The healthcare BPO industry is expected to continue to grow in the near future as healthcare providers look to outsource their non-core business processes and administrative tasks. The industry is expected to experience an increase in demand for services such as medical billing, coding, and claims processing, as well as for services related to the management of patient data. Additionally, the industry is likely to see an increase in demand for services related to healthcare analytics, population health, and artificial intelligence (AI). With the growth of new technology, the industry is likely to experience an increase in demand for services related to data security, information governance, and data integration. Moreover, with the rise of digital healthcare, the industry is likely to experience an increase in demand for services related to telemedicine, e-prescribing, and patient engagement.

Healthcare BPO market in terms of revenue was estimated to be worth $296.4 billion in 2021 and is poised to reach $468.5 billion by 2026, growing at a CAGR of 9.6% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. Growth in this market is primarily driven by the need to reduce rising healthcare costs and the implementation of the Patient Protection and Affordable Care Act (PPACA) are compelling payers and providers to outsource their business processes to low-cost countries in order to reduce their operational costs.

The major source geographies that primarily outsource most of their non-core activities to third parties include North America, Europe, and Rest of the World.

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Healthcare BPO Market Scope:

Notable Healthcare BPO mergers and acquisitions for 2021 – 2022 include:

• UnitedHealth Group's acquisition of Genoa Healthcare from Walmart.
• CVS Health's acquisition of MedExpress from Optum.
• CIGNA's acquisition of HealthSpring from CVS Health.
• Aetna's acquisition of HealthBridge from Humana.
• Anthem's acquisition of HealthScope from Aetna.
• Anthem's acquisition of HealthLink from CVS Health.
• UnitedHealth Group's acquisition of Change Healthcare from McKesson Corporation.
• CVS Health's acquisition of Envolve Health from Centene Corporation.
• Cigna's acquisition of CareCentrix from UnitedHealth Group.
• Aetna's acquisition of Real Appeal from Optum.

Growth Drivers of Healthcare BPO Market from Macro to Micro:

• Increasing Demand for Cost-Effective Services: The need for cost-effective services is one of the major growth drivers for healthcare BPO market. Healthcare providers are increasingly turning to BPO service providers for cost effective services such as medical billing and coding, transcription, and claims processing.
• Growing Adoption of Electronic Medical Records (EMRs): The adoption of Electronic Medical Records (EMRs) is one of the major drivers for the growth of healthcare BPO market. EMRs enable the healthcare providers to store and access patient information more efficiently, which ultimately reduces operational costs.
• Technological Advancements and Automation: Technological advancements and automation are also driving the growth of healthcare BPO market. Automation of healthcare processes such as medical coding, data entry, and claims processing are helping healthcare organizations to increase their operational efficiency and reduce their costs.
• Growing Need for Risk Management: Risk management is another key growth driver for healthcare BPO market. Increasing focus on compliance and regulatory requirements is driving the need for services such as fraud detection and risk management.
• Increasing Focus on Quality and Patient Safety: Quality and patient safety are another important growth drivers for the healthcare BPO market. Healthcare providers are increasingly turning to BPO service providers for services such as quality control and patient safety management.

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