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U.S. Healthcare Outsourcing Market Overview
The U.S. healthcare outsourcing market was valued at $52.9 billion in 2017 and is forecast to reach $66.3 billion by 2023, growing at a CAGR of 3.8% from 2018 to 2023. Many new multi-specialty hospital chains have come up with services related to care management, healthcare plan development, channel management, and risk assessment, which are in high demand. Also, the need for structured processes and better medical record management are driving the U.S. healthcare outsourcing market.
U.S. Healthcare Outsourcing Market Outlook
Healthcare outsourcing includes member enrollment, physician enrollment, medical billing, patient monitoring, staffing, medical coding, patient safety, medical transcripts, physician practice management, finance and accounts, supply chain management, improved process tracking and reporting, pricing maintenance and configuration, and hospitality. Outsourcing allows hospitals to focus on their core task of providing proficient healthcare services and facilities. Outsourcing is also helpful in improving the financial results by reducing administrative costs and increasing revenues, efficiency, competency, and service quality. In hospitals, most of the activities require specialized skills or significant infrastructure.
U.S. Healthcare Outsourcing Market Growth Drivers
The U.S. healthcare industry’s effort to reduce costs without compromising on quality of services is the major factor for the outsourcing of healthcare and medical services to other countries. The stringent regulations imposed by the Health Insurance Portability and Accountability Act (HIPAA) of 1996 towards the establishment of national standards for electronic health care transactions and national identifiers for providers, health insurance plans, and employers has boosted the market growth. The standards and regulations are mandatory and require infrastructure which hospitals lack, thus making outsourcing inevitable, and driving the growth of the U.S. healthcare outsourcing market. The rapid developments in the market and entry of global players into the market have resulted in significant partnerships, mergers & acquisitions, and joint ventures in the market. Moreover, the medical service vendors are largely involved in making strategic partnerships with hospitals to provide outsourcing solutions.
U.S. Healthcare Outsourcing Market Challenges
The U.S. healthcare outsourcing market is fragmented with very few hospital chains having the scale to turn to outsourcing. Specialist hospital management companies have to compete with BPO, leading to increased competition. Another challenge is the lack of adequate infrastructure for pre-clinical studies and IPR protection apprehensions while outsourcing. Unavailability of skilled labor for medical imaging or similar services is also proving to be a big constraint for the U.S. healthcare outsourcing market.
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U.S. Healthcare Outsourcing Market Research Scope
The base year of the study is 2016, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on outsourcing services. It provides the key market participants with the necessary business intelligence and help them understand the future of the services in the U.S. healthcare outsourcing market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of services and technologies in the U.S. healthcare outsourcing market.
U.S. Healthcare Outsourcing Market Report: Industry Coverage
Types of services in U.S. Healthcare Outsourcing Market: Payer Outsourcing, Healthcare Operations Outsourcing, Healthcare Provider, Pharma Outsourcing (Clinical), Pharma Outsourcing (Non-Clinical), Pathology and Lab Outsourcing.
Technologies in U.S. Healthcare Outsourcing Market: Monoclonal Antibodies Technology, Recombinant DNA Technology, Chromatography, Nuclear Magnetic Resonance Technology, Electrophoresis, Mass Spectrometry, Western Blotting, and Bioassay.
U.S. Healthcare Outsourcing Market Key Players Perspective
Some of the key players mentioned in the report are Parexel International Corporation, McKesson Corporation, Iqvia (Quintiles, Inc.), Axiom Bpm Services Pvt. Ltd. and Infinit Healthcare
U.S. Healthcare Outsourcing Market Trends
- The rapid entry of global players into the market have resulted in significant growth strategies including partnerships, mergers & acquisitions, and joint ventures in the market.
- In May 2018, GeBBS Healthcare Solutions formed a strategic partnership with Prospect Medical Holdings, Inc., a U.S. based healthcare service provider, to provide outsourcing solutions to help improve medical coding productivity and profitability. Also, GeBBS signed a partnership with Bioscrip, Inc. (U.S.) to provide its Revenue Cycle Management (RCM) solutions and help Bioscrip enhance its overall business operations.
- In June 2017, McKesson Corporation acquired intraFUSION, a U.S. based healthcare management company that offers management services for physician offices. The acquisition helps the parent company to strengthen its core business of physician practice management outsource services in the U.S.
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