Global Healthcare IT Outsourcing market is expected to grow at a CAGR of 7.6%, to reach $50.4 billion by
2018 from $35 billion in 2013 according to a report provided
by MarketsandMarkets, a global market research and consulting
company. US Healthcare companies accounts for the
largest share - 72% - of this market and is expected to reach $36 billion by
2018 from $25 billion in 2013. Asia-Pacific and Rest of the World are expected
to register CAGRs of 8.1% and 7.8% (2013 to 2018) respectively, followed by
North America (7.6%), and Europe (7.2%). Health insurance companies, healthcare
services providing companies, healthcare systems and equipment companies are
part of this market segment that have to reduce their operational costs,
administrative costs, focus on core processes, implement information technology
to run processes and also manage risks and develop new product offerings.
Particularly information technology has become a core component for running the
companies and offer product and services to customers and in some instances IT
has become the competitive advantage. There is a huge demand for Healthcare IT
professionals both on the
medical and the process front and highly skilled professionals like actuaries,
medical coders, medical writers, biostatisticians, physiotherapists, nurses,
general physicians, ayurvedic and homeopathic practitioners are needed for
healthcare IT industry to offer services like medical coding, medical writing,
bio-statics, healthcare and data analytics. Some of the healthcare companies
have completely outsourced their IT systems and some have outsourced only key applications
like electronic medical records, medical transcription, billing services,
claims processing, data analytics.
Availability of low cost highly skilled IT professionals, implementation of
new technologies, government regulations like Obama Care, ICD 10 coding and
integration of different technologies already being used with the new
technologies like cloud computing, mobility and analytics have presented a big
opportunity for the Indian IT service vendors like TCS, Infosys, Cognizant,
Wipro, HCL Tech, etc. Cloud Computing is being widely adopted by healthcare
companies across the globe as there are significant cost benefits associated
with this technology as the companies need not invest heavily on hardware like
servers, datacenters, etc. Cloud computing is highly flexible, can be accessed
from everywhere, uninterrupted service and also helps to scale up the
operations at a faster pace but there are certain disadvantages like data
security and reliability issues like downtime. Despite these disadvantages the
need for reduction in costs, operation times and efficient back office
management is must for the success of healthcare companies. Healthcare IT
outsourcing vertical has been dominated by Cognizant Technology Solutions, but
other players in the Indian IT Services industry like TCS, Infosys, Wipro, HCL
Tech have built up significant capabilities and acquired the much needed
technical expertise and skills through mergers and acquisitions and also
captured some big deals in this segment. All the Indian vendors both the ITO
and BPO vendors have exclusive focus on the healthcare IT outsourcing segment
and have even referred to this segment as a key growth driver for the industry
in terms of both revenues and profits.
2 comments:
The Health Care industry is becoming increasingly technology driven and this has resulted in healthcare it outsourcing. Many companies specialise in IT services related to the health care industry in particular and help their clients address many key challenges such as operational difficulties, business growth, patient care improvement and so on. There are solutions for helping with patient check-in, solutions that help technologists (radiologists) work and lab technicians more effectively. These days there are even smart phone and tablet based solutions!
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