Healthcare BPO Market Insight and Trends in 2022
Due to increasing competition, healthcare industries are increasingly focusing on their core competencies. They are speedily embracing healthcare BPO companies to manage their non-core functions. The commonly outsourced healthcare BPO services include medical claim processing, patient form processing, medical billing and coding, so on. Healthcare industries are approaching healthcare BPO outsourcing companies to reduce overhead expenses and enhance revenue cycle management.
There are multiple factors driving the growth of healthcare BPO outsourcing sector. It includes rise of aging population, demanding affordable healthcare services, technological innovation, etc. However, stringent regulations and concerns related to data security are restraining the growth of the healthcare BPO market.
Healthcare BPOs help with managing all administrative operations for insurance companies, hospitals, physician offices and other service providers. The main objective of healthcare BPO is to allow medical professionals to focus on providing quality care while administrative functions are outsourced to a BPO service provider.
The healthcare industry has undergone tremendous change in recent years. The US healthcare system is moving towards a consumer-oriented model. Hence, healthcare firms are looking to cut costs and focus on consumer-centric approaches.
The healthcare industry is a complex and dynamic one, yet it is important to stay abreast of the latest developments, especially with regards to regulatory standards. Outsourcing can be a smart move for many healthcare service providers as it helps them save time and money. Moreover, there are a variety of BPO (business process outsourcing) services that can help your healthcare organization get more done in less time. BPO companies have become especially effective in the areas of claims processing and billing — where efficiency can make or break an organization's bottom line.
Healthcare BPO Market Insight 2022
The healthcare BPO market is growing at a CAGR of 6.1% from 2016 to 2022. Key factors expected to affect this market include increasing demand for improved quality care, enhanced efficiency and cost-effective solutions. The industry is also likely to be driven by increasing demand for various services. It includes RCM, HR and finance administration services, accounting and billing, IT infrastructure management among others. With the rise in demand for such services, the healthcare BPO sector can experience an overall growth in the next seven years.
What are the Healthcare BPO Trends?
Healthcare BPO Industry is one of the fastest growing sectors in the world. Healthcare BPO companies offer back office and front office services. They take care of medical billing, managing medical records, coding, insurance claims and processing, patient scheduling, eligibility checkups, etc.
The healthcare industry is moving a lot from paper work to electronic work and this has led to a new dimension for BPO companies. This brings about improved efficiency for hospitals and clinics as it delivers better quality service to patients at lower cost. BPOs provide support services such as remote medical transcription especially in case of radiological imaging reports etc. These services reduce the overheads of healthcare organizations while improving their productivity and increasing patient satisfaction.
The healthcare BPO industry is undergoing a rapid transformation. Check out the top trends in healthcare BPO industry.
Healthcare BPO Automation
Robotic process automation (RPA) is the main trend in healthcare BPO field. Increasing productivity and cost-reduction are the drivers behind success of RPA. Medical firms use RPA to ease mundane tasks such as data entry, invoice processing, documentation, etc. AI and machine learning is largely used to automate complex healthcare BPO activities. It is going to rise in future because it eases the decision-making process. These tools will be used to help make medical diagnoses or suggest treatment options.
Demand for Medical Transcription
Medical transcription is gaining a lot of prominence in the healthcare BPO market. The medical transcription services providers are capable of providing affordable solutions. There is a growing demand for medical transcription services in countries such as India and Philippines. This is majorly due to the rising healthcare costs. Medical transcription specialists are responsible for interpreting and transcribing physicians’ dictation into written reports, correspondence, and other administrative material.
Demand for Record Management System
Healthcare BPO companies are developing new and innovative software. This will help them to maintain the records of their patients. It is made possible with the help of specialized software, enabling them to maintain an electronic record. To boost the digital transformation initiatives, healthcare firms are embracing cloud-based apps. Companies are adopting electronic medical records (EMRs) systems to reduce operational costs and improve their operational efficiency.
New technologies are one of the leading trends in the healthcare BPO field. Healthcare BPO companies are using new technologies such as artificial intelligence (AI), blockchain technology and predictive analytics to streamline the healthcare process and offer better services to patients at lower costs. Innovation is a key trend in the healthcare BPO sector. Since there is a rise of technological advancements, companies are compelling themselves to innovate its processes. This is to meet the shifting needs of patients. New technologies and innovation boosts patient care.
Hiring Healthcare BPO Company
Healthcare BPO services are proving to be a boon for the industry because of its effectiveness. The healthcare industry is growing at a rapid pace and to manage this growth and sustain it, the industry needs efficient administrative support. This is where healthcare BPO services come into the picture. There are many established healthcare outsourcing companies, offering specialized services because it helps in meeting the demands of this ever-growing industry.
India Data Entry Help is the most trusted and reliable offshore outsourcing organization, which is providing a wide range of healthcare BPO services to the global clients. We have a team of experts, well versed in the knowledge of the healthcare industry. For further details, reach us at [email protected]