The life sciences industry is at an inflection point, with enterprises making several changes in their operating models to remain relevant in an ever-evolving business landscape. Enterprises are focused on improving R&D efficiencies, transitioning from blockbuster to specialty drug development, increasing commercial focus on the APAC region, and providing beyond-the-pill services. Further, the COVID-19 pandemic has forced life sciences companies to transition to decentralized clinical trials, build supply chain resiliency, and increase the adoption of digital technologies – including Robotic Process Automation (RPA), advanced analytics and Artificial Intelligence (AI) / Machine Learning (ML) – across the value chain. In this report, we examine the key themes and trends characterizing the life sciences operations market, including emerging technologies and their impact across the life sciences value chain, outsourcing dynamics, deal trends, and the service provider landscape.  Scope: Industry: life sciences BPS Geography: global Contents: This report looks at: Key themes/trends impacting the life sciences operations market Impact of technology on the life sciences industry Life sciences operations market: outsourcing dynamics and deal trends Life sciences operations market: service provider landscape Membership(s) Life Sciences Business Process Sourcing and Vendor Management

Revenue Cycle Management (RCM) Operations – Service Provider Compendium provides accurate, comprehensive, and fact-based snapshots of 28 service providers, including their scale of operations, technology solutions, and delivery locations, along with Everest Group’s PEAK Matrix® service provider assessment. The compendium also sheds light on the global RCM operations service provider landscape. The study will enable current and potential buyers of RCM operations to assess the providers on their areas of strength and limitations based on desired capabilities. Scope Industry: healthcare Geography: global Contents Each service provider profile captures the following RCM-related details: Service suite and scale of operations: key leaders, services suite, FTEs, revenue, recent developments, and partnerships Delivery locations: city-level detail of key delivery locations worldwide Capabilities and clients: major engagements, revenue split by geography, FTE split by process coverage and location, and number of contracts by buyer size Technology solutions: brief descriptions of key technology solutions Everest Group assessment: service provider’s position on the Everest Group PEAK Matrix® market share and delivery capability assessment, and overall evaluation of service provider capabilities Membership(s) Healthcare Payer and Provider Business Process Sourcing and Vendor Management

Revenue Cycle Management (RCM) continues to be a key focus area for healthcare providers, as is evident from the fact that administrative expenses account for nearly 20-25% of their total spend. Before COVID-19, healthcare providers were already operating on thin margins, but the pandemic further shrunk the volumes, with most hospitals and health systems losing about 20% inpatient volumes and roughly 35% outpatient volumes relative to baseline levels, as per the American Health Organization. The financial pressures due to falling volumes, the shift to Value-Based Care (VBC) models, changing regulations, and declining margins have made the year challenging. As a result, business leaders are realizing the importance of an effective and efficient RCM outsourcing strategy and embracing third-party support. In this research, we present detailed analysis and assessments of 28 operations service providers featured on the RCM Operations – Services PEAK Matrix®. We provide a relative positioning and analysis of the service providers and our evaluation of the providers’ strengths and limitations. Scope Industry: healthcare Geography: global The assessment is based on Everest Group’s annual RFI process for the calendar year 2020, interactions with leading RCM service providers, client reference checks, and an ongoing analysis of the RCM operations market. Contents This report features a detailed analysis of 28 operations service providers and includes: Relative positioning of the service providers on Everest Group’s PEAK Matrix® for RCM Operations Analysis of the service providers’ market shares Everest Group’s analysis of the service providers’ strengths and limitations Membership(s) Healthcare Payer and Provider Business Process Sourcing and Vendor Management

The US spends close to US$3.8 trillion on healthcare, which is almost twice as much as what any other major world economy spends, due to the complexities and inefficiencies within the US healthcare system. While inefficiencies plague the entire healthcare ecosystem, payers are the worst affected, with an average operating margin of 4.3%, much lower than a for-profit health system – 6.1%, or a pharma – 19.4%. This cost pressure, coupled with a fast-changing regulatory landscape and evolving member demands, adds to payers’ woes. With the traditional IT/BPO outsourcing model failing to address these concerns in an effective way, payers are turning their attention toward the innovative Business Process as a Services (BPaaS) outsourcing model, which offers them platform-based modernization. In fact, payers are increasingly realizing the benefits of a BPaaS model over traditional IT/BPO outsourcing models and have been quick to adopt it. This viewpoint studies the BPaaS model in detail, describes its benefits, and examines current and potential future adoption to achieve the healthcare industry’s objectives. Scope Industry: healthcare Geography: US Contents In this paper, we: Make a case for platform-based modernization and the adoption of BPaaS in the healthcare payer market Compare the different sourcing models, including shared services, traditional IT/BPO outsourcing, and BPaaS Describe the characteristics of a true BPaaS solution and its benefits Analyze BPaaS growth trends and adoption in the healthcare payer market Describe the best practices for a successful BPaaS deployment Membership (s) Healthcare Payer and Provider Business Process Sourcing and Vendor Management

