The global Healthcare Supply Chain BPO Market size is expected to reach USD 3.3 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.5% from 2020 to 2027. Rising demand for an efficient inventory management system and increasing efforts of healthcare providers to reduce costs and improve the quality of the supply chain are anticipated to propel the market growth.
Healthcare
supply chain business process outsourcing (BPO) is a strategy adopted by the
healthcare industries to increase their business by outsourcing their ancillary
functions to third party organizations in order to reduce cost, transaction,
and active processing. The major factors fueling the market growth are rising
pressure to decrease the healthcare delivery cost, increasing prevalence of
cardiovascular diseases, and the growing presence of experienced healthcare BPO
service providers. With the increasing demand for healthcare, the outsourcing
services are expected to provide various opportunities for the healthcare IT
industries to poach on. Additionally, an increasing number of people pursuing
insurance and consolidation of the healthcare system are the major factors
fueling market growth.
North
America held the largest share of 50.2% in 2019 and is expected to maintain its
lead over the forecast period. Increasing adoption of offshore healthcare
supply chain business process outsourcing and raising awareness with regards to
cost implications are expected to drive the market in the region. In addition,
increased technological development in the pharmaceutical sector and growing
demand for healthcare IT services in the region are anticipated to propel
market growth in the region.
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Healthcare
Supply Chain BPO Market Report Highlights
- The outsourcing of an organization's
health care supply chain BPO services to a third-party service provider to
minimize the organization's expense, operation and active processing is
known as the health care supply chain BPO. Market growth is driven by the
increasing need for cost-efficient operations along with growth in demand
for successful healthcare supply chain BPO services.
- Significant factors driving the
healthcare supply chain BPO market growth are growing numbers of people
requiring insurance, the need to cut healthcare delivery costs, healthcare
system restructuring, increased cardiovascular disease prevalence, along
with the growing number of healthcare BPO service providers.
- Healthcare supply chain BPO helps
businesses to focus on delivering quality patient care. Since the
workforce no longer oversees hundreds of different tasks, and have more
time and money to concentrate on the patient treatment alone. This helps
them boost their customer service, which increases their credibility.
- North America dominated the healthcare
supply chain BPO market and is expected to maintain its dominance in the
years to come. The reason being increasing pressure on the healthcare
industries to decrease service costs coupled with the growing number of
healthcare IT service companies in the region to support the rising need
for the healthcare supply chain business process outsourcing market.
- The Asia Pacific region is expected to
witness significant growth in the coming years owing to the increasing
prevalence of chronic diseases, rising healthcare expenditure, and rising
demand for healthcare supply chain outsourcing services in the growing
economies such as China, and India.
- In September 2019, New Mountain Capital,
a global investment firm buys healthcare BPO firm emids management. Emid
holds a client base in the US, Europe, and Asia include hospitals, medical
insurance providers, healthcare technology firms, healthcare software
vendors, and medical device producers.
- In July 2020, GeBBS Healthcare Solutions,
Inc. announced a Revenue Cycle Management (RCM) partnership with INTEGRIS
Health. GeBBS will provide strategic outsourcing solutions to INTEGRIS to
help optimize their revenue cycle by leveraging technology-enabled innovative
solutions to reduce operating and capital costs, recover revenue, improve
patient satisfaction, and increase productivity.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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