A survey by Black Book Market Research showed that hospitals must reduce their overall costs by 24% to remain in business.
Thats a sobering forecast for hospital administrators, if not entirely surprising. Those responsible for balancing the books of health care providers have already been scouring every function and process of their business models looking for ways to cut costs.
Traditionally, one of the best ways to slash costs has been to lay off employees. This is becoming increasingly difficult, however, as more people are seeking medical care than ever before thanks to the 2010 passage of the Affordable Care Act. That injected an additional 32 million people into the medical system because now they could obtain health insurance under ACA. The result is that hospitals want to hire more staff, not trim their payrolls.
Thus, one of the best solutions to cutting healthcare administrative costs is to engage healthcare outsourcing services. This will transfer day-to-day administration of financial services and facility management to outside professionals. The latter are considered non-core services for hospitals. A hospitals primary function is to care for patients. Healthcare outsourcing services allow hospitals to focus on their primary function making sick people better.
Even so, the urgent need to cut costs are also driving more outsourcing to clinical functions, as well, according to the Black Book report.
An example of clinical outsourcing functions is diagnostic imaging services that employ teleradiology and medical imaging equipment. That frees hospitals from expending hundreds of thousands of dollars on advanced equipment.
Traditionally, there was a general resistance among hospital administrators to opt for healthcare outsourcing services Now, nearly 98% of hospital administrators are either considering outsourcing or are already moving aggressively forward to embrace it.
A prime example of such a provider is GeBBs Healthcare Solutions. This firm has demonstrated to hundreds of healthcare providers that outsourcing can dramatically cut costs while improving the quality of patient care.