The US state Medicaid market is marred by legacy, monolithic Medicaid Management Information Systems (MMIS), which strain the government’s resources. Most initiatives to modernize these aging systems were accompanied by budget and timeline overruns in the past, and, in a few cases, lawsuits by vendors and the government. In such a scenario, CMS’ move to introduce modularity in MMIS was touted as the next big thing in US healthcare. A new modular MMIS was envisioned, which broke the siloed system into multiple modules and made the MMIS technologically superior, operationally more effective, and financially cheaper. While this is true, modularity has also introduced new complexities and challenges in the system. In this viewpoint, we analyze modularity in MMIS and discuss its adoption among various states. We also look at how the vendor landscape has evolved due to modularity and what are some of the factors that could impact modularity in the future. Scope Industry: healthcare Geography: US Contents In this paper, we: Talk about the introduction of modularity and its subsequent adoption by various states Present a case study of a state that adopted modularity and the key learnings from it Analyze how the vendor landscape has changed due to modularity Do a critical analysis and compare the pros and cons of a modular approach Comment on the future outlook of modularity Membership(s) Healthcare Payer and Provider Business Process Sourcing and Vendor Management

The healthcare provider industry has been plagued with numerous issues – care providers have been operating on thin margins due to high claims denials, increasing bad debts, and the higher cost of operations, partially because of the lack of integration between multiple clinical and revenue cycle platforms. COVID-19 has further added to their woes, with the deferral of elective procedures and a rising number of uninsured and unemployed population, affecting their collections and, consequently, margins. Moreover, with telehealth coming under the spotlight, providers are struggling to come up with a clear strategy to enable virtual health. Thus, buyers are seeking third-party support to address these challenges through multiple engagement models, such as software, services, and solutions. In particular, the Revenue Cycle Management (RCM) solutions engagement model is gaining traction due to its ability to offer customized solutions to healthcare providers. Consequently, many service providers / vendors are building their capabilities in the market. Scope Industry: RCM solutions Service providers / vendors studied: AdvancedMD, Allscripts, Apexon Health, Athenahealth, Availity, Cerner, Change Healthcare, Cognizant, Conifer Health, Epic, HGS, MedAssist (Firstsource), NextGen Healthcare, nThrive, Optum, Parallon, R1 RCM, and Waystar Contents In this report, we focus on: Key issues faced by healthcare providers Key outsourcing trends in the RCM solutions market The RCM solutions outsourcing service provider / vendor landscape Membership(s) Healthcare Payer and Provider Business Process Healthcare Payer and Provider Information Technology Sourcing and Vendor Management

Revenue Cycle Management (RCM) Operations – Service Provider Compendium 2021 provides accurate, comprehensive, and fact-based snapshots of 26 RCM operations service providers. It offers a detailed profile of each RCM service provider – with a comprehensive picture of its services suite, scale of operations, recent developments and investments, technology solutions, and delivery locations – and specifies the provider’s position on the Everest Group PEAK Matrix®. The report also provides insights into the global RCM operations – service provider landscape. Scope Industry: RCM This compendium evaluates the following RCM service providers with multi-process capabilities: Access Healthcare, ACU-Serve, AGS Health, Atos, Aviacode, Cognizant, Exela Technologies, GeBBS, Genpact, HCL Technologies, HGS, Himagine Solutions, IKS Health, MedAssist (Firstsource), Miramed Ajuba, NTT DATA, nThrive, Omega Healthcare, Optum, Prochant, R1 RCM, Shearwater Health, Sutherland Global Services, Teleperformance, Visionary RCM, and WNS Contents Each service provider profile captures the following details: RCM operations service suite and scale of operations: key leaders, services suite, FTEs, and recent developments and investments Global RCM operations delivery locations: details of key delivery locations worldwide RCM operations client portfolio: major clients and recently-announced contracts, RCM revenue split by geography and engagement model, as well as FTE split by segment and delivery location RCM operations technology solutions: brief descriptions of key technology solutions Detailed assessment of RCM operations capabilities: market success, delivery capability assessment, and remarks on each service provider’s strengths and areas of improvement Membership(s)Healthcare Payer and Provider Business Process Sourcing and Vendor Management

