Avasant has unveiled its Healthcare Digital Services RadarView™ 2019-2020, a pioneering market assessment report that recognizes the top 22 providers for digital transformation in Healthcare Industry. These 22 providers have shown mature capabilities and consistent growth in their Healthcare digital service offerings and have been assessed across three key dimensions – practice maturity, investments & innovation, and ecosystem development.
The report categorizes the top service providers as follows:
- Leaders: Accenture, Cognizant, IBM, TCS, Wipro
- Innovators: Atos, HCL, Infosys, NTT Data
- Disruptors: CGI, DXC, Genpact, Infinite Computer Solutions, Mphasis, Sutherland, UST Global
- Challengers: Capgemini, EXL, Hexaware, Tech Mahindra, Unisys, WNS
Download Avasant’s complimentary 103-page report here.
Nishant Verma, a partner with Avasant, and Healthcare and Life Science Industry Lead congratulated the winners noting, “The healthcare industry is evolving to become more customer/patient centric. With the shift to value-based care model and consumerism gaining momentum, there is a growing penetration of digitally-enabled low cost care delivery models for enhancing the patients’ quality of life and experience of healthcare. Mergers and acquisitions and entrance of non-traditional healthcare companies is changing the dynamics of the industry by introducing new business/ operating models. Adoption of emerging technologies, particularly AI, IoT and analytics across the value chain will be a key differentiating factor for survival and growth.”
The Healthcare Digital Services RadarView™ 2019-2020 Report addresses the need of enterprises to understand the right action points to navigate through the challenges and gain competitive advantage. It also identifies the key global service providers and system integrators that can help enterprises in true business transformation.
Some of the key findings from the report include:
- Global healthcare spending to grow at 5% from 2019 to 2022.
- US healthcare spending to grow at 5.5% from 2019 to 2022; largely driven by aging of baby boomers, rising spend on chronic disease management, and increase in prices of medical goods and services.
- Providers will have to shift to Value-Based Care as payors are actively pushing towards achieving their goals of over 60% value-based payments by the end of 2021.
- With payors and providers offering personalized services, price transparency, and low cost care options to the customers, the decision-making power is shifting towards customers
- While connected healthcare is rising due to the proliferation of wearables and increasing digital maturity, healthcare players should consider strengthening cybersecurity to prevent data breaches
- Increase in adoption of emerging technologies will facilitate the shift from “reactive and acute care” to “proactive and preventive care”, assisting payors to contain cost and the government to rationalize healthcare spend
- With ~35M + patients’ data being compromised in the US alone in 2019, providers and payors will have to boost cybersecurity investments to prevent future occurrences
- Accretive M&As can help enterprises to foray into adjacent spaces, gain substantial negotiation-leverage, and drive geographical expansion.
- With the emergence of competition from non-traditional players such as Amazon and Walmart, the traditional players need to acquire or partner with digital health companies
- Digital transformnation to accelerate as payors and providers increase their investments in emerging technologies like AI, blockchain, automation, analytics and IoT.
- As payors, providers, and clinical services providers acknowledge the benefits of “interoperability”, active efforts will be taken to alleviate underlying challenges in seamless data-sharing.
Avasant’s Research Director, Swapnil Bhatnagar, added, “Digital transformation through increased adoption of emerging technologies is an integral part of strategic goals of majority of enterprises in the healthcare industry. To achieve these goals, both payors and providers will have to partner with service providers who bring in domain expertise and experience of digital transformation via emerging technologies such as Intelligent Automation, IoT, Artificial Intelligence, and Blockchain”.
Avasant is a leading management consulting firm focused on translating the power of technology into realizable business strategies for the world’s largest corporations. Specializing in digital and IT transformation, sourcing advisory, global strategy, and governance services, Avasant prides itself on delivering high-value engagements through industry-focused innovation and flexible client-based solutions.
Our seasoned professionals have an average of 20 years of industry-honed expertise, having conducted 1000+ engagements in over 50 countries. Avasant’s next generation consulting and advisory methods have made it the top-ranked firm in its class, with recognition from numerous organizations, including: Vault, NOA, IAOP, and Wall Street Journal.
Avasant’s engagement in the global market has inspired a strong commitment to community and purpose. Avasant Foundation supports technology and skill development programs to create employment opportunities for youth across Africa, Asia, the Caribbean and Latin America.
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