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.

A third-party Black Book Market Research LLC survey offers insights into why the market is growing.

Key Results of the Black Book Survey

Black Book 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.

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 With these cost savings, they can increase investments in other areas, like upgrading patient access and outdated equipment.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.

Millennia Complete Is Your Total Revenue and Engagement Solution

Millennia Complete combines our popular Millennia Recover and Millennia Access 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.

Outsource Your Revenue Cycle Management With Millennia

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.