5 Outsourcing Innovations for the Medical Industry
With the escalated role of technology in our day-to-day lives, the medical industry has seen developed 5 Outsourcing Innovations to increase accessibility, efficiency, and convenience.
Additionally, these novel discoveries have paved the way for outsourcing in the field.
Both have led to improved patient care and reduced costs. This blog explores 5 Outsourcing Innovations in the medical industry and how these relates to your outsourcing endeavors.
The global telehealth industry expanding, projected to be worth $559.52 billion by 2027, with a compound annual growth rate (CAGR) of 25.2% between 2020 and 2027.
It has emerged as a major development in the medical business, allowing patients to access healthcare from long distances.
Accordingly, Medical institutions can expand their reach to far-flung areas, provide virtual consultations, and allow patients to receive specialized treatment when they establish telehealth services.
Virtual Executive Assistants
Another standout that stems from the increasingly digital world is the rise of virtual employees. In particular, outsourced virtual executive assistants have come to the forefront of the medical industry as they prove to be efficient in accomplishing administrative tasks.
You can look to them to accomplish efficient appointment scheduling, document preparation, and email management.
Consequently, this can save medical institutions time and money as reported by Global Workplace Analytics. They share that outsourcing administrative tasks can save up to 78% of non-patient care time, allowing medical personnel to devote more time to direct patient encounters.
Medical Coding and Billing
When you outsource medical coding and billing you can expect boosted efficiency and accuracy.
Virtual employees often possess specialized knowledge to streamline your operations.
Their focus and work ethic surrounding their tasks can contribute to a raise in your finances American Health Information Management Association (AHIMA) affirms this, stating in research that coding accuracy increased by 20% and backlogs decreased by 50% with outsourcing providers.
Health Information Management
Health information management is critical for smooth healthcare operations and regulatory compliance. Outsourcing health information management (HIM) tasks such as EHR management and data analysis can help to assure data accuracy, confidentiality, and accessibility.
Identically, 85% of healthcare organizations reported increased data accuracy and security after outsourcing HIM services, according to a survey performed by Black Book Market Research.
Outsourcing clinical research duties has grown in popularity in medicine, allowing for faster development of medicines and scientific breakthroughs.
Healthcare institutions can speed up the research process while maintaining high-quality standards by outsourcing patient recruitment, data management, and statistical analysis.
Particularly, the global clinical research outsourcing market is expected to reach $64.6 billion by 2027, owing to the increasing complexity of clinical trials and the increased demand for specialized knowledge.
The Bottom Line for 5 Outsourcing Innovations
Outsourcing in the medical industry is continuously improving with technological innovations. Companies have reached unprecedented growth with the rise of accessible internet connections and advanced devices.
Furthermore, with boosted efficiency and convenience that come with telehealth and virtual employees, more experimentation will only add to better customer care. Want to reap the benefits of an evolving global landscape?
Managed Outsourced Virtual Employees or MOVE has got your back. Reach out for more information about how we can provide you with efficient outsourced services.