According to a new market report published by All Market Research, the global ophthalmology market is expected to reach $18 billion in 2018. Specifically, the United States is expected to have a 32.8 percent share of that market.
Currently, the ophthalmology industry as a whole is growing in the United States, evidenced by recent developments with Effingham, Ill.-based Vantage Outsourcing. For instance, the company experienced double-digit growth in the 2011 fiscal year and experienced 30 percent growth in the first quarter of 2012 compared to the same period last year. This year, Vantage expanded into California and began offering its cataract outsourcing services to hospitals and surgery centers, including Phoenix-based Banner Health. In addition, Vantage was awarded a government contract in June 2012, which will allow VA facilities and other government healthcare entities to benefit from cataract outsourcing services. Finally, in order to provide state-of-the-art technology to their surgeons, Vantage purchased a new fleet of M822 ophthalmic microscopes.
All Market Research has cited the rise in aging population as well as increases in the number of cases involving eye disorders as major drivers for the current and expected growth in the ophthalmology industry. When it comes to growth in the ophthalmological outsourcing industry in particular, Ann Deters, CEO and founder of Vantage Outsourcing, believes three CMS initiatives are the major drivers, coupled with the abilities of companies, like Vantage Outsourcing, to meet those initiatives.
1. Reduce costs. The federal government has been pushing for cost reduction in healthcare, particularly in hospitals and ambulatory surgery centers. Those facilities interested in cost containment are looking to ophthalmic outsourcing companies as an innovative solution for reducing ophthalmic supply costs, eliminating capital costs, and increasing efficiencies.
"Vantage offers equipment sharing, so that every facility does not have to invest in cataract equipment. Since we do a large amount of cases, we also share Vantage’s quantity supply discounts with our clients, particularly those who may only do 100 to 500 cases in a given year," says Ms. Deters. "To encourage efficient use of staff and operating rooms, we promote and reward those who embrace scheduling efficiencies — the more cases you do in one visit, the lower your costs."
2. Increase quality. With new CMS requirements of improved quality, healthcare organizations are looking for companies that have expertise in these areas. Ophthalmology outsourcing companies help improve the quality of cataract and ophthalmology services at hospitals and ASCs by providing staff who may have more experience from repeated procedures.
"Vantage surgical technicians are highly trained and experienced. They can really shine in terms of room turnover and aiding operating room efficiencies," says Ms. Deters. "Our surgical technicians perform cataract procedures every day of the week and see a variety of surgical techniques and operating room procedures. We share this knowledge and expertise with our surgeons and surgical teams. Vantage’s high-quality service is reflected in our client surveys — a 99 percent satisfaction rate."
3. Increase healthcare accessibility. Another key CMS initiative is pushing for greater healthcare accessibility across the United States. Due to this federal push, cataract outsourcing companies are growing and expanding to meet the call for greater accessibility. According to Ms. Deters, outsourcing companies can vary the services and equipment they provide to meet the needs of the facility. In metropolitan areas, hospitals may have a higher volume and therefore, a need for cataract services on a regular basis, whereas a rural area may have a physician performing those procedures once a week or one day every few months. "We have helped facilities recruit physicians to either add cataract services or increase the number of cases in their facilities. More than ever before, hospitals and surgery centers have looked to Vantage to find physicians who may be interested in operating at their facility."
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Currently, the ophthalmology industry as a whole is growing in the United States, evidenced by recent developments with Effingham, Ill.-based Vantage Outsourcing. For instance, the company experienced double-digit growth in the 2011 fiscal year and experienced 30 percent growth in the first quarter of 2012 compared to the same period last year. This year, Vantage expanded into California and began offering its cataract outsourcing services to hospitals and surgery centers, including Phoenix-based Banner Health. In addition, Vantage was awarded a government contract in June 2012, which will allow VA facilities and other government healthcare entities to benefit from cataract outsourcing services. Finally, in order to provide state-of-the-art technology to their surgeons, Vantage purchased a new fleet of M822 ophthalmic microscopes.
All Market Research has cited the rise in aging population as well as increases in the number of cases involving eye disorders as major drivers for the current and expected growth in the ophthalmology industry. When it comes to growth in the ophthalmological outsourcing industry in particular, Ann Deters, CEO and founder of Vantage Outsourcing, believes three CMS initiatives are the major drivers, coupled with the abilities of companies, like Vantage Outsourcing, to meet those initiatives.
1. Reduce costs. The federal government has been pushing for cost reduction in healthcare, particularly in hospitals and ambulatory surgery centers. Those facilities interested in cost containment are looking to ophthalmic outsourcing companies as an innovative solution for reducing ophthalmic supply costs, eliminating capital costs, and increasing efficiencies.
"Vantage offers equipment sharing, so that every facility does not have to invest in cataract equipment. Since we do a large amount of cases, we also share Vantage’s quantity supply discounts with our clients, particularly those who may only do 100 to 500 cases in a given year," says Ms. Deters. "To encourage efficient use of staff and operating rooms, we promote and reward those who embrace scheduling efficiencies — the more cases you do in one visit, the lower your costs."
2. Increase quality. With new CMS requirements of improved quality, healthcare organizations are looking for companies that have expertise in these areas. Ophthalmology outsourcing companies help improve the quality of cataract and ophthalmology services at hospitals and ASCs by providing staff who may have more experience from repeated procedures.
"Vantage surgical technicians are highly trained and experienced. They can really shine in terms of room turnover and aiding operating room efficiencies," says Ms. Deters. "Our surgical technicians perform cataract procedures every day of the week and see a variety of surgical techniques and operating room procedures. We share this knowledge and expertise with our surgeons and surgical teams. Vantage’s high-quality service is reflected in our client surveys — a 99 percent satisfaction rate."
3. Increase healthcare accessibility. Another key CMS initiative is pushing for greater healthcare accessibility across the United States. Due to this federal push, cataract outsourcing companies are growing and expanding to meet the call for greater accessibility. According to Ms. Deters, outsourcing companies can vary the services and equipment they provide to meet the needs of the facility. In metropolitan areas, hospitals may have a higher volume and therefore, a need for cataract services on a regular basis, whereas a rural area may have a physician performing those procedures once a week or one day every few months. "We have helped facilities recruit physicians to either add cataract services or increase the number of cases in their facilities. More than ever before, hospitals and surgery centers have looked to Vantage to find physicians who may be interested in operating at their facility."
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