What is healthcare industry?
Healthcare industry, more commonly called medical industry, is the name of integrated sectors that provide preventive, curative, rehabilitative, and palliative care to patients. Healthcare industry includes generalization and commercialization of goods and services needed to provide, maintain, and re-establish health. In monetary terms, the healthcare industry is one of the fastest growing and highly profitable ones. For most developed nations, healthcare industry makes up for more than 10% of gross domestic product positioning it as one of the key industries for any economy.
What is in it for businesses?
For management and regulation purposes, healthcare industry is often divided into three subsets, known as hospitals, other medical and dental services related centers, and general human health centers and activities. These three areas are also three separate industries for those who wish to explore business opportunities in the healthcare industry. Related fields like pharmaceuticals, life sciences education and practice, and biotechnology are also some of the business avenues attracting entrepreneurs with the lure of profits, all the while adding to the well being of the population.
The Financial Catch!
If you are considering entering healthcare industry, or are already operating in it, you would find that despite being one of the fastest growing industries, healthcare is under a lot of financial constraints – more so now than ever. Not only the government and regulatory authorities are getting stricter in their laws and requirements, but the general public is also becoming more sensitive to the quality of healthcare they require. This means that the industry players are faced with the constant challenge of keeping their products of high quality while keeping their costs low to compete with the market. One of the strategic tools that have appeared in the recent years is ‘outsourcing’. By way of this method, healthcare industry players take on board external companies to handle the non-core business segments. This is not only helpful in reducing costs, but it also brings a whole set of business benefits.
Benefits of Outsourcing for Healthcare Industry
Truth be told, healthcare industry has become one of the prime drivers of the outsourcing market. The concept and then legislation of ‘affordable healthcare’ really squeezed things for hospitals, clinics, and other healthcare industry related operations in terms of monetary pressures and staying competitive in terms of quality. As a result, following the outsourcing model from other industries, the healthcare industry also turned towards outsourcing certain aspects of businesses to create efficiencies, reduce administrative costs, and maintain the sensitive balance between quality concerns and financial efficiency.
With outsourcing partners on board, the healthcare industry players are not only able to gain efficiencies for their own businesses but also offer important benefits to their customers. In addition, following benefits are also gained:
- Reduced medical costs due to decrease in operational costs
- Improved service standards and more flexibility in healthcare programs offered
- Spare and saved resources to be spent elsewhere for business growth
- Increased customer base due to better and more service packages and consistent services
- Higher customer satisfaction leading to word-of-mouth marketing
- Removal of geographical and time zone limitations improving access to potential markets
Additional Benefits of Outsourcing
Access to Specialists
Healthcare is a sensitive industry, which means that if any service goes wrong, the liability stays with the primary provider and not individual employees or partners. This means that when you engage an outsourcing partner, you gain access to highly qualified professionals with experience ensuring that not only your services are up to the mark, but you are also free from risks of law suits due to malpractices.
Patients’ care can be prioritized
Customer service is half the trick in getting more customers and retaining the existent ones. When you have less pressure for direct services, you can afford to throw in additional services for your clients, such as 24 hours helpline or medical guidance, and can offer personalized healthcare services. This will only make your clients feel more special and stay with you.
How Intersoft BPO can help you with your targets?
Intersoft BPO has expert and licensed medical professionals on board that will not only provide medical assistance and guidance to your clients, but can also add human resources to your packages. The after-medical operations care is also becoming increasingly important in modern day healthcare industry, and Intersoft BPO also has just the right personnel for you. The medical staff and doctors are also equipped with strategy building for your businesses and can come in handy if you need to expand operations, deal with extra workload, or simply wish to provide comfort to your clients by allowing them to meet and consult with medical experts. You can get all these facilities with Intersoft BPO only at a fraction of the cost than hiring each of these professionals full-time.