Healthcare is a growing industry worldwide as the population continues to grow. However, changes in the industry have left healthcare providers grappling with several challenges. This is due to the need to reduce operating costs while providing healthcare to more people. In addition, changing doctor-patient relationships and performance and quality-based reimbursement models have motivated healthcare providers to consider various ways in which they can reduce costs while providing quality services. These include outsourcing and consolidation within the industry.

 

While outsourcing in the healthcare industry has been on the rise, this industry still lags behind others such as banking. Providers have turned to outsourcing non-core activities such as healthcare BPO and ITO for various reasons. Through BPO (Business Process Outsourcing), healthcare firms are now in a better position to concentrate on their core competencies. Outsourcing is now possible due to several factors, including technological advancements.

 

Healthcare firms have witnessed the competitive advantage that BPO offers to firms that are implementing it, which has resulted in more firms adopting healthcare BPO to reduce costs. Below are some trends you can expect to see as outsourcing becomes more prevalent in healthcare:

 

The healthcare BPO industry's growth shall continue

The healthcare industry is growing and BPO providers are increasing in number as well as in size. Given these factors and the fact that more healthcare providers are outsourcing non-core activities, it is safe to say that the healthcare business process outsourcing industry is poised for growth.

 

Consolidation in the industry will go on

You should expect the ongoing consolidation of healthcare firms to continue to grow. This is in a bid to expand service provision, for better economies of scale and to get personnel with varying skills.

 

The rise of integrated healthcare BPO providers

As healthcare companies continue to consolidate and become super-large, their healthcare BPO needs will grow along with it. Due to better leverage and for easier management, such large firms will increasingly turn to outsourcing firms that offer several services. This in turn will push outsourcing firms to provide more integrated services such as BPO and ITO.

 

Patients will continue bearing a larger percentage of their healthcare bills

As health savings accounts and high-deductible plans become the norm and as for-profit healthcare providers increasingly become more dominant, the amount that patients are required to pay for healthcare services will continue to rise.

 

Healthcare services shall increasingly be outsourced

Not only will tasks performed by support staff like cleaning be outsourced more, but so shall specialized and professional services like IT, business processing and clinical services. Healthcare services that do not require a doctor and a patient to see each other on a long-term basis such as diagnostic imaging, anesthesia and dialysis are already being outsourced. This will only continue to rise over time.

 

Revenue-cycle outsourcing will grow at a huge rate

Due to the financial challenges facing healthcare firms, more of them will increasingly turn to revenue-cycle outsourcing. A part of BPO, revenue-cycle outsourcing helps healthcare firms deal with revenue-related tasks. This includes billing accounts receivables, analyzing debt, payment posting, etc. Not only does it save costs, but it also ensures that a firm is better able to provide healthcare services. They can fund their day-to-day operations for growth and expansion.

 

Healthcare firms will continue looking for ways to reduce costs

Due to the industry's current environment and rules, healthcare firms will continue looking for ways to reduce operating costs while being more efficient. This will see them resort to measures such as healthcare BPO and ITO. In addition, they will also seek alternative sources of financing such as private equity firms for joint projects and alternative financing.