The emergency of Covid -19 pandemic has made lives tougher. Since the pandemic, the healthcare sector has undergone many changes in which few are expected and the others were never made.
Doctors communicating digitally was expected, as building connections with patients via email. But the use of cloud data in healthcare was not spoken or expected.
According to IndustryARC, the Healthcare IT Market is expected to grow at a CAGR of 7.5% to reach a market size of $210.3 billion during the forecast year 2022-2027. Hospitals and physicians are opting digital mode in treating patients. Wherein it seems impossible to handle the IT healthcare service within the suitable facilities. To fix this issue, the outsourcing of work was introduced in healthcare.
Outsourcing the basic work operations would help hospitals concentrate on their core service. This brings efficiency to work and enables better care. With this, the management can control the administration costs, gain world-class recognition and utilize resources effectively.
Outsourcing is again provided differently for the healthcare and medical industry. They are:
- Payer Outsourcing
- Provider Outsourcing
- Pathology and Laboratory
- Pharmaceutical Outsourcing service
Payer outsourcing is responsible for the administrative works of the hospitals. They manage the aspects related to patient registration, health insurance plans, claims verification, electronic records and other bearings. Here the payer pays money for the medical service undergone.
Whereas, the provider outsourcing deals of doctors. They identify the needs of patient and provide medical service. In providers outsourcing they work closely with payers and render service. Pre-approved medical services, billing services, claim clearances and other service are carried by provider outsourcing.
For any service rendered accuracy is most important factor, but are very critical in medical field. The area of Pathology and Laboratory outsourcing makes work easy. As it is difficult and expensive to run In-house laboratory. Outsourcing will help companies to cut-cost, provide service at affordable price and benefit from it.
According to the IndustryARC report, outsourcing of pharmaceuticals is expected to lead the healthcare market with 65% of total revenue in healthcare. The supply chain of medical and drug is consistently getting better with the advancement of technology. Hospitals are collaborating with third party services to bring down the R&D cost and increase the clinical trials to either discover or develop drugs. Healthcare Outsourcing Market is booming at the present time due to intense focus of people and medical organizations on the outsourcing.
5 Trends of Healthcare IT Market
Covid-19 pandemic has left no exception in gearing up the technology. So here are the 5 trends of IT in Healthcare Industry.
- Health Applications Computerized – Digitization of hospitals can help individuals and doctors have easy access in managing their health. With electronic medical records, patients can access remotely at any time by scheduling appointments and many other services; and all this in a few clicks away.
- – IT is proving its exceptional work in healthcare & medical sectors. Using applications, individuals can get real time data using smart apps. They provide automatically-generated prescriptions and health status based on the uploaded reports. IoT is great platform to reach remote areas and serve better.
- – The R&D department in health sector is creating new records. Introduction of AI in health industry has brought a new form of work in drug research, surgeries, medical trials, etc. Many hospitals came up with collaboration to start AI in dealing health problems.
- – Introduction of digital assistance brought emotional support. Users could use voice assistance mode to build the connections. Many Multispecialty hospitals are introducing bot services to help their patients. The Participant Assistance & Care (PAC) is one way of using voice assistance for providing residential habilitation service where people with disabilities can develop their skills.
- Use of Blockchain Technology – The use of blockchain provides 360-degree analysis of the patient’s genetic profile. This helps in encrypting the data and supply chain management to improve the work mechanism and deliver effectively.
The healthcare IT industry is striving to bring in the best resources. We can expect tremendous surprises from the healthcare & medical industries. The integration of healthcare with IT technology is leading us to new heights. It is important for hospitals and medical industry to bind their work with the technology for best results.
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