Healthcare business process outsourcing enables healthcare organizations to outsource non-essential operations and focus on their key strengths. The increasing outsourcing in the biopharmaceutical and pharmaceutical industries, rising demand for niche services (such as fraud detection services and care management), the need to contain rising healthcare costs, and the need for documentation and structured processes in the healthcare industry are all contributing to the growth of the global healthcare BPO market.
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Machine learning and artificial intelligence, in particular, render the drug discovery process more effective and boost success rates of early-stage drug development significantly. This is likely to aid healthcare BPO service providers in making big discoveries, as artificial intelligence is also used in the research of medicines for chronic diseases like cancer. AI’s skills dramatically shorten the time it takes to bring a cancer-fighting medication to market, resulting in considerable growth in the global healthcare BPO market.
Rising Demand to Save Cost and Labor to Drive Demand in the Market
Outsourcing allows firms to save money on space, resource management, and labor, all of which are essential considerations. The growth of health insurance exchanges (online marketplaces for purchasing health insurance from different providers) in the US is putting pressure on healthcare payers’ margins. This allows customers to receive coverage from various competing private healthcare suppliers, which is expected to hasten the adoption of outsourcing as a cost-cutting strategy.
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As healthcare becomes a larger part of the general economy, various structural changes, such as increasing cost sharing with consumers, a greater emphasis on care management, and a drive toward paying for value are gaining traction. All these are slowing the expansion of healthcare spending across the globe. Medical expenses, on the other hand, have remained stable over the previous five years, hovering between 6% and 7%, indicating that healthcare spending is likely to continue to rise. As a result, rising healthcare expenses are projected to drive offshore outsourcing and, as a result, the global healthcare BPO market.