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United States healthcare BPO market: $142 billion industry by 2018
U.S. Healthcare BPO Market: Trends and Global Forecasts to 2018 - a new market research report on 2014-04-21 18:18:04
The United States healthcare BPO market is forecast to grow to a value of around $141.7 billion by the end of 2018. With the ever-changing landscape of the U.S. healthcare system, the U.S. healthcare BPO market is undergoing a significant transformation. The U.S. healthcare payer, provider, and pharmaceutical outsourcing markets are valued at $11.1 billion, $6.8 billion, and $65.6 billion, respectively, in the year 2013.
The U.S. healthcare outsourcing market has great potential for growth owing to the measures taken by the government to curb the ever-increasing healthcare costs. The other factors that have led to the growth of the market are: developments and innovation in information technology and regulatory changes. Approximately 75% of U.S. healthcare companies outsource their work to external locations. This is due to the shortage of qualified staff in key positions, such as nurses and coders, and due to the new set of rules and regulations that they need to comply with. Some services that are commonly outsourced are insurance claims processing, adjudication and receivables management, billing and coding services, radiology reporting, transcription services, and clinical outsourcing, among others.
Implementation of various reforms such as the American Recovery and Reinvestment Act of 2009 and the Health Information Technology for Economic and Clinical Health Act (HITECH) as well as the conversion from the ICD-9 coding system to the ICD-10 coding system (to be implemented by October 2014) has created an upward growth trend. Furthermore, constant improvements in the quality of work from destination countries have reinforced the confidence of various healthcare payers, providers, and pharmaceutical companies in outsourcing. This is considered as the key driver of the healthcare process outsourcing market. On the other hand, data security and confidentiality concerns are the restraints for the growth of the market.
The overall healthcare BPO market is highly fragmented with various players trying to gain a competitive edge and increase their market share. The key players in this market are Accenture (Ireland), GeBBS Healthcare (U.S.), Quintiles (U.S.), Covance (U.S.), PPD (U.S.), Parexel International (U.S.), Lonza (Switzerland), Catalent (U.S.), Boehringer Ingelheim (Germany), and DSM Pharma (U.S.).
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