Healthcare organizations around the world have started acquiring services from global healthcare outsourcing market as availing these services can help these organizations control the increasing costs of providing backend and management healthcare services. Various services in healthcare industry can be outsourced to save time, cost, and human resources in the medical and healthcare facilities. Numerous vendors in global healthcare outsourcing market provide quality services that can help healthcare companies minimize cost of delivering healthcare solutions, increase consumer engagement, reduce administrative costs, enhance clinical operations, and effectively manage electronic medical records or EHR.
Rising pressure on healthcare companies to reduce increasing healthcare costs, increasing investments in research and development, and growing demand for niche medical services are some of the key motivators for global healthcare outsourcing market. Some other market drivers include stringent government regulations that enforce meticulous record keeping and procedural paperwork maintenance and increasing consolidation in the global healthcare sector. However, fear of losing control and hidden costs associated with outsourcing can restrict the market growth in coming years. Services in global healthcare outsourcing market can be utilized in a number of medical and healthcare departments such as finance outsourcing, clinical outsourcing, pathology outsourcing, IT outsourcing, healthcare operations outsourcing, non-clinical outsourcing, and laboratory outsourcing. End-users for the global healthcare outsourcing market include hospitals, pharmaceutical companies, clinics, and life sciences companies.
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Rapid Expansion of Big Data Analytics Industry Fosters Healthcare Outsourcing Market
Healthcare institutions such as clinics and hospitals are increasingly using services in global healthcare outsourcing market. Some of the most common services outsourced by these facilities include IT and billing services. This trend is attributed to the scarcity of expertise in these fields of healthcare practitioners and availability of competent service providers, skilled in their respective fields. Third party service providers in global healthcare outsourcing market can use and manage massive amounts of data acquired through electronic medical records to analyze and enhance their service offerings. Big data analytics has the potential to enhance and revolutionize medical care research and practices. It can allow companies to accumulate, analyze, absorb, and manage huge volumes of structured, disparate, and unstructured data, constantly produced by the healthcare and medical facilities and institutions around the world.
North America Projected to Lead Healthcare Outsourcing Market in Coming Years
Increasing outsourcing of local healthcare companies and presence of a large number of well-established players in the region are key motivators for North America healthcare outsourcing market. Many healthcare companies in the region have slowly started adopting paperless and digital operating systems. This creates a huge inflow of patient data. The massive amount of data acquired through innovative EHRs requires through cleaning, validation, and analysis. Many healthcare companies are opting to outsource these processes to streamline the output. This trend is also expected to stimulate growth in North America healthcare outsourcing market.
Availability of skilled resources, increasing adoption of advanced technologies in medical and healthcare industries, and low cost service offerings are some of the key drivers for the growing Asia Pacific healthcare outsourcing market. Rising demand from developing countries such as India, presence of various business process outsourcing (BPO) service providers, and large talent pool makes India a lucrative country for global healthcare outsourcing market.
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Mergers and Acquisitions Observed as Key Strategy Implemented by Players in Healthcare Outsourcing Market
Global healthcare outsourcing market witnesses highly competitive landscape with mergers and acquisitions as key strategy for sustaining the leading market share. For example, Evergreen Coast Capital and Veritas Capital acquired Athenahealth, Inc. Evergreen Coast Capital was a minority investor in this M&A which allowed the players to strengthen the service called ‘Virence health’, aimed at ambulatory customers and hospitals. Some of the major players in global healthcare outsourcing market are Mediscript, Piranah Healthcare, Ascent Health Solutions Inc., SSR Techvision, Cognizant, Outsource Strategies International, Medryte Healthcare Solutions, Exel BPO Solutions, Sodexo, and TDCX.