Healthcare IT Outsourcing Market Overview
The convergence of Information Technology and the healthcare industry is not the latest news, however, the notion is constantly subjected to innovations on the technological front. Leading healthcare organizations, as a part of their business digitalization strategy, are moving towards outsourcing their IT wings rather than investing in in-house teams.
Consequently, IT outsourcing services providers are entering the landscape to offer solutions for various healthcare business operations such as pharmacy information, revenue cycle management, electronic health records, inventory management, and laboratory information systems.
Healthcare IT Outsourcing to Come Handy during the Global Coronavirus Crisis
Healthcare organizations around the world are facing unprecedented challenges while ensuring chronic healthcare management as the world is locked down due to the global outbreak of COVID-19. The current situation has amplified the need for technologically advanced and IT-based healthcare systems that can help doctors treat their patients remotely.
As a result, leading players in the global healthcare IT outsourcing market are increasing their focus on offering IT tools that can enable healthcare professionals to monitor health and progress of their patients digitally, while reducing the cost as well as exposure of patients to life-threatening environments outside.
For instance, In June 2020, -MonitorMe™ – a unique medical monitoring program that connects healthcare professionals with at-home patients – announced that it has established a partnership with Harvey Nash/Nash Tech Global – global leader in software development, business process services, and outsourcing solutions, and leading provider of IT outsourcing services.
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Through this partnership, the companies are aiming to offer a mechanism to carry out a real-time health and wellness monitoring program to bridge the gaps between on-staff clinicians, healthcare workers, and at-home patients, especially during the novel coronavirus pandemic.
Cyber Security Threats and Lack of Data Storage Infrastructures Hinder Market Growth
The healthcare industry is taking most of its operations on digital platforms, as the trend of digitalization is booming in this landscape. Through healthcare IT outsourcing services, a majority of leading industry players have implemented a digital business model across the world, where data is becoming one of the most important assets for healthcare businesses.
However, the healthcare industry is largely exposed and vulnerable to ransomware attacks and cyber security breaches. For instance, in April 2020, Cognizant – an American multinational corporation that provides IT services, including digital, technology, consulting, and operations services – was hit by a massive ‘Maze’ ransomware attack.
The attack hit its customers as well, and the company is expected to spend nearly US$ 70 million to recover the damages made by the ransomware. Thereby, the growing cyber threat hovering over the healthcare industry may have a negative impact on the growth of the healthcare IT outsourcing market in the coming years.
Furthermore, through various business operations, the healthcare industry generates massive amounts of data every day, and this makes it highly challenging to track, store, and retrieve data electronically in an efficient way.
Healthcare IT outsourcing services involve different data processing operations in the areas such as patient records, payment records, and remote monitoring systems. Maintaining high levels of business efficiency across these operations without a robust data storage infrastructure may prove to be a big challenge for stakeholders in the healthcare IT outsourcing market.
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