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Agreements, Partnerships, Collaborations, and Contracts - Key Growth Strategy Adopted by Market Players
Major players in the healthcare BPO market include Accenture PLC (U.S.), Cognizant Technology Solutions Corporation (U.S.), Infosys BPO Ltd. (India), Tata Consultancy Services Ltd. (India), and Xerox Corporation (U.S.).
In 2016, the global healthcare BPO market was dominated by Cognizant Technology Services (U.S.) and Accenture PLC (U.S.), owing to their global delivery network and end-to-end services portfolio in the global healthcare BPO market.
Over the past three years, Cognizant adopted the strategies of partnerships, acquisitions, and expansions to maintain its position in the global healthcare BPO market. In February 2016, Cognizant partnered with Orion Health (New Zealand) and developed Cognizant Health TranZform. This new digital healthcare platform enables healthcare payers and providers to provide better consumer engagement and operational efficiency. Cognizant also opened a new delivery center in Costa Rica, its fifth delivery center in Latin America.
Accenture, a global business process outsourcing company, offers payer and provider services to healthcare providers through its Health & Public Services segment. In order to maintain its dominance in the healthcare BPO market, the company primarily adopts the strategies of new service launches and acquisitions. In December 2015, Accenture acquired Boomerang Pharmaceutical Communication (France), a digital marketing agency serving the pharmaceutical, biotechnology, and medical device industries. Furthermore, in April 2016, the company launched myWizard, an automation platform, to deliver application services that improve business outcomes.
The healthcare BPO market is in different phases of growth in different regions. In the U.S. and Europe, the healthcare BPO market is in a mature phase with several key players in the healthcare sector opting to outsource their business processes as a means to reduce operational costs and increase profit margins. On the other hand, low-cost countries such as India and China are the major destinations for outsourcing as they offer skilled services at lower costs.
Companies in the healthcare BPO market are majorly focusing on agreements, partnerships and collaborations and this strategy accounted for 53.1% of the total number of developments adopted by key players in this market.
Healthcare BPO Market by Provider (Billing), Payer (Claims Management), Pharmaceutical (R&D, Non-Clinical (SCM, Sales and Marketing (Forecasting, Analytics))), Outsourcing Approaches (Bundled), & Models (Multisourcing, Captives) - Global Forecasts to 2021
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