Healthcare It Consulting Market
Market Overview:
In the forecast period from 2018 to 2023, the global healthcare IT Consulting Market is expected to register a 19 percent CAGR. The changing government regulations in payments such as healthcare providers have made hospitals dependent on healthcare IT consulting providers not being paid for the treatment or care provided but for the healthcare outcomes. This trend is anticipated to continue in the forecast period and will have a beneficial impact on Healthcare IT Consulting Market.
Growing Digitization in Healthcare:
Over the previous few years, healthcare has seen a drastic shift in serving the increasing population of patients. More than a million Americans were insured in the United States following the introduction of the Affordable Care Act. This has risen the pressure to cater effectively to traditional business models in addition to adding fresh income to health care suppliers. More healthcare providers are eager to invest in their business practices digital transformation. This has created the new IT health consulting division. Support services for third-party IT consulting include electronic health records, healthcare financing, pharmacy, billing, patient care, prescription, etc. Strong IT support with agile methods provides healthcare providers with a competitive advantage in attaining better quality, controlling expenses, increasing profitability, and simplifying inventory management.
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Other factors such as increasing government support for healthcare IT solutions, changing the technology landscape, and changing government policies and regulations are driving the Healthcare IT Consulting Market.
Data Privacy and Confidentiality:
Electronic medical records EMRs adoption is a significant health care transformation. In the maintenance and safety of patient information, specialty IT consulting assistance has a main role to play. However, healthcare documents are among the most susceptible to robbery since medical information is more valuable than loan card data. Increasing cyber-attacks in healthcare are due to non-compliance with the HIPPA privacy law and inappropriate data encryption to protect information.
The Ponemon Institute conducting independent research on privacy, data protection, and information security policy states that infringements of health care data cost USD 6.2 billion annually. Nearly 90% of organisations in the healthcare sector are susceptible to information robbery.
With increasing concern about the danger of unauthorized use or access to healthcare databases, healthcare consulting firms are under pressure to generate sufficient trust for potential healthcare suppliers. Data privacy and confidentiality is therefore a significant limiting factor in the development of the Healthcare IT Consulting Market.
The US Lead the Healthcare IT Consulting Market in the North America Region:
The US Healthcare IT Consulting Market holds North America s largest market share in 2017 as its business needs to operate effectively and improve patient experience. Health care providers are increasingly dependent on IT healthcare consulting firms due to changes in regulations and changes in Medicare payments. Healthcare providers benefit from increasing revenue and improving patient experience with innovative approaches such as analytics, data security, and systems, etc. This is likely to contribute to the growth of the Healthcare IT Consulting Market.
Key Developments in the Healthcare IT Consulting Market:
In June, 2018: Genpact has announced new customer experience improvements to its modular, artificial intelligence AI -based platform, Genpact Cora, which helps businesses accelerate digital transformation on a scale.
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Healthcare IT Consulting Market Major players:
• Accenture
• Mckesson Corporation
• Cognizant
• Cerner Corporation
• IBM Corporation
• Deloitte
• Siemens Healthineers
• Allscripts Healthcare Solutions
• Genpact Limited
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