5 Advantages of Healthcare BPO Outsourcing

5 Advantages of Healthcare BPO Outsourcing
5 Advantages of Healthcare BPO Outsourcing

Healthcare is one of the biggest industries in the world. The main function of healthcare is diagnosing and treating patients and to achieve this, the primary goals that healthcare organizations focus on is maximizing staff efficiency and delivering excellent patient care. As the patient’s experience improves right from diagnosis to check-in to recovery and release, the patient is more confident to return or recommend the healthcare facility to friends or family members. But providing excellent patient care requires a lot of investment on resources and manpower. Moreover, staff members are asked to work in a wide range of areas which are out of their area of expertise. Healthcare organizations must make an effort to balance the number of non-care responsibilities a staff member can handle so that quality patient care can be provided.

The healthcare sector lags behind other industries when it comes to considering outsourcing their non-core activities. The main reason behind this is the highly fragmented nature of healthcare industry. For flow of information across the value chain this kind of fragmentation creates barriers. Moreover outsourcing has never been considered part of healthcare operations. However, in the recent years, outsourcing has played a major role in delivering quality patient care. This has resulted in more and more healthcare organizations increasingly relying on outsourcing. According to a report by EY.com, the global Healthcare BPO market is estimated to grow at a rate of 10.7% and reach US$188.9 billion in 2018. Ever since the Affordable Care Act was implemented, medical outsourcing forms a critical part of American Healthcare industry.

Here are the advantages of Healthcare BPO Outsourcing:

  1. Lowering Costs: 

    In an industry as competitive as healthcare, the main aim of businesses is to look at ways to reduce expenses and for many healthcare businesses outsourcing plays an integral role in achieving this goal. Healthcare companies can save a significant amount of money by outsourcing tasks which otherwise would have to be carried out by hired additional in-house employees. Medical outsourcing partners handle a large team of professionals on the behalf of the healthcare company thereby saving the company the cost of acquiring additional staff and training them.

    The professional team of the outsourcing partner keep themselves updated with the latest changes in regulations and standards. Various healthcare companies consider outsourcing so as to realize cost savings and have better control over the cost of the outsourced function. Usually healthcare companies consider an outsourcing vendor who specializes in that outsourced function and performs it more efficiently than the company by the virtue of transaction volume.

  2. Access to Specialists: 

    One of the biggest advantages of outsourcing is the large availability of skilled healthcare professionals who have tremendous amount of expertise and experience in carrying out specific tasks and are ready to take on a job of any complexity and size at a short notice. The availability of skilled medical professionals with the medical outsourcing company ensures that the client’s requirements are taken care of in the best possible manner without any administrative hassles. It even saves the healthcare company a lot of paperwork and tedious labor of employee acquisition and retention as all of this will be handled by the outsourcing partner.

  3. Focus on Patient Care: 

    The main reason for companies to outsource is to eliminate any distractions and help them concentrate on their core competencies. For healthcare companies, medical outsourcing can be a lifesaver as they can lessen the tedious job of managing administrative functions and managing workload and realign their focus on providing quality patient care. This results in improvement in the standards of healthcare across the company and simultaneously increases the quality of patient care. With increased positive experience for the patients, the goodwill for the healthcare organization increases.

  4. Critical Mistakes Can be Avoided: 

    Errors in the healthcare sector, especially in the patients’ medical records, can cost lives. Outsourcing partners strictly adhere to rules and regulations set by the Health Insurance Portability and Accountability Act (HIPAA) so as to ensure that patient records remain private and are not wrongly entered. According to Healthcare Business Tech, close to $125 billion is lost every year due poor billing practices. Medical bills also contain large number of errors as changing billing rules and regulations are rarely updated on time.

    Outsourcing billing operations can help in avoiding critical billing mistakes as a dedicated team of trained professionals handle medical data entry tasks with 99% accuracy. As medical outsourcing vendors are compliant with the latest laws related to healthcare such as HIPAA and Health Care Reform Bill, they ensure the highest accuracy rates in all tasks such as medical coding, billing, claims adjudication, accounts receivable, records indexing and many more.

  5. Increased Practice Offerings: 

    By outsourcing all the non-core activities, healthcare organizations can focus all their time and effort on providing excellent patient care thereby improving their level of productivity and profits. As outsourcing increases competitive advantage, it gives an international outlook to the business operations of healthcare organizations. As the operations gain a high level of stability which also increases the quality of service provided, healthcare facilities can offer more number of services to their patients thereby giving them an edge over their competitors.

Currently, healthcare sector is facing increased regulatory compliance and declining bottom lines. Faced with increasing costs, healthcare BPO outsourcing is experiencing exponential growth with more and more healthcare facilities and hospitals outsourcing their diverse non-core activities to professional Healthcare BPO Outsourcing and Healthcare Support Service providers for better operational benefits which include decreased patient frustration, predictable cash flow, financially sound bottom line and increased net revenue.

Technavio’s Global Medical Billing Outsourcing Market 2015-2019 report has named Invensis Technologies as one of the world’s most prominent vendors of medical billing outsourcing. The report by Technavio is based on market analysis and extensive research of the Healthcare industry.

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For more information on how Invensis Technologies will effectively manage your Medical Insurance Claims Processing requirements through our Healthcare BPO Outsourcing and Healthcare Support Services, please contact our team on US +1-302-261-9036; UK +44-203-411-0183; AUS +61-3-8820-5183; IND +91-80-4115-5233; or write to us at sales {at} invensis {dot} net.

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