The pace at which digitalization is advancing the healthcare industry is unprecedented. Because of this, companies that provide healthcare services, make pharmaceutical products, and conduct contract research must quickly adopt new technology to maintain compliance, stay competitive, raise the caliber of their services and goods, and keep a sharp eye on patient safety. By 2027, the market for healthcare IT outsourcing will be valued at $64 billion due to the urgency of progress.
Organizations can keep relevant on new technologies, cut down on time-to-market and operational costs, and, most importantly, lower company risk by outsourcing IT services. In comparison to an internal team, external IT solution providers are already skilled at implementing new technology more quickly, enabling the organization to keep up with changing market demands. Additionally, businesses that specialize in creating IT solutions for this industry know how to design and create products that will be accepted by the market and have a long-lasting effect on society.
Why Is IT Outsourcing a Good Choice?
The process of using an outside technology partner to meet the organization’s IT requirements and expedite project delivery is known as healthcare IT outsourcing.
Leading health enterprises have shown tremendous interest in this new business model in recent years. Due to its established healthcare system and superior reimbursement practices, North America currently holds a dominant position in the healthcare IT outsourcing market and will likely see an increase in market share in the coming years.
The pandemic accelerated healthcare IT outsourcing, which was already progressing quickly. Today’s COVID-19 outbreak sparked some astronomical predictions about IT outsourcing in the healthcare industry. By 2024, the size of the global healthcare IT outsourcing market will be 390.7 billion USD. However, even though these figures may appear to be exaggerated to some, they are supported by some compelling evidence. The fact is that as clinicians and patients are given access to cutting-edge technologies, new types of services are needed, and healthcare organizations are being held to new standards.
Real Numbers and Stats About Healthcare IT Outsourcing
Let’s break down the numbers & stats on why IT outsourcing will be important for the healthcare industry:
- Healthcare IT outsourcing lowers costs by 30% to 60%.
- To streamline their operations, more than 90% of US hospitals have outsourced at least one IT service.
- Healthcare coding and billing, medical transcriptions, insurance claim processing, virtual assistants, and customer support are some of the most popular IT outsourcing healthcare services.
- Due to scalability and support for remote care, the outsourcing of healthcare IT cloud services increased by 11% in the second quarter of 2020.
Why Should You Outsource your Healthcare IT Operations?
Executives in the healthcare industry outsource their organizations’ IT functions for a variety of reasons. But ultimately, they all want to maintain their competitiveness, provide the best care possible for the patients, and advance their organization.
We can summarize why to outsource healthcare IT operations in 4 key points:
- Lower operational costs: You must make investments in infrastructure, personnel, and equipment if you want an IT team that is fully functional. You must include that significant expense in your budget. You can save a lot of money by outsourcing your IT because these companies have the infrastructure and highly skilled IT professionals you need.
- Top-Quality Resources: In light of what we just said, outsourcing IT companies have the most recent market knowledge. They have a track record of success collaborating with other healthcare organizations, and they are aware of the best ways to satisfy your technological needs. They, therefore, have the best, newest, and most cutting-edge tools and resources available in their toolboxes.
- Better Time-To-Market: It takes specialized IT skills to build your eHealth solutions because the process is time-consuming and difficult. Instead, you could contract out these tasks to a group that has the necessary skills, resources, and experience having created numerous solutions similar to these for other clients.
- Full-proof security: The healthcare sector is vulnerable to cyberattacks because of the large amount of sensitive data that healthcare organizations collect. Healthcare organizations must take precautions to avoid fines because HIPAA requires complete data security for such crimes. Another justification for the healthcare sector’s decision to outsource IT healthcare services is this. The majority of businesses that offer IT outsourcing to the healthcare sector make sure that HIPAA regulations are followed so that their clients won’t run into trouble with the law.
How to Choose The Right IT Outsourcing Company?
There are a set of rules for choosing the right vendor, here they are:
Feedback From Customers and Reviews of Their Services
The quality of a company’s prior work and client reviews are the best indicators of its values. You must therefore start by investigating the portfolios, recommendations, and business models of your candidates.
Finding out what the service standards are is the next step. In addition, you ought to look into the top IT outsourcing strategies for the medical field.
Previous Healthcare Experience
You don’t want to collaborate with a business that has no practical experience creating solutions for the pharmaceutical and healthcare sectors. The ideal situation is to choose a partner that has a lot of experience and is respected by other business leaders. This is because businesses that have previously outsourced healthcare facilities are familiar with the process.
Communication is Paramount
While the services that the IT firm of your choice can provide are important, the partnership must be successful if your needs are clearly defined. Instead of concentrating on what to say to avoid incurring additional costs, you must be honest about your difficulties. The main objective is to identify obstacles so that your partner can develop the most effective plan of action to overcome them.
Instead of a vendor, seek a partner
The biggest failure healthcare organizations make is selecting multiple vendors in a confined space who only have specialized skills. They cannot benefit from the synergy of working with a technology partner, which can be a one-stop shop, so they are only able to provide basic services. However, if you choose a partner, you can gain a variety of advantages, from ongoing maintenance and support to creating the product’s blueprint, which will capture all of your requirements and related solutions.