Patient Engagement Solutions Procurement Intelligence Report, 2024 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
- Published Date: Aug, 2024
- Base Year for Estimate: 2023
- Report ID: GVR-P-10504
- Format: Electronic (PDF)
- Historical Data: 2021 - 2022
- Number of Pages: 60
The pricing and cost analysis helps in deriving and forecasting the actual cost of products or services over the forecast period. It considers all the cost components and provides a competitive edge during supplier negotiations. Moreover, the outcome helps procurement leaders understand detailed and fact-based cost drivers for the category.
In this Patient Engagement Solutions procurement intelligence report, we have estimated the total cost of ownership which includes components such as License cost/subscription fee, personnel, maintenance & upgradation, training & certification costs, support, and other costs. Other costs can be further bifurcated into utility costs, administrative expenses, renewal costs, data migration costs, and security.
Pricing models which are commonly used for the healthcare software offered in the category include subscription pricing, perpetual pricing, usage-based pricing, per-user pricing, and freemium pricing. An increasing number of healthcare providers are choosing cloud-based solutions due to their easy-to-use features and growing usage. Monthly and annual subscription licenses are offered by the implementation of subscription-based pricing. Smaller healthcare organizations frequently choose this payment because of its minimal upfront expenditures, which make it affordable. The perpetual price model is only chosen by large healthcare organizations due to high upfront expenses, and low recurring expenses as license fee which is paid only once in a year. Typically, traditional or enterprise software vendors are linked to this approach.
Every organization and its procurement team look forward to negotiating the best deal while procuring a set of products or subscribing to services. Rate benchmarking involves price/cost comparison of more than one set of products/services to analyze the most efficient combination that can potentially help the procurement team in getting the optimum rate.
The pricing for different software solutions offered in the category is as follows:
a) Off-the shelf solution: The monthly subscription fees for off-the shelf solution ranges from USD 18.5 for simple feature sets to over USD 498.5 for sophisticated solutions.
b) Content management systems (CMS)-based solution: The price of CMS-based solution ranges between USD 39,500 to USD 49,500.
c) Custom-built solution: The price of a custom-built solution starts at USD 49,500.
The cost of developing a healthcare mobile application range between USD 19,500 to USD 24,500, without counting promotion and post-launch maintenance. However, this amount is not enough for complex problems. The platform (iOS / Android) that a company chooses to create its mobile app and the region that the custom mobile app development company is located in determines the cost of developing an application. The average hourly rate for an app development company in the US is between USD 149.5 to USD 249.5; in Europe, the average rate is between USD 84.5 to USD 149.5; and in India, the average rate is between USD 14.5 to USD 24.5.
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Labor cost is one of the key components of the total incurred costs while offering a product or service. Therefore, an organization must decide on whether the focus category should be retained in-house or outsourced if the organization is providing its products or services at competitive prices. If the organization decides in favor of outsourcing, it must understand the difference in the salary structures of suppliers before selecting a supplier and formulating a negotiation strategy.
According to our research, Patient Engagement Specialists working with IQVIA Inc. and McKesson Corporation receives 10% - 15% higher base salary compared to the salary received by Patient Engagement Specialists working with Veradigm LLC and Medisys, Inc. However, the year-on-year increment rate in all these companies majorly depends on the Key Result Areas (KRAs).
Organizations may find it cumbersome to continuously track all the latest developments in their supplier landscape. Outsourcing the activities related to gathering intelligence allows organizations to focus on their core offerings. At this juncture, our newsletter service can help organizations stay updated with the latest developments and innovations and subsequently assist in preventing disruptions in the supply chain. We have identified the following developments within the Patient Engagement Solutions category over the last two years:
In January 2024, Innovaccer Inc. announced the acquisition of Cured, Inc. Through this acquisition, Innovaccer will expand its clientele of over 94 customers to include over 19 health systems and digital health providers. In addition, the acquisition will support Innovaccer in demonstrating its continued dedication to provide Healthcare Experience Platform (HXP), thus, leading to enhanced patient experience with accelerated results.
In June 2023, Cardinal Health, Inc. announced of getting into a definitive agreement with Transaction Data Systems (TDS), a business owned by GTCR and BlackRock Long Term Private Capital. As a result of the transaction, a wide range of integrated pharmacy workflow software, patient engagement, and clinical solutions will be available to serve the needs of pharmaceutical companies, payers, pharmacies, and patients. This includes one of the biggest networks of over 39,900 grocery pharmacies, chain, and retail in the U.S.
In December 2022, Infomedia Group, Inc. (d.b.a Carenet Healthcare Services) announced the acquisition of Stericycle Communication Solutions. This acquisition has helped Carenet in strengthening its abilities in clinical, healthcare services, and payer space by the addition of provider-centric technology services such as inbound / outbound call-center services, automated messaging solutions, and online scheduling platforms.
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Add-on Services
Should Cost Analysis
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
Rate Benchmarking
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
Salary Benchmarking
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
Supplier Newsletter
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
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