This article will discuss the background of medical outsourcing in India, its benefits, the top global outsourcing companies in India, and the future of medical outsourcing in India.
Medical outsourcing is the practice of outsourcing certain healthcare services and functions to an external third-party organization, often located in another country. The medical outsourcing services plays a key role in the health care industry as they provide various services that increase the efficiency, reduce costs, and provide better patient care. Furthermore, such outsourcing can help hospitals and health care industries reduce the administrative work and focus on the patient care.
Traditionally, healthcare organizations typically outsourced support services such as housekeeping, laundry services, food services. In recent times, companies have started outsourcing more technical services typically to an abroad outsourcing company. The main reasons for outsourcing are to save time, money and effectively manage their resources. The healthcare outsourcing industry today handles a variety of tasks such as processing hospital records, prescription records, clinical and healthcare records, medical transcription, medical billing, medical coding, medical claims, medical accounts receivable, charge entry in medical billing, healthcare revenue cycle management, payment posting, pre-certification and insurance verification, account and billing details, and related services. Some of the companies also provide a platform for medical professionals to network and collaborate with other healthcare professionals.
There are several medical services that are commonly outsourced to India. These include diagnostic and laboratory services, pathology, radiology, and genetic testing, clinical research, medical treatment for special medical procedures and surgeries. India is also a major hub for outsourcing of pharmaceutical manufacturing and distribution, with many major international pharmaceutical companies outsourcing their production to India (Kumar, S (2017).
Hospitals and primary healthcare centers can be benefited by contract out the administrative tasks, the patient benefits by ease of operations across the functions right from checking into a hospital, primary diagnosis to discharge. In addition, they can help to reduce administrative overhead, reduce the time it takes to complete tasks, and provide higher quality services. For these reasons, medical outsourcing companies in India will continue to be a valuable resource for the healthcare sector in the future. This is largely due to the increasing demand for medical services and the availability of qualified personnel. These companies provide a more economical and efficient way to access medical care.
The rise of medical outsourcing companies in India has been a major benefit for the country in recent years as it provided employment and contributed to Indian economy. The outsourcing companies in India are uniquely positioned with government support from various states. Outsourcing field has evolved exponentially during the last years in India, from low-end claims processing to advance analytics operations Ahluwalia, S (2017). The US and other countries industries have been outsourcing its insurance, medical billing, data analysis, software, and functions to Indian companies. Outsourcing medical services to India has become an attractive option for healthcare companies abroad as India benefits from having vast talent pool, proficiency in the English language, state of the art infrastructure, flexible and cost-efficient business models
It is one of the most outsourced industries. Its administration is the most outsourced sector as providers continue to place more emphasis on electronic health records (ehrs) and data management, operations management, asset management, and invoicing. In recent years, however, outsourcing has soared beyond it. Laboratory services (such as pathology and microbiology), pharmacy, radiography, dialysis, MRI, nuclear medicine, mental health services, physical therapy and rehabilitation, speech and language therapy, medical tourism, and home care are now commonly being outsourced. In addition, non-clinical outsourced services now include food, ambulance service, procurement, security, and other services.
The Indian companies have a strong presence in the medical outsourcing market and works with several major international pharmaceutical companies. The top global outsourcing list from Outsource Accelerator over 3,000 BPO firms located in countries all around the world. Outsource Accelerator list also contain top BPO outsourcing lists per country, top 20 healthcare outsourcing companies in India include Fusion BPO Services, WNS Global Services, FinThrive Global Solutions (E4e Healthcare Business Services), VSynergize, Access Healthcare, Promantra, Anion Healthcare Services, BOSS Healthcare, Mediscript, AGS Health, Medryte Healthcare Solutions, Firstsource Solutions, Genpact, ARDEM Incorporated, Outsource2India, I-conic Solutions, Login Services, Medphine, and Athenahealth Technologies India. Other top service providers such as
Medical outsourcing companies in India have also led to the advancement of new technologies that have made healthcare more affordable and accessible. Telemedicine technology has enabled healthcare professionals to provide medical consultation to patients in the remote areas of the country. Likewise, medical apps have enabled healthcare professionals to easily monitor and process patients’ health data in real time.
