North 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)
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The North America Healthcare BPO Market is estimated at USD 85.98 Billion in 2015 and is poised to reach USD 132.16 Billion by 2020, growing at a CAGR of 8.98% during the forecast period. The healthcare market in developed countries, is large and growing.
Yet despite positive growth trends in these regions, the market is pressured to improve service quality and reduce costs. In these circumstances, healthcare organizations have been restricted to fundamentally overhaul the means through which they consume and deliver their core service offerings.
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With the upsurge in number of people being insured in US and Canada, there is growing demand for proper healthcare or related services management. This factor is pushing the healthcare organizations to outsource certain services to maintain an effective system.
Further, the rising pressure to cut healthcare costs, consolidation of healthcare system, management of patent cliffs faced by pharmaceutical companies, along with the orders to strictly implement ICD-10 codes are the major factors fuelling the North 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 North America Healthcare BPO market.
The North 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.
The medical billing segment holds largest share of the provider services segment, owing to an increase in the number of people insured.
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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 North America healthcare BPO market is analysed under USA and Canada regions. The U.S. healthcare payer market has been greatly wedged by the introduction of the PPAC Act, which has expanded insurance access to more than 35 million U.S.
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Some of the major companies operating in the healthcare BPO market include Infosys BPO Ltd., Cognizant Technology Solutions Corporation, Genpact Limited, Tata Consultancy Services Ltd., Accenture PLC, and Xerox Corporation.
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