Radiology-as-a-Service Market Opportunities, 2023 - Innovative Business Models Focusing on Operational, Clinical, and Financial Excellence Witnessing Growing Adoption

DUBLIN, July 26, 2019 /PRNewswire/ -- The "Growth Opportunities in the Global Radiology-as-a-Service Market, Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

This Growth Opportunity service presents an analysis of the emerging servitization' business models in the medical imaging industry. With healthcare systems gradually transitioning to value-based care, imaging vendors across the value chain are positioning themselves as partners in this journey through risk-sharing and outcome-based services, without burdening the capital budgets of providers.

Financial constraints, complicated procurement processes, lack of expertise in managing imaging technologies, and the ever-increasing need to focus all efforts on clinical services are driving providers toward service models in imaging. Outsourcing models that are quite prevalent in radiology reading services are gradually transcending to adjacent areas such as imaging IT, imaging equipment, and maintenance services.

Traditional business models focusing on selling products based on specification superiority or product USP are expected to slow down. Care providers are in need of solutions that meet their clinical requirements and ownership of the equipment is of no value for customers as long as performance is assured. Business models offering the product/solution as a service with guaranteed performance will gain traction, as hospitals focus on clinical excellence and exploring partnerships to achieve operational and financial excellence.

One of the challenges for vendors is the perceived uncertainty among customers on equipment upgrades and the capabilities to provide satisfactory multi-vendor services. Strict service-level agreements (SLAs) detailing the key performance metrics and the penalties associated can lead to higher penetration of services/solutions business in imaging. In Software-as-a-Service (SaaS) model, partnerships should add in value in the form of healthcare domain expertise and compliance with the local laws, coupled with a willingness to enter into a Business Associate Agreement, which transfers the compliance risk from the hospital to the vendor. Defined turnaround times, reduced error rates, workflow orchestration, and automation can lead to effective implementation of teleradiology services and the customers will perceive value in shifting from on-site to a teleradiology model.

Changes in the requirements within the provider community, with an increasing focus on patient centricity and staff burn-out, have led to increasing demands for consulting services in imaging departments. Innovative asset-light models are an excellent proposition for cash-strapped hospitals, whose balance sheets are already stretched and may no longer be able to generate funds for an outright purchase of equipment. Traditional product selling is no longer the avenue for long-term growth.

The industry is witnessing a transition from product-selling to solutions-/services-selling model. Imaging vendors are signing up for long-term partnerships with their clients, which promises business continuity for clients and recurring stable revenues for vendors. Vendors establishing long-term relationships with clients stand to gain from the recurring revenues from the account. Partnership strategies provide more opportunities for cross-selling other solutions. Hospitals' need to derive maximum return on investments/assets creates the market potential for vendors who can leverage their technology competency to add value to their offerings.

Research Scope

• This research service covers the following segments under imaging at a global level:
• Technology management services
• Imaging IT services
• Professional teleradiology services
• Consulting services
• For each of the segments, types and key elements of contracting, key performance indicators for measuring success, and market potential have been covered. The competitive landscape and growth opportunities for stakeholders in the market have been analyzed and discussed.

Key Topics Covered:

1. Executive Dashboard

• Purpose of this Study
• 5 Step Process to Transformational Growth
• Strategic Imperatives for Imaging Vendors
• Top Growth Opportunities for RaaS Vendors

2. Growth Environment - Market Overview

• Scope and Segmentation
• Market Segmentation
• Definitions
• RaaS Vendor Landscape
• Key Questions this Study will Answer
• Background - Global Medical Imaging Value Chain
• Imaging Industry Value Chain
• as-a-Service' Model in Hospital Imaging Services
• as-a-Service' Contracts in the Imaging Industry
• as-a-Service' Models in Imaging
• Raas Market - Revenue Forecast by Segment
• Market Drivers
• Market Restraints

3. Growth Environment - Market Forecast: Forecast Assumptions

• Assumptions

4. Growth Environment - Market Forecast: Technology Management Services

• Overview
• Segmentation and Definitions
• Unmet Needs of Hospital Providers
• Emerging Landscape of Technology Management Services
• Unlocking Potential of Partnerships - Comprehensive TMS Contracts
• Commercial Issues in TMS Contracts and Possible Solutions
• KPIs for Comprehensive TMS Contracts
• Managed Maintenance Services - Comparison with In-house Clinical Engineering Services
• Revenue Forecast

5. Growth Environment - Market Forecast: Consulting Services

• Overview
• Focus Areas
• Revenue Forecast
• Key Performance Metrics

6. Growth Environment - Market Forecast: Imaging IT Services

• Overview
• Imaging IT-as-a-Service
• Activities Performed Under Each Type of Service
• Utilization of Cloud Services in Healthcare
• Benefits of Imaging IT-as-a-Service
• Risks of Imaging IT-as-a-Service
• Comparative Scoring of Engagement Models With Traditional On-premise Model
• Choosing the Right Provider for Imaging IT Outsourcing
• Quantitative Scope
• Imaging IT Services Revenue Forecast
• KPIs for Imaging IT-as-a-Service

7. Growth Environment - Market Forecast: Professional Teleradiology Services

• Radiology - Overview
• Radiology - Increasing Imaging Exams and Stagnating Count of Radiologists
• Teleradiology - Overview
• Teleradiology Workflow
• Unmet Needs of Providers
• Key Performance Metrics
• Teleradiology Services Revenue Forecast

8. Competitor Landscape

• RaaS Vendor Landscape
• Select Company Profiles in the RaaS Market

9. Visioning Scenarios

• Macro-to-Micro Visioning
• Trends and Factors in the RaaS Market
• Plotting Different Business Models
• Performance Improvement - Efficiency Improvements and Key Metrics
• Partnerships Between Equipment Vendors and Customers
• Top Predictions for the RaaS Market

10. Vision and Strategy - Growth Opportunities

• Top Growth Opportunities for RaaS Vendors - Vision and Strategy
• Growth Opportunity 1 - Recurring Revenue Strategy: Long-term Partnerships
• Growth Opportunity 2 - Consolidating Imaging Equipment Services Business
• Growth Opportunity 3 - Leveraging Technology to Achieve Excellence
• Growth Opportunity 4 - Driving Efficiency in Clinical Imaging Workflow
• Growth Opportunity 5 - Enhancing Adoption of Teleradiology in Outsourcing
• Growth Opportunity 6 - Staff Satisfaction and Patient Experience
• Growth Opportunity 7 - Leveraging Data Analytics to Drive Excellence

11. Brand and Demand - Growth Opportunities

• Top Growth Opportunities for RaaS Vendors - Brand and Demand
• Growth Opportunity 8 - Customized Financial Solutions for the Hospitals
• Growth Opportunity 9 - Shared-risk Agreements as a Tool for Growing Services Business
• Growth Opportunity 10 - Defining Metrics for Successful Transformation

12. The Last Word

• Key Conclusions and Future Outlook

13. Growth Opportunities Matrix

• Growth Opportunities 1-10 - Vision and Strategy

14. Growth Strategy and Implementation

• Growth Strategies for Your Company
• Prioritized Opportunities Through Implementation
• Legal Disclaimer

15. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/fj37d0

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