[INDUSTRY SPECIFIC] Industry-specific BPO Will Continue to EvolveSruthi Ramakrishnan
BPO driven by industry-specific knowledge helps achieve measurable business outcomes.
All these reasons have led an increasing number of industry verticals to explore new and radical means to improve productivity, source new revenue opportunities and drive-out cost. Other benefits sought from providers include enhanced customer service, greater competitive agility, and measurable long-term business value, to name a few.
Healthcare outsourcing– The Healthcare Reform bill has the outsourcing industry abuzz with anticipation. Many BPO firms, including several Indian ones, recently increased or are in the process of increasing their onshore presence in the US or seeking possible mergers and acquisitions with other companies so as to broaden their expertise and so gain more business from the on-the-brink-of-booming healthcare industry there.
But capturing the US healthcare market is easier said than done. So far only few IT
and BPO firms have made a headway into the US healthcare provider and payer market despite the huge potential for automation and outsourced services in areas such as revenue cycle management and claims processing. Industry players and experts cite issues like lesser willingness to outsource as compared to the financial services players, regulatory and privacy concerns related to patient records, compliance to specific Acts such as HIPAA (Health Insurance Portability), knowledge of medical procedures and codes, and variations between states which make this market more challenging.
But with 32 million Americans slated to join the ranks of the newly-insured, many providers will soon be seeking assistance in the processing of not just the new enrollees, but their existing clients as well. Insurance providers who were previously hesitant about outsourcing services will also now be forced to rethink, especially as competition will be tougher than ever in their industry. Of course with that, competition to gain profit from healthcare services will be tougher in the outsourcing industry as well.
Financial sector outsourcing- The financial services sector has seldom faced a tougher set of business, market, and regulatory challenges. Many firms face threats from ongoing consolidations, more mature non-traditional competitors, and proliferating compliance demands. To meet these challenges, BPO is increasingly being seen as a logical and proven tool for banks, card issuers, mortgage, insurance and other financial services firms. Banks and other organizations are using BPO to manage risk, to reduce costs, and to comply with increasingly rigorous regulatory demands.
[INDUSTRY SPECIFIC] Industry-specific BPO Will Continue to Evolve
[HUMAN RESOURCES] Small, Shorter Term Deals Setting New Trends in HRO
[FINANCE & ACCOUNT OUTSOURCING] FAO Market Is on a Roll
[CONTACT CENTER] Web-based Customer Interactions Unfold New Opportunities for Contact Centers
[PROCUREMENT OUTSOURCING] Procurement Outsourcing: On the Rise, Flush with Deals
[ANALYTICS OUTSOURCING] Analytics Outsourcing: Gaining Ground
more . . .