Market Research Report
Hospital Outsourcing Market Size, Share & Trends Analysis Report By Services (Healthcare IT, Clinical Services, Business Services, Transportation Services), By Type (Public, Private), By Region, And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||968622|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|Hospital Outsourcing Market Size, Share & Trends Analysis Report By Services (Healthcare IT, Clinical Services, Business Services, Transportation Services), By Type (Public, Private), By Region, And Segment Forecasts, 2020 - 2027|
|Published: October 15, 2020||Content info: 100 Pages||
The global hospital outsourcing market size is expected to reach USD 679.2 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.4% from 2020 to 2027. Hospitals are increasingly outsourcing internal activities to third-party service providers to control the rising costs of providing services, focus on the core competencies, and avail access to service professionals.
Along with the financial benefits, outsourcing of hospital services promotes access to skilled personnel to take care of both clinical and non-clinical responsibilities. The availability of experienced and professionally qualified manpower is very important in the healthcare sector as it is a people-driven industry.
In the hospital industry, patient satisfaction mainly depends on the human touch and the services offered by the staff. Hence, the hospitality aspect plays a vital role, and finding clinically qualified labor with essential soft skills is a task, thus requiring external assistance.
In addition, hospitals outsource their internal activities to third-party service providers as it allows healthcare professionals to focus on patient needs and deliver quality care. Non- clinical services that are routinely outsourced are facility management, catering, laundry, and home care staffing.
The introduction of the value-based care reforms has increased pressure on the healthcare facilities to offer cost-effective care and reduce inpatient volumes in the facilities. To maintain profitability in such a situation, hospitals are outsourcing their services to reduce cost consumption.
However, lack of control, continuity, dependency, long turnaround than in-house, and limited commitment to client organizations are a few challenges being faced by the market, which are expected to impact its growth over the forecast period.