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News : Emergence of Cloud-based BPOs Predicted to Boost the Global Healthcare BPO Market Until 2020
London, UK, June 16, 2016 -- According to the latest research study released by Technavio, the global healthcare business process outsourcing (BPO) market is expected to reach over USD 9 billion by 2020.
This research report titled ‘Global Healthcare BPO Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various application segments, including CRM, HR, and F&A.
"Cloud technology has revolutionized the mode of outsourcing business processes. BPO solutions are hosted on remote infrastructure, managed by cloud providers, and categorized as BPaaS. Some healthcare business processes that are being enabled by cloud-based BPOs include payroll, F&A, contact centers, and specialized HR solutions," said Amit Sharma, one of Technavio’s lead analysts for ITO and BPO research.
"Cloud-based BPO helps healthcare organizations reduce costs, develop global delivery models, and provide secured data access. Cloud-based BPO solution also provides various advantages such as reliability, scalability, and agility," added Amit.
Globalhealthcare BPO market by services 2015
• CRM 53.53%
• HR 23.65%
• F&A 22.82%
Source: Technavio research
Healthcare CRM BPO market
Contracts by public sector organizations will pose a key opportunity for healthcare BPO vendors in the Americas and Europe during the forecast period. Healthcare service providers award contracts to healthcare BPO vendors in the market to streamline their operational workflow in contact center management. Hospitals outsource their CRM functions to third-party service providers in order to gain a competitive edge in the market.
The global healthcare CRM BPO market was valued at USD 3.87 billion in 2015. CRM is an important function in the hospital that helps patients interact directly with healthcare service providers for quality patient care. Over the next four years, the introduction of social media will play a key role in allowing patients to efficiently communicate with medical staff. This trend will likely encourage vendors to launch new service with the help of healthcare CRM tools.
Healthcare HR BPO market
The global healthcare HR BPO market was valued at USD 1.71 billion in 2015. In the healthcare industry, HR outsourcing is gaining much popularity to reduce HR administrative costs through efficient BPO solutions. HR outsourcing has become an important component in hospitals to recruit skilled workforce in hospitals to provide advanced and quality patient care. The healthcare industry is a labor intensive sector that requires a large workforce to manage end-to-end operations in large and super-specialty hospitals. Healthcare service provider firms will look to regularly outsource their HR-related processes partially or fully, depending on their size and requirements.
Healthcare F&A BPO market
The global healthcare F&A BPO market was valued at USD 1.65 billion in 2015. Innovations in automation have made manifold improvements in F&A processes. RPA is a recent development in the field of process automation, and it is basically a software application used to automate business processes which include routine transactions. RPA is effective in large healthcare organizations where back office operations are processed by in-house staff. With the help of RPA technology, healthcare organizations can reduce staffing costs and manual tasks performed in back office operations such as accounting, supplier management, order, and revenue management business process. BPaaS platform solutions are cost-effective and flexible solutions that enable firms to reduce CAPEX and increase operational efficiencies. Chief financial officers (CFOs) of healthcare firms subscribe to BPaaS solutions to automate back office F&A operations such as procurement processes and financial reporting systems.
Posted by Veronica Silva Cusi, news correspondent
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets.
Published: Monday, June 20, 2016