PUNE, India, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting latest published report titled "Hospital Outsourcing Market, Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027".
Global hospital outsourcing market is expected to reach the market value of around US$ 500 Bn by 2027 and is anticipated to grow at a CAGR of around 10% in terms of revenue during the forecast period 2020 – 2027. Outsourcing allows hospitals to concentrate on their central mission of supplying healthcare facilities that are efficient. By decreasing operating expenses and increasing sales, productivity and quality of operation, outsourcing ancillary processes will boost financial performance. Most of the auxiliary function in hospitals requires technical expertise or a broad infrastructure.
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Due to the high visibility of health care outsourcing IT and the geographic presence of influential industry players, North America led the hospitals outsourcing market in 2019. Other considerations that will help encourage this regional market include growing recognition of healthcare institutions, rising wages and government initiatives. In the forecast timeframe, emerging regions such as Asia-Pacific and Latin America are expected to have high CAGRs because outsourcing activities have been internationally centralized. As a result of the increasing technological growth and enhancement of regional hospital facilities, Europe has taken second place in medical billing outsourcing.
Hospitals gradually outsource external resources, for instance medical billing and IT resources, to third-party services. Owing to lack of experience and the lack of access to trained resources in the field, hospitals mostly offer medical facting and IT service to nonparticipating service providers. They are also responsible for their quality standards by developing rules and by accrediting these service providers. Additionally, private hospitals in the sector face a lack of in-house experience, capacity and budget restrictions. The contract healthcare service providers are an optimal solution to containing the low-cost service offering of private hospitals. It led to mutually beneficial connections between hospitals and suppliers of third parties. Moreover, uncertainty and lack of expertise are key factors which drive the demand during the projected timeframe in the areas of revenue cycle management, payroll processing, central supply management and home services. The growing concern for data protection, cultural and language differences are still expected to curb the growth of the hospital outward manifestations market over the forecast period.
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The key explanation for outsourcing private hospitals is the cost constraint and organizational versatility followed by the main focus on the core company, according to the article published at the National Biotechnology Knowledge Centre. Private outsourcing in hospitals provides patient retention benefits thanks to qualified practitioners. Moreover, a large number of private hospitals are responsible for implementing the outsourcing model in industry because of the shifting of government legislation and the growing sophistication of the internal functions. However, the market for the outsourcing of the hospital should be limited by internal organizational opposition and reliance on external funding.
The outsourcing industry of hospitals is highly competitive and involves many main players. However, the medium-sized firms have expanded their market presence by launching new goods and services at low costs, through technical advances and product improvements. Some of the prominent players in the hospital outsourcing market include Sodexo, Cerner Corporation, The Allure Group, Allscripts, Integrated Medical Transport, LogistiCare Solutions, LLC, Flatworld Solutions, Aramark Corporation, Alere, Inc., ABM Industries Inc., and others.
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Medical Affairs Outsourcing Market - Size is expected to reach around US$ 2.65 Bn by 2026, growing at a CAGR of around 10.6% over the forecast period 2019 to 2026
Medical Billing Outsourcing Market is expected to grow at significant CAGR around 11.4% throughout the forecast period and reach around US$ 19.3 billion by 2026
Medical Device Outsourcing Market size in terms of revenue is expected to reach USD 193.6 billion in 2026
In February 2019, as a minority stake, Veritas Capital purchased Athenahealth, Inc, in partnership with Evergreen Coast Capital. It has expanded the facilities provided to hospital and ambulatory consumers by Virence Health, a subsidiary of Veritas Capital.
In July 2019, some IT technologies are being promoted by the Cerner Company and Amazon Web Services (AWS). This is estimated to will administrative expenses and increase physician organization operational performance.
In Jan 2018, Aramark completes acquisition of AmeriPride Services.
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