Most of the solutions being offered under the outsourcing umbrella spans across different industries, but one that is quite industry-specific are healthcare outsourcing solutions, such as medical IT support, medical billing process and medical coding. What proves to be a similarity among outsourcing companies despite their differences in the target market is their constant want to develop their service offerings to offer their clients.
Developments in the healthcare outsourcing industry is not only limited to software upgrades and process alterations. Recently, AdvantEdge Healthcare Solutions, a medical billing company based in Chambersburg, Pennsylvania, has teamed up with a university in Iowa in preparation for the work force. The collaboration between the healthcare solutions provider and Kaplan University will include compliance training for students who are part of the health information technology program, as well as medical billing and medical coding programs.
Also, as healthcare companies push for innovations in their industry, they now look for ways on how to expand their product and service offerings and for other ways on how to improve their processes. Just as the month of August started, ADEC Solutions, a business process outsourcing solutions provider, entered in to a partnership with Zuellig Pharma, an established healthcare-related solution specialist. The collaboration between ADEC Solutions and Zuellig Pharma, which will be known as Pharma KPO and which will be incorporated in Singapore, is aimed at tapping the growing pharmaceutical outsourcing market. The expertise of the two companies forming Pharma KPO is expected to “capitalize on innovative synergies” and to “take advantage of cost-driven business opportunities.”
Most of the time, when companies are actually looking at expanding their current solutions, they either turn to a partnership or an acquisition and it has been reflected on the companies mentioned above as they enter into a partnership with another company who can assist them. Last August 16, an announcement by General Dynamics (NYSE: GD) regarding its proposed acquisition of Vangent Inc. was made. The transaction, which is approximately valued at $960 million, would integrate Vangent’s healthcare expertise with General Dynamic’s information technology solutions as the latter continues to provide solutions to its federal, commercial and military customers.
However, on a different light, the healthcare industry key players are currently in the middle of a transition period, from ICD-9 to ICD-10, where they need to update their processes and software. Industry developments are important so as to keep up with the growing and changing market; but, we have previously mentioned in “Companies and Solutions Providers See Challenges in ICD-10 Transition” that a number of healthcare companies and solutions providers see the transition as expensive and difficult. In addition to this, there is a hesitation among the companies to push through with the transition due to the pressing demands of the healthcare reform and the changes they have to implement. The awareness towards the ICD-10 transition is quite slim and the director of ICD-10 development and training for the American Academy of Professional Coders, Kim Reid, believes that currently, ICD-10 is not that much of a priority for companies.
Changes in the industry are great and it helps key industry players to be at par with the demands of the market. With the amount of acquisitions and partnerships taking place, it is surely to keep the healthcare industry healthy.