In medical or dental practice management, it's important that physicians, nurses, and allied health professionals stay focused on saving lives rather than doing office work. The more staff you have on your payroll to take care of the mundane tasks while you focus on taking care of your patients makes a difference between life or death. That's why many clinics and companies that provide health services choose to outsource their general and administrative work.
Healthcare Outsourcing Industry Outlook
In 2018 and beyond, outsourcing in the healthcare services market will continue to increase in size at a compounded growth rate of 10.2% annually from 2017 to 2022. Total revenues are estimated to reach $312.43 billion by 2020. Business process outsourcing in the healthcare industry covers a wide range of services that include:
- Payer outsourcing, such as claims processing and adjudication
- Operations outsourcing, including mailroom services, HR Services, customer care, and others
- Healthcare provider outsourcing, i.e. member enrollment, physician enrollment, medical billing, medical coding, medical transcription, finance & accounts, and others
Possible Drivers of Growth in the Healthcare Outsourcing Market
The market for healthcare devices will continue to expand with a CAGR of 4.6% from 2016 to 2021, and forecasted to reach $343 billion by 2021. One of the growing segments of this market is home healthcare devices, such as electronics used to measure blood sugar level and blood pressure. End-users of these devices will require the help of tech support representatives who are sensitive to their needs.
Another segment of the healthcare market is mobile health apps or mHealth for short. The global mHealth market is expected to reach USD 111.8 billion by 2025, growing at a CAGR of 44.2%, according to a new report by Grand View Research, Inc. mHealth may range from fitness apps for active users to remote monitoring apps and EMR for patients with chronic diseases.
Healthcare apps offer smartphone users ease of access to medical information and the convenience of contacting their medical providers from anywhere in the world. Special apps and devices allow doctors and nurses to monitor their housebound patients and immediately respond to medical emergencies wherein the patient is unconscious or unable to call 911.
End-users of these apps or software will need the help of customer service reps as well as the skills of healthcare back office support staff and mobile app developers who understood the special medical requirements of these users.