Healthcare ERP Consulting Services Industry

The global healthcare ERP consulting services market size was valued at USD 3.9 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 9.2% from 2021 to 2028. Factors, such as rising healthcare expenditure, overburdened systems, labor shortage, inefficient hospital service management, and the rapidly increasing number of patients at facilities, are creating a demand for advanced technological business solutions. The adoption of these systems will allow healthcare facilities to integrate & streamline their workflows, enhance functional & operational outcomes, reduce expenses, eliminate data silos, and deliver premium-quality patient care, which is expected to drive the demand and adoption rate of these solutions, thereby augmenting the market growth.

The rising demand for advanced technological solutions among clinicians & healthcare professionals for delivering high-quality patient care, reducing operational costs, and eliminating data silos in back-end operations is driving the adoption of enterprise resource planning (ERP) solutions globally. A centralized patient database allows providers to seamlessly access the data from remote locations to enhance patient acquisition and management. In addition, the increasing dependency of organizations on consultancy services for gathering insights regarding the benefits offered by the platform, including positive Return-on-Investment (RoI), is anticipated to drive the market growth over the forecast period.

Businesses adopting and implementing ERP systems are integrating the data generated from manufacturing, inventories, supply chains, human resources, finances, and back-end operations, such as accounts management & payroll management. Life science companies have initiated the implementation of these software systems to improve their manufacturing, supply chain, and inventory management. The emergence of cloud-deployed systems coupled with developing IT infrastructure is driving the market growth for consultancy services. Numerous benefits associated with cloud-deployed solutions, such as minimum ownership cost, low capital requirement, limited in-house technical expertise, and flexible infrastructure, are driving businesses towards consulting services. These consultancy firms provide services, such as project management, prior implementation planning, and end-user training & education.

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The ongoing COVID-19 pandemic exposed the overburdened global healthcare systems and their shortcomings. The pandemic burdened the labor force and disrupted manufacturing and supply chains. Increasing transition and adoption of remote accessibility and remote healthcare drove businesses to adopt advanced cloud technology services to streamline business workflows and improve financial, clinical, and operational outcomes. During the pandemic healthcare facilities witnessed the need to adopt ERP systems, which positively impacted the demand for consultancy services and strategic guidance for the same. In addition, life science companies began adopting ERP solutions for their businesses to integrate workflows and eliminate data silos.

Businesses are actively seeking consulting services and partners for the successful implementation of ERP systems for rapid RoIs. The organizations seek technical guidance, training, and aid in the management of changes in workflow. Consulting firms are selected based on the size and scope of the organization. Some of the large firms providing consulting services include KPMG, Accenture, Deloitte, PwC, and Huron. Smaller consultancy firms across the globe are Avaap, Bails, Impact Advisors, and ROI Healthcare Solutions, which are usually preferred by mid- and small-scale healthcare organizations.

Functionality Insights

In 2020, the implementation segment accounted for the highest revenue share of 75.2%. The growing demand for consultancy services amongst businesses before implementing ERP systems to understand the complexity of the technological solutions estimate the size and scope of business, type of modules to be implemented, and number & type of work required by external resources are driving the segment growth. Post understanding their business requirements, organizations can decide their ERP implementation partner from a wide array of software vendors, staffing firms, or business transformation leadership firms. Every implementation partner has a different skill set to aid the organization in the implementation process. Some of the key implementation partners are Oracle, Premier Inc, Accenture, Deloitte, KPMG, PwC, and Atos SE.

On the other hand, the training and education segment is expected to record the fastest CAGR over the forecast period. The growing need for training & education, project management, and technical expertise to accustom to the change in business operation is contributing to the segment growth. The benefits associated with successful training and education include increased user adoption, maximized productivity, successful goal achievement, strengthened ownership, and reduced implementation risk. Some of the key training and education providers for ERP systems are Workday Inc, Accenture, Huron, PwC, and Avaap.

Key Companies & Market Share Insights

These key players in addition to developing ERP systems also provide consultancy services, such as project management, pre-implementation planning, change management, and end-user training. Market players are focusing on entering technological collaborations to expand their scope and serve larger customer bases in emerging economies. For instance, In July 2021, Oracle launched new updates for Oracle ERP Cloud and Oracle Fusion Cloud Enterprise Performance Management (EPM). A few of the updates introduced are machine learning-enhanced intelligent performance management, enhanced financial reporting skills, improved risk management workflows & dashboards, and unified project planning & execution tools. Some of the prominent players in the healthcare ERP consulting services market are:

• Accenture
• Deloitte
• PWC
• KPMG
• Cerner Corp.
• Premier, Inc.
• Workday, Inc.
• Oracle
• Atos SE
• Avaap USA LLC
• Infor

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