Healthcare BPO market set for 9% growth by 2030: Medi-Tech Insights
BRUSSELS, BELGIUM — The global healthcare BPO market is projected to grow at a robust 9% annual rate over the next five years, according to a new report from Medi-Tech Insights. This is driven by the transition to ICD-10 and ICD-11 coding standards and rising pressure to reduce healthcare costs.
By integrating non-core function outsourcing of medical billing, claims processing, and revenue cycle management, healthcare providers reduce operational costs while improving efficiency and patient care services through enhanced technologies, which include artificial intelligence (AI) and robot process automation (RPA).
Growth drivers and market dynamics
The healthcare BPO market is experiencing growth due to the implementation of ICD-10 and ICD-11 coding standards. Higher standards within medical coding have created an increase in coding complexity that healthcare organizations must document accurately to maintain billing compliance.
BPO providers support healthcare organizations during transitions through the implementation of systems that minimize both rejected claims and related monetary losses and errors.
Healthcare organizations make their decision to reduce costs due to expense demands because this move lets them focus their spending on essential patient care by outsourcing additional tasks.
Accenture, Cognizant, and TATA Consultancy Services have enhanced their healthcare BPO service offerings by developing new products and establishing alliances with different medical service providers.
Their implementation of AI and RPA technologies enables compliance and improved workflow operations and data management, while North America dominates the market because of its advanced healthcare framework.
Impact on healthcare operations and patient care
The growth of the healthcare BPO market also reflects the increasing demand for specialized services and the complexity of healthcare operations.
By outsourcing administrative tasks, healthcare providers can focus more on core activities like patient care.
Healthcare organizations make this transition because it drives enhanced service delivery in combination with affordable solutions. Healthcare organizations make better use of data analytics to increase operational performance, which helps them find cost reduction areas and maintain regulatory requirements.
Key players like Infosys BPM are driving innovation by integrating AI technologies into their services to enhance efficiency and accelerate breakthroughs in pharmaceutical research.
Regional expansion and market outlook
Healthcare BPO demonstrates the highest market presence in North America because of the U.S. healthcare system and government initiatives.
Organizations in the Asia Pacific region are witnessing swift growth because healthcare IT outsourcing knowledge spreads across the region, and these countries have developed their infrastructure systems.
Meanwhile, a similar study from Fairfield Market Research projects the global market to reach substantial values by 2030, with estimates at $430.5 billion, reflecting a robust growth trajectory driven by technological advancements and cost pressures.
