The healthcare industry has transformed manifold in recent years. Thanks to digital technologies, all aspects of the medical field have improved and enhanced. Patient information can now be captured, stored, and shared electronically using Electronic Health Records (EHRs). Remotely located patients can be seen and treated through telemedicine. Appointments can be scheduled online, and medication refill requests can be filed electronically through patient portals.

The question then is, how can a medical provider keep up with the pace of continually changing technologies in a healthcare setting? And how can he take care of the complicated privacy laws and regulatory requirements in different states? Many practices have resorted to outsourcing their IT services such as, orthopedics billing and coding to a knowledgeable partner.

A Rise in IT Outsourcing Trend

Outsourcing is the reliance on external sources for manufacturing components and other value-added services. Hence, IT outsourcing is a fundamental strategic decision to reject the internalization of IT services and instead rely on an independent external partner for it. IT outsourcing in a healthcare setting then typically refers to the shift from purchasing or leasing healthcare software as a product to buying application service on demand from the clientele. The key drivers of this phenomenon are efficient in terms of operational effectiveness, knowledge leverage in terms of innovation, and responsiveness in terms of focused patient targeting.

Outsourcing of health IT is a rising trend across the globe and recent IT outsourcing statistics proves it. According to a recent Black Book Research survey, 73 percent of healthcare systems with more than 300 beds, and 81 percent of healthcare providers with less than 300 beds, are shifting their focus to outsourcing IT services. The primary reasons cited for this strategic decision include access to expert IT staff and the latest technology, easing off physician burdens, and redirecting focus to seeing and treating patients.

Why Outsource IT?

There are several reasons why healthcare providers are looking for outsourcing companies to handle their IT functions.

• IT is a non-core function in healthcare organizations. Hence outsourcing in healthcare helps the providers to focus on their core competencies and business processes, that is, delivering quality care.
• It gives access to professional and skilled personnel from the industry.
• It helps avoid significant capital investments in IT software and hence frees up cash flows for the practice.
• It improves financial ratios by transferring assets to suppliers and hence increasing the practice’s Return on Investment (ROI).
• It provides a means to attain a competitive advantage by increasing productivity in all practice process areas.
• It highlights the real cost of shadow IT units and hence brings better control over these costs, which typically represent a hidden burden of 20% of IT budgets.

Improved ROI

Improved ROI is perhaps the most widely celebrated benefit accruing from outsourcing health IT services. According to a Black Book Research survey, 90 percent of the respondents reported that they were at, or near, a full ROI within three months or less of their outsourcing decision. On the contrary, when the same function is handled in-house, the costs incurred are alarmingly high. At the same time, there are also concerns of over-burdened staff, employee turnover, and additional headcount requirements. Therefore, positive ROI can be achieved by outsourcing the IT function to a reliable third party with substantial expertise to make your processes more efficient.

How can CureMD help?

CureMD has remained committed to offering reliable and state-of-the-art healthcare IT solutions for over 25 years. These solutions enjoy a proven track record of helping practices run efficiently and effectively. Using evidence-based and time-tested technologies, CureMD provides flexible technological systems that can be customized for every practice’s needs and budgets. CureMD offers a variety of health IT services, including Electronic Health Record (EHR), Electronic Record Management (EMR), dedicated patient portals, telemedicine solutions, and medical billing software. Finding the right IT solution for your practice can help you concentrate on serving your patients with more efficiency and efficacy.