Hospital Outsourcing Market: Current Analysis and Forecast (2022-2028)

The hospital outsourcing market has captured significant market demand and is expected to grow at a CAGR of 11% during the forecast period. Hospital outsourcing is a growing and effective approach that the medical industry can use to control the rising costs and complexity of providing services like billing services, staff management, and transcription. Third-party outsourcing market players provide better management of one or more of a healthcare organization's business, clinical, or hospitality services with outsourcing. Moreover, the hospital outsourcing market is anticipated to witness a lucrative growth rate during the forecast period due to factors such as increasing patient pool in the hospitals an increase in the outsourcing of in-house services such as medical billing and IT services, increasing healthcare costs, and implementation of complex ICD-10 coding systems. For instance, according to Forbes Media LLC., the number of codes in the WHO version of IDC-11 given that the US version also includes treatment codes and has previously included a larger number of diagnostic codes as well. ICD-11 has over 55,000 diagnostic codes, four times the number of diagnostic codes contained in the WHO's ICD-10.

Some of the major companies operating in the medical coding market include Accenture plc, Allscripts Healthcare Solutions Inc., McKesson Corporation, Tata Consultancy Services Limited, Wipro Limited, Optum Inc., Dell, Cognizant, Siemens AG Company, ABM Industries Inc.

Insights Presented in the Report:

"Amongst service, clinical services category is expected to witness considerable growth during the forecast period"

Based on service, the market has been categorized into healthcare IT, clinical services, business services, transportation service, and others. Amongst these, the clinical services category is expected to witness considerable growth during the forecast period. This is mainly due to the rising patient pool in the hospitals or digitalization in the healthcare sector attracts the hospital outsourcing market mainly due to complexity and lack of expertise in revenue cycle management, payroll processing, central supply management, and home care services. For instance, as per the American Hospital Association (AHA) Hospital Statistics 2021 report, around 36,241,815 admissions were reported in all the hospitals in the United States in 2020. There is a high demand for medical billers and coders in the market studied. Hence these key factors will contribute to the growth of the hospital outsourcing market during the forecast period.

"Amongst type, private category held a significant share in 2020"

Based on the type, the market has been categorized into public and private. Among them, the private category is expected to witness a significant growth rate in the hospital outsourcing market. This is mainly due to, private hospitals & clinics seeing an upsurge in outsourcing in-house activities because of the mandatory government rules of keeping up with electronic medical records (EMR). Besides, rising patient flow, rising healthcare costs, and increasing burden of many processes like keeping up with records of patients' registrations and check-outs and insurance-related records are the different issues for which hospitals & clinics are progressively outsourcing their in-house administrations. Consequently, the rising demand for outsourcing services in hospitals is altogether adding to the development of the worldwide hospital outsourcing market. For instance, in July 2019, Cerner Corporation and Amazon Web Services (AWS) partnered to drive healthcare IT innovations. This is expected to lower operational budgets and improve clinical efficiency for healthcare organizations.

"North America to witness significant growth during the forecast period"

For a better understanding of the market, the report provides a detailed analysis of major regions and countries including North America (U.S., Canada, Rest of America); Europe (Germany, U.K., France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific) and Rest of World. In 2020, North America accounted for a significant market share. North America is attributed to various factors such as growing patient volume due to the COVID-19 pandemic, and growing adoption of EHRs. As hospitals are adopting the paperless working system in developed countries such as the U.S., there is a huge inflow of patient data. Moreover, many hospitals are hiring third-party service providers for business services, transportation services, or a large amount of data management in the healthcare sector driving the growth of the market in the region during the forecast period. For instance, according to the Office of the National Coordinator for Health Information Technology (ONC), 86% of non-Federal general acute care hospitals had adopted a 2015 Edition certified electronic health record (EHR).

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Deep dive regional level analysis of the industry.

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