Advantages of outsourcing:
We’ve outlined some key advantages of outsourcing.
Efficient management of core functions: For example, outsourcing HR services can help companies with competent human resource management and advance assistance. The outsourcing can include design of employee manuals and handbooks, recruiting and training staff, among the other services. The outsourcing typically also includes a software that allows the companies to keep track of employee’s vital information.
Low Cost: Outsourcing provide access to qualified professionals and industry experts at low cost and help maximize effectiveness and productivity in an organization.
Compliance check: Ensure compliance with all applicable laws and meet industry and regulatory body requirements, reduce the risk of compliance issues. To enable error-free workflows across the functions and sites of a company.
Access to skilled professionals: Access to wide range of expertise with varying job roles to assist a company’s growth.
However, there are several limitations for a successful outsourcing, often technology compatibility is an issue and can lead to delays and errors during the collaboration. The data security is another concern, since the client company and the outsourcing company are in different countries this might lead to a different legal framework to adhere for data quality and processing workflows. Another challenge is the concern about the quality of care provided by healthcare outsourcing companies in India, especially if the company is in a country with less stringent regulations or lower quality standards. There may also be legal issues involved in outsourcing medical services to another country, including issues related to liability and patient privacy. Lastly, any outsourcing company must meet the expectations of the companies which is not always straightforward.
Outsourcing has one of the biggest drawbacks, which is that it produces undesirable results. When a company employs a third-party supplier to bulk produce a product. This is also true, if the finished products don’t meet quality requirements, the manufacturing process should be rescheduled by a different supplier.
Outsourcing involves a lot less securing control. When compared to managing your private staff, it can be difficult to manage the outsourcing company. Outsourcing can be more costly, too. It’s usually cheaper to keep a task in-house rather than outsource it.
The global healthcare IT outsourcing market is projected to reach $ 61 billion. As the healthcare sector continues to evolve in the future, the demand for medical outsourcing companies in India is expected to rise as well.
The demand for medical outsourcing companies in India is expected to grow in the future, as the healthcare sector continues to evolve. With the advancements in technology and the increasing need for cost-efficient services, medical outsourcing companies in India will be essential providers of healthcare services
In 2019-2020, India holds about 55% of the market share, accounting for US $ 200-250 billion, and accounts for 8% of GDP. By 2025, India’s IT and business services industry is projected to reach $19.93 billion US dollars, and its spending in India is projected to reach $100 billion in 2022.
In conclusion, the rise of medical outsourcing companies in India has been a major boon for the country. It has allowed more people to access quality medical care at reduced costs, improved the quality of healthcare services in the country, and helped to increase the competitiveness of the Indian healthcare industry. These benefits have been essential for the country’s economic development and overall health of the population. Outsourcing is a high-leverage activity when done right.
Ahluwalia, S. (2017). Medical Outsourcing Companies in India. Retrieved from https://www.b2binfosys.com/blog/medical-outsourcing-companies-in-india/.
Biswas, A. (2019). Healthcare Outsourcing in India: What’s driving the growth? Retrieved from https://blog.euromonitor.com/healthcare-outsourcing-in-india-whats-driving-the-growth/
Fusion BPO Services (2021). What are the Benefits of Medical Outsourcing? Retrieved from https://www.fusionbposervices.com/blog/what-are-the-benefits-of-medical-outsourcing/
Kumar, S. (2017). What are The Benefits of Medical Outsourcing Companies in India? Retrieved from http://www.omni-med.com/what-are-the-benefits-of-medical-outsourcing-companies-in-india/.
Medical Outsourcing. (2018). Benefits of Medical Outsourcing. Retrieved from https://www.medicaloutsourcing.com/benefits-of-medical-outsourcing/
Outsource Accelerator (2021). The Best Healthcare Outsourcing Companies in India. Retrieved from https://outsourceaccelerator.com/top-outsourcing-companies/india/healthcare-outsourcing-companies-in-india/
WNS (2021). The Benefits of Healthcare Outsourcing. Retrieved from https://www.wns.com/en-us/solutions/healthcare-outsourcing-benefits.
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