes.
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Healthcare BPO Market: Key Trends
The COVID-19 impact on the healthcare BPO industry is multi-faceted and complicated. The healthcare BPO market has been fortunate enough with digital functioning. It allows the BPO organizations for continuous working that too with minimal safety and health risks for employees. The COVID-19 pandemic is serving as a catalyst for a speedy transformation of traditional BPOs. Further, the bio/pharmaceutical outsourcing sector has experienced an increased demand in R&D due to the COVID-19 pandemic. All these cumulative factors from the pandemic have persuaded some CROs to switch focus and also their operations adjustment.
Companies can save money on space, labor, and resource management with outsourcing. The rising health insurance has created pressure on the margin of medical payers in the U.S. So the consumers opt for outsourcing to rationalize the costs. The healthcare industry is expected to take up a bigger share in the overall economy and other structural changes such as increased cost-sharing with customers, emphasis on care management, and accelerate towards paying off for the value. It is why the increasing healthcare costs are expected to advance offshore outsourcing, and it further boosts growth in the healthcare BPO market.
But the financial allotment and improper planning for outsourcing activities may result in a negative impact economic segment. The business value and cost savings options are adversely impacted by outsourcing and negatively impact the healthcare BPO market. Some companies overlook certain unforeseen costs, such as severance pay for employees, process transition, managing offshore contracts, and evaluation and selection of vendors, that adversely impact the growth in the healthcare BPO market.
Healthcare BPO Market: Competitive Dynamics and Key Developments
Various new initiatives in the healthcare BPO market are taken for further industry growth. On September 03, 2019, DT Associates was acquired by Indegene. DT Associates is a consulting company, and it manages the customer experience and digital operation of pharmaceutical companies that are based in London. Further, on September 26, 2019, Emids Company was acquired by the New Mountain Capital. Emids Company offers healthcare BPO solutions in the market.
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Some key players in the Healthcare BPO Market are:
- Accenture
- Tata Consultancy Services
- Cognizant
- IQVIA
- Xerox Corporation
- Infosys BPM
- Wipro
- IBM Corporation
- Lonza
Healthcare BPO Market: Regional Assessment
The healthcare BPO market is widely spread across the globe where North America and Europe are the source geographies, and Bulgaria and some other EU countries, the U.S., India, Brazil, Philippines, Kingdom of Saudi Arabia (KSA), and China come in destination geography.
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