The healthcare industry has witnessed a huge transformation from principally paper-based and manually-operated procedures to digitally-enabled connected processes and operations in the past few years. Factors such as growing government interventions to encourage technology-driven affordable healthcare services and improving healthcare infrastructure across developing countries have led to a vast rise in the money spent on making core administration in the healthcare sector technologically-rich and more effective. Moreover, rising patient-base across the globe and increasing healthcare spending will drive the need to outsource IT solutions for optimal healthcare management and a greater focus on core administrative operations.
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Rising Demand for Value-based Reimbursement Modules to Drive adoption of IT Solutions in Healthcare
Rising convergence of a variety of digital platforms for managing and processing the ever-expanding healthcare data, continuously changing healthcare reimbursement reforms and regulations, and digitally empowered consumers are collectively making the healthcare administration space increasingly complex. While at one point cost competition is at the peak in the healthcare industry, payers (insurance agencies) are pressing healthcare providers to switch from a volume-based (payment for service) to a value-based reimbursement module (payment for value).
By requiring that healthcare providers deliver services at lowest costs to patients, value-based reimbursement modules entail more financial risks for providers and critically necessitate the effective management of core administrative processes to cut costs. The situation demands a robust IT infrastructure and an integrated platform wherein the payers can streamline workflows for provider contracting and engagement. In the next few years, the increased need for such platforms will emerge as one of the key drivers of technology spending on core administration in the healthcare sector.
Outdated Technology and Applications Discourage Technological Advancements in Healthcare IT Infrastructure
However, the overall global spending on technology for core administration in the healthcare sector is expected to be negatively impacted due to factors such as the presence of outdated technology and applications across several data collection and delivery nodes, continuously changing healthcare reforms, and ever-changing ways of financial transactions.
The inability of healthcare professionals in using complex or time-consuming features in technologically advanced digital healthcare applications is another key factor deterring the adoption of IT solutions for managing core administrative processes in the healthcare sector. The use of IT solutions by health professionals is growing at a steady pace globally, but it is not uniform. A substantial gap exists between the numbers of providers, which is relatively small presently, the number of consumers who actively use the Internet for any purpose, which is on rise at a rapid pace, and the much larger group of patients and healthcare providers that has not used it or cannot use it.