The Global Market for Big Data Technologies and Services is Projected to Reach $60 Billion by 2022

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. Read More…