Latin America Healthcare BPO market by Provider service, by Payer service, by Pharmaceutical service and by Region - Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)
The Latin America Healthcare BPO Market is estimated at USD 15.79 Billion and is poised to reach USD 25.26 Billion by 2020, growing at a CAGR of 9.85% during the forecast period. Latin America is strengthening its competences to become a more attractive region for foreign investment.
Showing accelerated and sustained growth, and through significant investment by corporations, it is the third most desirable destination for outsourcing after India and China.
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With the growing demand for proper healthcare or related services management, the healthcare organizations are required to outsource certain services to maintain an effective system.Further, the rising pressure to cut healthcare costs, consolidation of healthcare system, along with the stringent policies to implement ICD-10 codes are the major factors fuelling the Latin America Healthcare BPO market.
However, concerns in losing control over the outsourced process, lack of confidence on service/product quality, and information security issues, are few factors limiting the growth of Latin America Healthcare BPO market.
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The Latin America healthcare BPO market is segmented on the basis of provider, payer and pharmaceutical services. Under provider service, the market is segmented into Medical Billing, Medical Transcription, Medical Coding and Finance & Accounts services.
On the basis of Payer, the services market is classified into Claims management, Integrated Front-end Services and Back-office Operations, Member Management, Billing and Accounts Management, Provider Management, Analytics and Fraud Management and Human Resource. Claims processing, Member management and provider management are the most frequently needed processes by the payers.
Further, on the basis of Pharmaceutical service the market is discussed under Manufacturing, Research and Development, and Non-Clinical Functions.
Furthermore, on the basis of geography the Latin America healthcare BPO market is analysed under Brazil, Mexico and Rest of Latin America. Brazil being the largest economy in this region holds the major share of the Latin America Healthcare BPO market.
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Around $700 million are invested annually on Business Process Outsourcing services in Latin America by multinational corporations (MNC), and less than half by local organizations, led by manufacturing and CPG industries. Some of the major companies operating in the healthcare BPO market include Tata Consultancy Services Ltd., Genpact Limited, Infosys BPO Ltd., Cognizant Technology Solutions Corporation, Accenture PLC, and Xerox Corporation.
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