The need to provide quality care and to decrease costs are the key drivers of IT outsourcing in the healthcare industry.
In today’s global healthcare industry, there is an inevitable need to offer quality care and to cut down cost. These are some of the key drivers of today’s IT outsourcing. As per Markets and Markets, the market for healthcare IT outsourcing is likely to be worth $390.7 billion by 2024. Among many, Canada and the U.S. are the two giants who hold the largest global healthcare IT outsourcing market share.
Over the last decade, outsourcing IT has surfaced as one of the most successful business models. It mitigates the unnecessary burden of procurement, administration, logistics, accounting, and other tasks while developing efficient and cost-effective business processes. As we speak of the healthcare industry, facing the growing challenges in delivering the required and affordable patient care, outsourcing IT services is the right decision to make.
But outsourcing isn’t a panacea. The risks can be substantial, and providers need to do significant due diligence up front to ensure that the right services are outsourced to the right partners.
Below is the illustration of Pros and Cons of Healthcare IT Outsourcing.
Assuming providers mitigate risks as much as possible and choose their vendors wisely, much can be gained through outsourcing. Patient experiences can be vastly improved across the board, from check-in to diagnosis to recovery to discharge. Outsourcing has the potential to lower costs, provide greater access to specialists, improve patient care, lessen critical mistakes, and even enable providers to offer more services. It remains the best path to a financially sound bottom line.