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Outsourcing in Healthcare Industry (Name) (Tutor’s Name) (Date) Outsourcing in Healthcare Industry Introduction Today many healthcare organizations recognize outsourcing as the best strategy to cut down their capital expenditure and to address challenges like labor shortage…
In addition, rapid changes in technological advancements force the healthcare organizations pace with the latest changes. Outsourcing is a better way to minimize risk factors in terms of technology evaluation and result accuracy. Many healthcare professionals believe that the outsourcing approach in the healthcare sector would deliver quality services to beneficiaries and thereby improve patient safety. This paper will discuss several aspects of the outsourcing practice in healthcare industry and suggest best practices that can make outsourcing effort successful. Prevalence and Trends The practice of outsourcing is extremely prevalent in the healthcare industry and admittedly, this trend is growing dramatically. US healthcare system is the most expensive in the world. As Pear (2004) reports, the US’ healthcare spending accounts for nearly 15% of its GDP whereas most other developed nations spend only 7-10% of their GDP in healthcare. The increased healthcare expenditure forces the country to adopt low cost and efficient options like outsourcing in order to cut down its spending. An aging population in the US not only increases the demand for healthcare but also leads to a paucity of available experts. In addition, the medical transcription (MT) industry has undergone tremendous changes over the past few years. ...
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