The global market for Healthcare BPO is
projected to reach US$371.2 billion by 2025, driven by the growing pressure on hospitals
and healthcare organizations to reduce costs and enhance efficiency in all
aspects of patient care and revenue cycle management (RCM) to survive in the
era of value based care. Under the value-based care payment model where
hospitals are paid or reimbursed only based on patient outcomes, healthcare
organizations will need to reduce their overall costs by over 25% to 30% by the
year 2022 in order to break even. The scenario catalyzes the importance, role
and attractiveness of outsourcing. Benefits of outsourcing for hospitals
include freeing up of resources to focus on patient care, CAPEX savings on
infrastructure and technology, lower cost of operation, cost effective
conformance to changes in regulations and standards related to patient data
i.e. Health Insurance Portability and Accountability Act (HIPAA); easy access
to specialists in the area of back office processing; reduction in billing
mistakes which cost the hospitals sector over US$130 billion each year; and
ability to offer higher quality of patient care services. In addition to value
based care which is driven by the unsustainable cost of healthcare which
currently stands at US$2.8 trillion or conversely 18% of global GDP, other
factors are also driving demand for healthcare BPO services. These include rapid
advancements in healthcare IT especially analytics that require professional management
by third party service providers; increasing use of digital technologies in healthcare;
increasing insurance claims; growing healthcare burden of aging population;
increasing complexity of treatment; and political and social goals of providing
universal healthcare coverage to all by reducing costs and increasing accessibility.
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Great Post!!
ReplyDeleteThank you for this really useful and extensive post. I will keep it in mind, if I ever go to BPO Services for Healthcare provider. JindalX is a global service company focused on delivering awesome customer experiences for its clients.
Thanks for sharing it.