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Health Care Provider and Hospital Outsourcing Market Size and Expansion Rate Projections

01 Health Care Provider And Hospital Outsourcing Market Size

How Outsourcing Helps Health Care Teams Succeed

Outsourcing can offer dramatic benefits to health care organizations. Our technology solutions, for example, can help you offer a seamless experience with end-to-end resources throughout the patient journey. Other outsourced tasks might include billing or home health services. Like technology, they can help reduce staffing requirements and improve quality. But these benefits all depend on working with trustworthy partners.

Research shows outsourcing in hospitals and health care organizations is gaining traction. Globally, analysts predict a compound annual growth rate (CAGR) of 15.8% between 2021 and 2022, from just over $281 billion to almost $326 billion. By 2026, experts forecast a CAGR of 12.8%, reaching a value of $526.86 billion.

This field has a lot of potential, so let’s explore how it can help health care organizations and what you need to know about choosing a partner.

Key Results of the Black Book Survey

Black Book Market Research surveyed 3,444 health care clients benefitting from outsourced services over seven months. Some vital results the poll uncovered include:

  • Ninety-eight percent of respondents plan to devote more spending to strategic outsourced partnerships.
  • More health care outsourcing companies are developing specialized niche services and bundles geared to hospitals, health plans and providers’ unique needs.
  • Nearly 80% of respondents had high confidence their vendor partnerships didn’t pose risks to patient care quality.
  • Across 30 service categories, 88% of polled organizations indicated high satisfaction with their vendors — these companies conveyed that their outsourcing partners exceeded expectations for service levels during the survey period.

3 Benefits of Outsourcing in the
Health Care Industry

Outsourcing delivers numerous benefits to the health care industry.

Significant Cost Savings

Cost savings ranks high among the primary advantages health care outsourcing provides. Organizations can minimize their spending on essential operations like IT while enjoying access to highly specialized knowledge and experience. With these cost savings, they can increase investments in other areas, like upgrading patient access and outdated equipment.

Specialized Health Care Solutions

Highly specialized services solve unique industry needs and complex workflows to improve revenue. For example, automated digital insurance verification and validation solutions help reduce health plan claim rejections and denials. Similarly, pre-arrival tools like automated reminders increase the chances of patients keeping their appointments. Partnering with the ideal vendor can translate directly into a healthier bottom line.

Better Focus on Patient Care

Your organization positions itself to gain many efficiencies through outsourcing. That’s especially true in service categories where the landscape changes rapidly. By outsourcing, you leverage your vendor’s assets and expertise instead of adding responsibilities to an often already overwhelmed staff — your team can focus on its core mission of delivering world-class patient care.

02 Responsive Treatment Options

While outsourcing does have some disadvantages, you can mitigate most of them through a strong vetting process and a reputable partner with proven results. Look for someone with policies and procedures that align with your values and can offer your patients the best experience from start to finish. You’ll also want a partner with dedicated implementation resources who can manage the process for you.

Health Care Revenue Cycle Management Outsourcing

Health care revenue cycle management (RCM) includes many different parts of the patient’s journey, and you can outsource it to an experienced provider. A revenue cycle strategy is crucial for value-based care and a positive end-to-end patient experience, spanning nearly every interaction with your organization, from patient intake to patient payment. Doing it in-house usually requires a large team to manage these varying touchpoints while maintaining compliance and minimizing errors.

Some examples of tasks that can fall under health care revenue cycle outsourcing include:

  • Creating estimates and verifying insurance eligibility
  • Collecting payments either before or after appointments
  • Issuing statements
  • Providing self-pay options, such as mobile pay or a patient portal
  • Calling patients to collect unpaid bills
  • Helping patients make payments, understand bills, etc.

With health care’s evolving payment landscape, dedicated RCM professionals can help you respond to challenges with a suite of fully integrated tools. Millennia, for instance, uses a comprehensive solution to intelligently automate patient engagement. We reduce the demands placed on your staff while improving the patient experience for better cash flow and compliance.

The benefits of outsourcing revenue cycle management include everything from strengthening your relationships with patients to improving cash flow. Outsourcing your revenue cycle management strategy allows the experts to tackle these processes for optimal results so your team can focus on what it does best.

Outsource Your Revenue Cycle Management Processes With Millennia and Increase Your Revenue

Hospitals and medical groups are looking for ways to reduce costs and fill staffing gaps by implementing value-based care programs. Outsourcing is a strategy that can result in financially healthier organizations. At Millennia, we make increasing patient revenue a seamless part of your workflow.

Millennia Patient Payment Solution combines our popular Millennia Patient Payment Solution  and Pre-arrival Module solutions for a comprehensive way to manage your revenue cycle and patient engagement. Our tools work with your existing health information systems to:

  • Increase digital engagement: Provide patients with interactive technology that’s a joy to use to enhance adoption and save time.
  • Boost provider revenue: Capture more patient payments faster with solutions that maximize payment processes and options.
  • Create enjoyable patient journeys: Impress patients with a seamless digital experience to encourage their loyalty.

Learn how our solutions can help you achieve a 100%-300% increase in self-pay revenue while integrating with your current technology.

Request a consultation for more information.

Learn how Millennia can help you increase revenue!