Outsourcing in general is an effective cost-saving strategy that a company can utilize to assign the core services or operations of the organization to an external provider that focuses in that area of service or operation. Thus, Medical Outsourcing Market is the method in which the services usually provided by a particular health care agency or organizations are now allocated to a third party or firm. This could be due to various reasons such as reducing the work burden, increasing the connections, improving the quality of production or also saving money, time.
Medical Outsourcing Market set to Grow to BPO Levels Soon. On the other hand, a more commonly known term, Business Process Outsourcing (BPO) is a subset of outsourcing that involves the contracting of the operations and responsibilities of a specific business process to a third-party service provider. Originally, this was associated with manufacturing firms, such as Coca Cola that outsourced large segments of its supply chain and has now grown to a larger audience and better outreach.
An immense growth has been witnessed in the Global Healthcare Information Technology Outsourcing Market and it is expected to increase at a 13.1% CAGR from 2014 to 2020.
A number of countries like Philippines, Indonesia, Malaysia, Singapore & Thailand from South Asia are much attractive destinations for Outsourcing Markets. They are emerging markets which are drawing considerable attention of large service providers into the region. Advancements and innovation in healthcare information technology and regulatory changes are major factors that led to the development of healthcare outsourcing market. The U.S. is the largest source of Healthcare Outsourcing followed by Europe.
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This report investigates current scenario of medical outsourcing in healthcare industry & examines the future advancements in this market.
The report covers the different segment of healthcare market where outsourcing is growing rapidly. Report also gives insight of the different services and applications provided by these segments and also evaluate the performance of major companies in this area.
The Medical Outsourcing Market is classified into just 3 broad types and contains many more number of sub segments of the same. The factors are as follows:
1. By Services: Payer, Provider, Pharmaceutical, IT and Pathology. With further sub segmentations under each of these.
2. By End Users: Pharmaceutical Industries, Pharmaceutical Laboratories, Hospitals, Clinics and Research Institutes.
3. By Geography: The U.S., Europe, APAC and ROW.
According to an estimate approximately 70% of US healthcare companies outsource their work to external providers. A number of reasons responsible are shortage of qualified and technical staff, rising cost of healthcare, compliance of strict set of rules and regulations. Most commonly outsourced services are claims processing, medical billing, medical coding, medical transcription, radiology reporting, and clinical outsourcing.
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