Market Trends of Healthcare Consulting Services Industry
Hospitals Segment Expected to Hold a Significant Share in the Healthcare Consulting Services Market During the Forecast Period
- Hospitals are digitalizing their business practices in IT security services, support services, resource planning, IT infrastructure management, mobile computing, and cloud-based solutions. With scalable operations, healthcare providers have witnessed increased revenues in the healthcare consulting services market.
- IT consulting in hospitals can help achieve a more significant and continuous flow of information within a digital healthcare infrastructure. Outsourced IT consulting services include analytics dashboards, development and maintenance of clinical platforms, network optimization services, IT procurement, and cloud services.
- Rising partnerships among hospitals and healthcare consulting firms are anticipated to increase the demand for IT consulting services to sustain hospital revenue growth and thereby boost segment growth. For instance, in October 2023, Cura, a virtual healthcare solutions provider, partnered with the Saudi German Hospital Group to revolutionize patient access to healthcare services. This partnership allows patients to utilize various healthcare services, including online consultations, remote monitoring, and health information exchange integrated across all Saudi German Hospital Group locations.
- Furthermore, the hospitals are also taking support for revenue cycle management, enterprise resource planning (ERP) support service, and population health, which are also anticipated to contribute to the market’s growth. In addition, the transition from fee-for-service (FFS) to value-based care is increasing the pressure on healthcare providers. Thus, hospitals are anticipated to hold a significant market share during the forecast period.
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North America Holds a Significant Share in the Market and is Expected to Continue the Same During the Forecast Period
- The market’s growth in North America is attributed to changes in medicare payments and regulations. As a result, healthcare providers are increasingly dependent on healthcare IT consulting companies.
- Furthermore, with regulatory reforms in the United States, there is increased competition among payers for cost savings and customer satisfaction. Healthcare payers and providers are undergoing technological transformation as they are applying novel operating models that need IT support from consulting firms.
- According to data published by the United States Department of Health and Human Services in 2024 in the form of an Annual Performance Plan and Report, the number of participants served by the state/jurisdiction maternal, infant, and early childhood home visiting (MIECHV) program in FY2023 was 164,470 compared to 188,067 in FY2024. Thus, the increase in maternal, infant, and early childhood visits fuels the demand for maternal, fetal, and infant care, boosting the growth of the healthcare consulting services market.
- In addition, in the United States, government funding programs that provide healthcare services like the Centers for Medicare and Medicaid Services for people aged 65 years and older, as well as some people with disabilities working in partnership with the state governments, are likely to boost the market.
- Rising partnerships among healthcare consulting firms in the home healthcare domain are anticipated to propel the market’s growth. For instance, in March 2024, Brinster & Bergman entered a partnership with Gary Carpenter and Associates, a home healthcare consulting firm, to assist home healthcare agencies with strategies for exploring state regulatory and tax laws.
- Moreover, small and big healthcare providers are outsourcing healthcare consulting services to third-party providers, as they cannot handle all the complex changes in the healthcare system. With innovative approaches, such as data security and analytics, healthcare providers benefit by improving the experience of patients and, therefore, gaining increased revenues. This is likely to contribute to the growth of the healthcare consulting services market in North America.
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