Outsourcing in Healthcare
“Do what you do best and outsource the rest” was the catchphrase that caught the world’s attention when Peter Drucker, the management guru, first coined it in the 1990s. It took the world by storm, and since then has become an internationally recognized business tagline. The message remains relevant today, even after two decades in this rapidly changing industry.
In its simplest meaning, “outsourcing” means “contracting out.” Business Dictionary sums up the definition as “The contracting of non-core activities to free up cash, personnel, time and facilities for activities in which an organization professes a competitive advantage.”
Outsourcing is not born out of fancy of a person or an organization. It’s the result of frustrations from innumerable business organizations wanting to remain profitable while keeping the scale and quality of their services intact. In alignment with the paradigm of outsourcing as doing things “faster, better and cheaper,” a few key benefits that the businesses gain from adopting the outsourcing model are:
- improved efficiency
- cost reduction
- better business insights
- access to innovation and thought leadership
- increased flexibility to meet evolving and challenging business
Please log in or sign up below to read the rest of the article.