$626.6 billion dollars.
That is how much the global healthcare outsourcing market is projected to be worth by 2029!
This comes as a direct result of healthcare companies looking elsewhere to tackle the widespread hospital financial crisis of sharp revenue declines and rising operational costs. Outsourcing seems to be the golden ticket to streamline operations, reduce costs and stay ahead of the curve in today’s competitive healthcare sector.
80% of healthcare professionals are expected to outsource more of their revenue cycle management functions in the coming years (Black Book Market Research).
The healthcare sector—known for its life-critical operations and complex processes is now fast turning to outsourcing to optimize their internal organizational workflow and stay afloat.
But, why?
If you are one of those wondering if you should jump on the outsourcing bandwagon, stick on. This post will explore the reasons behind this uprising trend, the benefits, challenges involved and why you probably should turn to expert outsourcing services to tackle the prevailing issues and stay competitive.
Why Are Healthcare Companies Turning to Outsourcing?
Healthcare companies face a different set of challenges compared to other industries that outsource their IT-related needs. From meeting stringent regulatory requirements to dealing with the pressure of adopting high-end, complex technology to handle the rising operational costs, the challenges call for an immediate solution.
- Cost-effectiveness: The main USP of outsourcing IT is saving a significant amount of money. Healthcare companies can now take advantage of professional, external vendors at a fraction of the cost, instead of managing an in-house team. This cost-saving can be redirected into other services, enhancing patient care.
- Access to Proficiency: Building an in-house team with IT professionals holding expertise in healthcare data management or cybersecurity, can be challenging for a healthcare company. However, outsourcing opens up unparalleled access into a diverse talent pool, ensuring healthcare providers get the technology they are looking for.
- Focus on Core Activities: It can be hectic handling IT activities internally, as it can distract healthcare companies from their primary task—patient care. Outsourcing frees up healthcare providers from having to constantly overlook IT-related tasks, thereby having more time in hand to concentrate on what matters.
- Scalability and Flexibility: The ever-evolving healthcare industry can throw up a major curveball—unpredictability. Managing an internal IT team would then be a hassle, while outsourcing provides the flexibility to scale services up or down, on demand, without having to constantly worry about hiring or scaling down the team.
What Are the Common Outsourced Healthcare IT Services?
There are a number of IT services outsourced in the healthcare sector. Here are some of the most commonly outsourced ones:
- Electronic Health Records (EHR) Management: EHR systems are indispensable but time-consuming. Maintaining, updating, and securing these systems requires expertise and a dedicated outsourcing team can ensure these tasks are promptly handled.
- Revenue Cycle Management (RCM): Handling tasks like medical coding, billing, and claims processing can be vexing. Outsourcing these tasks can improve efficiency and speed while taking the burden off healthcare professionals.
- Telemedicine: With the rise of virtual care, especially after the pandemic, healthcare companies have looked towards outsourcing for the development and maintenance of telehealth platforms to meet the surging demand, with efficiency.
- Cybersecurity: Healthcare companies are required to adhere to the regulatory guidelines without fail. And, considering the sensitivity of patients’ healthcare data and legal implications following a lapse, robust cybersecurity measures are non-negotiable. Outsourcing can reduce the risk and boost patients’ confidence.
- IT Infrastructure Management: Healthcare for larger enterprises does not stop at utilizing technology to provide immaculate services. Maintaining the in-house technology and customer care is also vital. From cloud migration to help desk support, outsourcing can manage such ‘behind-the-scenes’ tasks for uninterrupted operations.
Challenges in Outsourcing Healthcare IT Needs
Even though outsourcing holds tremendous advantages, it comes with a fair share of its own demerits as well:
- Communication Barriers: Probably the biggest concern of outsourcing, especially with offshore teams, is the distance. This can often cause confusion among the teams, as a result of cultural or time zone differences.
- Data Privacy Concerns: Healthcare companies hold tons of sensitive patient information, and sharing this with a third-party company can raise concerns regarding its confidentiality and subsequent usage.
- Quality Control: Working with offshore companies requires constant monitoring and collaboration to make sure the outsourced tasks meet your quality standards, which can sometimes involve personal meetings that require traveling long distances. This can prove to be hectic on a long-term basis.
Best Practices for Successful Outsourcing in Healthcare
- Finding the Right Partner: Thoroughly scrutinize potential outsourcing partners. Prioritize those firms with experience in the healthcare sector and a proven track record with established clientele.
- Establish Clear Communication: Ensure to communicate your requirements and conditions upfront, and get into a written agreement rather than just phone calls, to avoid any further misunderstandings/quarrels.
- Track Performance: Keep regular oversight on the outsourcing partner via meetings or emails, and periodically monitor their performance. This will ensure seamless collaboration and also ensure the set quality standards are met.
Collaborating with MOS – The Ideal Choice
When it comes to companies providing outsourced solutions, MOS (Managed Outsource Solutions) is a trusted name in the industry, with over two decades of experience in healthcare IT services.
- Unmatched Expertise: We handle almost everything, ranging from premium EHR management to cybersecurity solutions, bringing specialized knowledge to the fore.
- Affordable Solutions: Enjoy our top-notch healthcare services without stretching out your budget..
- 100% Confidentiality: Safeguarding sensitive patient healthcare data is our topmost priority..
Outsourcing still remains the sought-after option for healthcare companies to thrive in a competitive landscape—but only if done right. If you choose the right partner and focus on outsourcing only specific needs of your company, it can unlock new levels of efficiency, innovation, and improved patient care.