With an annual spend of about US$100 billion every year, Revenue Cycle Management (RCM) is a key focus area for service providers. While providers were already operating on thin margins, COVID-19 has further hit their cash flows and forced them to work under negative operating margins. With many physician groups shutting shop or getting acquired, and even the larger providers struggling to stay afloat, it is vital for providers to have an effective and efficient RCM strategy to save costs and prevent revenue leakages. RCM outsourcing and subsequent vendor selection has hence become an important decision for healthcare providers. In this research, we present detailed analysis and assessments of 26 operations service providers featured on the RCM Operations – Services PEAK Matrix®. We provide a relative positioning, analysis of the service provider market, and our evaluation of the providers’ strengths and areas of improvement. The assessment is based on Everest Group’s annual RFI process for the calendar year 2019, interactions with leading RCM service providers, client reference checks, and an ongoing analysis of the RCM operations market. Scope This research studies the following operations RCM service providers: Access Healthcare, ACU-Serve, AGS Health, Atos, Aviacode, Cognizant, Exela Technologies, GeBBS, Genpact, HCL Technologies, HGS, Himagine Solutions, IKS Health, MedAssist (Firstsource), Miramed Ajuba, nThrive, NTT DATA, Omega Healthcare, Optum, Prochant, R1 RCM, Shearwater Health, Sutherland Global Services, Teleperformance, Visionary RCM, and WNS. Content This report features a detailed analysis of 26 operations service providers and includes: Relative positioning of the service providers on Everest Group’s PEAK Matrix® for RCM Operations Analysis of the service providers’ market shares Everest Group’s analysis of service provider strengths and areas of improvement Membership(s)Healthcare Payer and Provider Business Process Sourcing and Vendor Management

Healthcare enterprises are facing rising costs, increasing consumerism , and regulatory push toward value-based care. As a result, these enterprises are looking beyond the administrative processes of claims and network management, to reduce the cost of healthcare and provide better care. Additionally, the recent growth in care-focused collaboration models, such as Accountable Care Organizations (ACOs) and alternative payment models (reimbursements linked to value), is making the enterprises shift their focus towards care management. However, despite the increased focus on care management, clinical and care market is unstructured and lacks standardization when compared with other healthcare processes such as claims, network and RCM. This, coupled with other challenges such as talent shortage and limited technology deployment, is pushing enterprises to seek third-party help. In order to effectively tackle challenges associated with Clinical and Care Management (CCM), enterprises are looking for third-party support. In the absence of a structured and established market, enterprises find it difficult to meet their sourcing needs from one single vendor. Different categories of vendors are, hence, emerging; each with its unique value proposition. Scope Industry: CCM Operations Services Geography: Global Contents In this research, we analyze the CCM market across the following dimensions: Drivers behind high CCM demand Key sourcing considerations for CCM enterprises Key categories of vendors operating in the CCM market Membership(s) Healthcare & Life Sciences BPO

The Clinical and Care Management (CCM) BPS Service Provider Profile Compendium provides accurate, comprehensive, and fact-based snapshots of 16 service providers. In particular, the report compares service providers on their areas of strength and development. It helps current and potential buyers of CCM services assess service providers on the capabilities that they require. Each five-page profile presents a comprehensive picture of a provider’s service suite, scale of operations, technology solutions, and delivery locations, along with Everest Group’s provider assessment. The compendium also sheds light on the global CCM service provider landscape. Scope The 16 service providers covered in the report are: Accenture, Accolade, CareCentrix, Change Healthcare, Cognizant, Conduent, DXC Technology, eQHealth Solutions, EXL, Health Dialog, HGS, Kepro, Magellan Health, Shearwater Health, Visionary RCM, and WNS. Contents Each service provider profile captures the following CCM BPS details: Service suite and scale of operations: key leaders, service suite, FTEs, revenue, and recent developments Delivery locations: city-level detail of key delivery locations across the world Capabilities and clients: major engagements, revenue split by geography, and FTE split by process coverage and location Technology solutions: brief descriptions of key technology solutions Everest Group assessment: service provider’s position on the Everest Group PEAK Matrix™, market share and delivery capability assessment, and overall evaluation of service provider capabilities Membership(s) Healthcare & Life Sciences BPO