By Baskaran Gopalan
An independent research report recently said the Global Healthcare IT Outsourcing market is expected to generate revenues of around USD 73.1 billion by the end of 2024, growing at a CAGR of around 6.5 per cent, between 2018 and 2024. The increasing dependence on software and Technology-based solutions and strategies to optimise the healthcare business, are factors that are expected to accelerate the growth of the healthcare IT outsourcing market during the said period.
The emergence of IT solutions as a major component in healthcare results from the need to improve the healthcare outcomes and bring down the costs. The healthcare industry has been undergoing tremendous changes with the ever-advancing innovations in computing technologies and their widening use in healthcare.
With digitization, the healthcare outsourcing sector has been transformed in the way it functions, how it processes information and how data is structured in the companies. For instance, the adoption of Electronic Health Records (EHRs) has gained prominence with medical records being stored and accessed digitally. This has been complementing the healthcare sector making it quicker, simpler and cheaper to access medical data and improve patient care. Though IT is catalyzing the overall growth of the industry, data security and privacy will always be a key concern for the outsourcing companies as they are responsible for the healthcare providers' data.
The companies actively working in the segment of data storage and management have to adopt the newest measures to ensure data protection while meeting the set standards and those mandated by law.
The challenge is bigger for healthcare outsourcing partners as they deal with sensitive medical records to process medical coding and medical billing. Once leaked, it can be a huge risk for all stakeholders. Therefore, with the storage and access to patient information becoming digitized and the use of analytics, security and safety of such information have to be in compliance with the various regulations. The healthcare outsourcing partners need to ensure that there are proper strategies to protect sensitive patient data.Read More