- Dec 11, 2023
When dealing with the minute details of healthcare, professionals tend to find non-core medical activities repetitive and cumbersome. For this reason, outsourcing is a concept that has already been introduced in the healthcare field. Healthcare organizations outsource processes like handling medical records, utility maintenance, housekeeping, inventory management, revenue cycle management (RCM), and other procedures vital to running their establishment.
The global hospital outsourcing market reached $312 billion in 2022 and is expected to exceed $873.97 billion by 2032, expressing a CAGR of 10.9% during the forecast period from 2023 to 2032.
What Is Healthcare Outsourcing And Why Do Healthcare Companies Choose To Outsource?
Healthcare outsourcing allows third-party organizations to manage non-core tasks like coding, billing, transcription, and data entry. Doing so saves healthcare companies time and energy that they can utilize for essential services.
Healthcare companies may find several of the processes they do to be highly time-consuming and repetitive. This might bring down their productivity and effectiveness. To avoid this, outsourcing seems to be a viable solution. By outsourcing such processes, healthcare providers can invest their time in the facilities that they are meant for.
Top 12 Healthcare Outsourcing Companies in the US
Learning about these companies is essential before choosing. You need to know the intricacies of the companies placed at the top for US healthcare outsourcing before deciding which to partner with. Let’s look at each company’s ‘vitals’ and the services they offer:
1. McKesson Corporation
About the company: McKesson Corporation circulates pharmaceuticals and provides health information technology, medical supplies, and care management tools. It is a public company centered in Irving, Texas.
Services offered: McKesson distributes supplies and pharmaceuticals to healthcare organizations using advanced technology, including bar-code scanning, RFID tags, and pharmacy robots.
Website: Mckesson
Industry: Healthcare
Revenue: $276.71 billion
2. IBM
About the company: International Business Machines Corporation (IBM), nicknamed Big Blue, is a public multinational technology corporation headquartered in Armonk, New York.
Services offered: Fueled by AI, IBM’s advanced healthcare solutions improve patient care and operational efficiency.
Website: IBM
Industry: Information technology
Revenue: $60.53 billion
3. IQVIA
About the company: IQVIA was formed in 2016 by uniting IMS Health and Quintiles, combining data and analytics to produce a prominent global contract research organization (CRO). Its headquarters are in Durham, North Carolina. As a mark of respect, the company honors the merger in its name: IQVIA: I (IMS Health), Q (Quintiles), and VIA (using).
Services offered: IQVIA offers services related to biopharmaceutical development, investment strategy, professional consulting, marketing strategy, management consulting, and commercial outsourcing (mainly focused on Phase I-IV clinical trials and the laboratory and analytical services related to them).
Website: IQVIA
Industry: CRO, pharmaceutical service, AI, IT, consulting
Revenue: $15.4 billion
4. AthenaHealth
About the company: AthenaHealth is a private company established in San Diego and headquartered in Boston, Massachusetts. It offers network-enabled services and point-of-care mobile applications for the healthcare industry.
Services offered: AthenaHealth’s medical outsourcing solutions include RCM, care coordination, patient engagement, and telehealth.
Website: AthenaHealth
Industry: Healthcare technology
Revenue: $5.7 billion
5. Genpact
About the company: Genpact is an Indian professional services firm with legal location documentation in Bermuda. It is headquartered in New York City, New York.
Services offered: Genpact deals with a wide range of pharmaceutical services. These include, but are not limited to:
- Procurement and accounts payable processing
- Analytics
- Enterprise performance management
- Record to report (R2R) processing
Website: Genpact
Industry: Professional services, information technology consulting
Revenue: $4.37 billion
6. R1 RCM Inc.
About the company: R1 RCM, headquartered in Murray, Utah, is an RCM firm that provides services to hospitals, healthcare systems, and medical practices nationwide.
Services offered: R1 RCM Inc. provides comprehensive RCM solutions that cover every stage of the process, from initial registration to final payment. They also provide customized services tailored to specific areas within the revenue cycle, such as pre-registration, financial clearance, debt collection, coding, billing, follow-up, and denials management.
Website: R1 RCM
Industry: Healthcare
Revenue: $2.21 billion
7. Veradigm
About the company: Veradigm, also recognized as Allscripts Healthcare Solutions, Inc., is a publicly traded institution headquartered in Chicago, Illinois.
Services offered: Veradigm provides healthcare organizations with practice management and electronic health record (EHR) technology. It also offers products related to patient engagement, care coordination, and financial and analytics technology.
Website: Veradigm
Industry: Information technology
Revenue: $1.5 billion
8. CareCloud
About the company: CareCloud Inc. (formerly MTBC) is a publicly traded American healthcare company providing services to healthcare providers. Its headquarters are in Somerset, New Jersey.
Services offered: CareCloud offers a software-as-a-service (SaaS) platform, which includes business intelligence, practice management (PM), robotic process automation (RPA), patient experience management (PXM), electronic health record (EHR), RCM, telehealth, and solutions for high-performance medical groups.
Website: CareCloud
Industry: Healthcare IT
Revenue: $139 million
9. Access Healthcare
About the company: Access Healthcare is based in Dallas, Texas. Since 2011, it has been a trusted partner to healthcare institutions, providing revenue cycle solutions to enhance clinical outcomes, improve financial performance, and optimize operations.
Services offered: Technology and user importance drive the company’s transformation of healthcare providers, yielding efficient, top-of-the-market clinical, administrative, and financial results.
Website: Access Healthcare
Industry: Business services
Revenue: >$77 million
10. GeBBS Healthcare Solutions, Inc.
About the company: GeBBS Healthcare Solutions’ global headquarters is in Culver City, California. With innovative technology and a robust global workforce, it is a KLAS-rated authority on RCM services and risk adjustment solutions.
Services offered: GeBBS Healthcare Solutions resolves medical billing and coding difficulties using cost containment measures while embracing overall business operations.
Website: GeBBS
Industry: Medical billing and coding, RCM coding, healthcare coding services
Revenue: >$77 million
11. Kareo
About the company: Kareo, headquartered in Irvine, California, is an all-inclusive cloud platform that optimizes business operations.
Services offered: Kareo provides modules and seamless integration for customized healthcare-related tasks. It encompasses clinical, managed billing, and user engagement solutions.
Website: Kareo
Industry: Software development
Revenue: $70 million
12. AdvancedMD
About the company: AdvancedMD, headquartered in South Jordan and Utah, specializes in cloud medical software for ambulatory medical practices.
Services offered: AdvancedMD provides medical services such as credit card processing, patient messaging, managed billing services, clearinghouse, and telemedicine.
Website: AdvancedMD
Industry: Healthcare technology
Revenue: $39.6 million
Conclusion
Outsourcing is the solution to the complexities faced by healthcare providers. Outsourcing non-core tasks allows healthcare providers to take care of critical functions, driving growth through cost savings, improved efficiency, and enhanced patient care. The details of the top healthcare outsourcing companies in the US are right here. Identify the company that best suits your needs and move towards progress.
