Healthcare Outsourcing Market: Increasing pressure to reduce rising healthcare costs is likely to propel the market
Healthcare Outsourcing Market: Introduction
- Outsourcing is an increasingly popular strategy that healthcare organizations can use to control the rising costs of providing services
- Healthcare companies outsource diverse services, such as manufacturing or research, to numerous vendors in order to provide quality healthcare facilities
- Healthcare outsourcing services help vendors minimize administrative cost, the cost of delivering healthcare, electronic medical records management, consumer engagement, and clinical transformation. Moreover, healthcare outsourcing helps minimize errors that occur in medical billing, and minimize staff training cost.
- The healthcare outsourcing industry has revolutionized business outsourcing processes because of reduction in costs, development of world delivery models, and provision of secured data access. Thus, the adoption of healthcare outsourcing techniques has increased in the last few years.
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Key Drivers, Restraints, and Opportunities of Healthcare Outsourcing Market
- Increasing pressure to reduce rising healthcare costs, demand for niche services, rise in R & D costs, and stringent regulations are likely to propel the healthcare outsourcing market during the forecast period
- On the opposite hand, increase in consolidation in the healthcare industry is estimated to further offer opportunities that are likely to drive the healthcare outsourcing market during the forecast period
- Hospitals are increasingly outsourcing internal activities to third-party service providers such as medical billing and IT services. Hospitals are primarily outsourcing medical billing and IT services to third-party service providers owing to a scarcity of expertise and the unavailability of skilled resources in the industry. Furthermore, establishment of regulations and accreditation of service providers make them accountable for their quality standards.
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- A lack of in-house expertise, capabilities, and budget constraints are major issues faced by private hospitals in the industry. Contract hospital service providers are an effective approach to limit such issues of private hospitals due to the low-cost service offering. This helps establish mutually beneficial relationships between hospitals and third-party service providers.
- Rapid expansion witnessed in the field of big data analytics has started to play a pivotal role in the evolution of medical care practices and research. It offers tools to accumulate, manage, analyze, and absorb large volumes of disparate, structured, and unstructured data produced by current healthcare systems.
- Hidden costs of outsourcing and fear of losing visibility and control over the business process are likely to hamper the healthcare outsourcing market during the forecast period
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North America to Dominate Global Healthcare Outsourcing Market
- North America accounted for a prominent share of the market, in terms of revenue, owing to the presence of a large number of service providers in the region. Additionally, increase in outsourcing of local healthcare companies is further driving the healthcare outsourcing market in the region.
- Healthcare companies in developed countries, such as the U.S. are adopting paperless working systems and hence, there is a huge inflow of patient data. Consequently, most of the healthcare companies are hiring third-party service providers in order to manage such a large amount of data. This is expected to propel the market for healthcare outsourcing in the region.
- However, the market in Middle East & Africa and APAC is estimated to expand at a rapid pace during the forecast period due to an increase in outsourcing of healthcare services to countries such as Saudi Arabia, India, and China. Availability of skilled resources, low-cost service offerings, and the increase in adoption of new technologies are expected to drive the market in these regions.
- The Asia-Pacific healthcare BPO market is growing at the highest CAGR during the forecast period, owing to rising demand in emerging countries such as India. Developed pharmaceutical and medical education system, a large English-speaking population, low-cost base, large talent pool, and diverse set of business process outsourcing (BPO) providers, including local and global BPO organizations, are driving the market in India.
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Key Players of Healthcare Outsourcing Market
- Key companies are adopting mergers and acquisitions as a key strategy in order to sustain in the highly competitive environment and to enhance market share. For instance, in February 2019, Veritas Capital together with Evergreen Coast Capital, as a minority investor, acquired Athenahealth, Inc. This strengthened the service offering of Virence Health, a subsidiary of Veritas Capital, for hospital and ambulatory customers.
- In July 2019, Cerner Corporation and Amazon Web Services (AWS) partnered to drive healthcare IT innovations. This is expected to lower operational budgets and improve clinical efficiency for healthcare organizations.
- Cerner and Allscripts also offer healthcare IT services , while Sodexo offers catering and facility management services in the industry
Some prominent players operating in the global hospital outsourcing market include:
- Outsource Strategies International
- Medryte Healthcare Solutions
- Piranah Healthcare
- Exel BPO Solutions
- Ascent Health Solutions Inc
- SSR Techvision
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