The global healthcare BPO market is witnessing significant growth, due to technological advancements in healthcare IT sector and increasing demand for reducing healthcare costs. The tenth revision of International Statistical Classification of Diseases and Health Related Problems (ICD-10), emergence of biologics and massive unexplored healthcare BPO market in the emerging economies are creating ample opportunities for the growth of the global healthcare BPO market. Healthcare reforms across the globe and adoption of healthcare BPO by major pharmaceuticals, biopharmaceuticals and biotechnology companies are supporting the demand of cost effective and improved healthcare system.
Healthcare BPO is the practice of outsourcing business operations by healthcare providers, payers and organizations. Healthcare BPO has several advantages, such as availability of skilled workforce at low cost, reduction in training and administrative costs, and high profitability for healthcare organizations, payers, and providers. In addition, healthcare BPO also improves the quality of patient care, while reducing the investment required for infrastructure.
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Europe is the fastest growing outsourcing source geography, in the global healthcare BPO market. The major reason behind fastest growth of Europe as outsourcing source geography is due to the increasing demand for improved and cost-effective healthcare in the region.
On the basis of outsourcing destination geographies, the global healthcare BPO market comprises the U.S., India, Philippines, Europe, Latin America and Rest of the World. Again, the U.S. leads the global healthcare BPO market as outsourcing destination geography. Philippines is the fastest growing outsourcing destination geography in the global healthcare BPO market, due to availability of skilled workforce at low cost and advancements in healthcare IT technology.
Some of the major players operating in the global healthcare BPO market are Accenture, Tata Consultancy Services (a part of Tata Group), Genpact, Boehringer Ingelheim GmbH, Cognizant, Charles River Laboratories International Inc., Covance Inc., Infosys Limited, Lonza Group Ltd. and Quintiles Inc.
This post was originally published on Technology Trend