The Global Hospital Outsourcing Market size is expected to reach $616. 4 billion by 2026, rising at a market growth of 14. 7% CAGR during the forecast period. Hospitals are progressively outsourcing internal activities to third-party service providers to curb the increasing expenses of giving different types of services, focus on the core abilities, and get access to service experts.
New York, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Hospital Outsourcing Market By Services, By Type, By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p05998612/?utm_source=GNW
Alongside the monetary advantages, outsourcing of hospital services promotes access to talented faculty to deal with both clinical and non-clinical duties. The accessibility of experienced and professionally qualified manpower is significant in the healthcare area because it is a people-driven industry. Intricacy and absence of expertise in revenue prove management, payroll processing, central supply management, and home care services are the leading elements boosting the market over the forecast period. Notwithstanding, the increasing concern for data security, social, and language hindrances are anticipated to limit the development of the market for hospital outsourcing over the forecast period.
Currently, the hospital industry is seeing an increase in the outsourcing of in-house services attributable to the government order to deploy Electronic Medical Records (EMR), expanding healthcare expenses, and deployment of complex ICD-10 coding frameworks. Expanding patient flow and the rising pressure of medical cycles, for example, insurance qualification and records of patient registration are anticipated to drive the development of the market.
Moreover, Hospitals outsource their internal activities to third-party service providers as it permits healthcare experts to concentrate on the requirements of patients and deliver quality care. Non-clinical services that are regularly outsourced are facility management, cooking, laundry, and home care staffing.
The launch of the value-based care reforms has expanded pressure on the healthcare offices to offer low-cost care and decrease inpatient volumes in the offices. To keep up benefits in such a situation, hospitals are outsourcing their services to decrease cost consumption.
Based on Services, the market is segmented into Healthcare IT, Clinical services, Business services, Transportation services and Other Services. Based on Type, the market is segmented into Private and Public. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AllScripts Healthcare Solutions, Inc., 3M Company (3M Health Information Systems), TriMedx, LLC (Aramark Healthcare Technologies), Abbott Laboratories, ABM Industries, Inc., Sodexo S.A., Flatworld Solutions Pvt. Ltd., Integrated Medical Transport LLC, The Allure Group, and The Providence Service Corporation (LogistiCare Solutions, LLC).
Strategies deployed in Hospital Outsourcing Market
Jan-2020: Allscripts Healthcare extended its partnership with PIH Health, a healthcare system based in Whittier, California. Following the expansion, PIH broadened its solutions, services and outsourcing engagement with Allscripts through 2025. The partnership between PIH Health and Allscripts helped drive comprehensive care for our patient communities for nearly two decades.
Sep-2018: LogistiCare Solutions completed the acquisition of Circulation, Inc., a company that provides customizable digital platform to coordinate non-emergency transportation for all areas of healthcare. The acquisition advanced the Company’s central mission of reducing transportation as a barrier to healthcare.
Sep-2017: ABM acquired GCA Services Group, a leading provider of facility services in the education and commercial industries. This acquisition accelerated its Vision by creating a broader platform upon which it can grow profitably and further distinguish as an industry-focused solutions provider.
Feb-2017: LogistiCare announced its partnership with a ride-sharing company, Lyft. The partnership improved LogistiCare’s capacity for ensuring transportation services for its commercial, Medicare and Medicaid plan members by allowing clients to request Lyft services through LogistiCare’s commercial, state and managed care organization clients.
Dec-2016: Sodexo partnered with Alliance HealthCare Radiology, a division of Alliance HealthCare Services, Inc. The partnership created a fully integrated asset management lifecycle solution beyond the basic offering currently provided by the market.
Jul-2016: Aramark integrated multiple systems into a new web-based platform, FacilityFit. FacilityFit was designed for helping hospitals and healthcare facilities in driving efficiency and predictability and improving the patient experience through better management of functions that touch patients every day, like room cleaning, heating and cooling, and building maintenance.
Scope of the Study
• Healthcare IT
• Clinical services
• Business services
• Transportation services
• Other Services
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• AllScripts Healthcare Solutions, Inc.
• 3M Company (3M Health Information Systems)
• TriMedx, LLC (Aramark Healthcare Technologies)
• Abbott Laboratories
• ABM Industries, Inc.
• Sodexo S.A.
• Flatworld Solutions Pvt. Ltd.
• Integrated Medical Transport LLC
• The Allure Group
• The Providence Service Corporation (LogistiCare Solutions, LLC)
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