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Market Research Predicts 21% CAGR for Global Healthcare BPO

by: Sarah Joson

Wednesday, February 15, 2012 | Outsourcing News |

Global Healthcare Outsourcing to Grow 21%CAGR

In a press release published at Yahoo! Finance, global market intelligence provider, MarkerResearch.com, predicts that a compound annual growth rate (CAGR) of 21% will be posted by the global healthcare business process outsourcing (BPO) market. More than half (64.3%) are attributed to pharmaceutical contracts. This is expected to post a CAGR of 14.6% from 2011 to 2016.

These estimates are based on the report entitled "Healthcare BPO market - Payer (Claims processing), Provider (Medical billing & coding) & Pharmaceutical (Clinical trial & contract Manufacturing) outsourcing - Global analysis & forecasts (2011 - 2016)" that aims to shed light on the vast world of the global healthcare outsourcing market for both the clients and providers.

Meanwhile, changes in the coding system of healthcare provider outsourcing from ICD-9 to ICD-10 in October 2013 will result to a high growth rate of 31.9%. The forecast period also shows a 30% growth rate for the healthcare insurance outsourcing market.

US posts the highest demand for healthcare outsourcing. India remains the top destination of choice when it comes to payer and provider outsourcing, mainly due to the country’s large pool of healthcare workers, lower cost of living, and lower turnaround time in sourcing and hiring. However, the Philippines is now emerging as an ideal location. On the other hand, pharmaceutical processes are commonly outsourced to onshore locations.

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