Medical outsourcing is the consignment of core services or procedures of the organization to a provider that emphases in that area of service or operation. It includes transaction services, customer care, communication and marketing, cost avoidance, audit, payment recovery, billing, transcriptions, SCM & Logistics, resource management, and others.
Pharmaceutical companies and biotechnology companies are outsourcing medical work to countries such as India, Thailand, and Philippines. In the wake of the global economic meltdown, healthcare companies are focused on reducing the overall costs by outsourcing medical work to other countries. It is anticipated to dominate the global medical outsourcing market by services and is estimated to control around 65% of the total medical outsourcing market revenue by services in 2021.
The report published by Industry ARC explains that the global medical outsourcing market is segmented on the basis of services, end-users and geography.1
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