4 Checklist in Selecting the Best Healthcare Outsourcing Company

Despite the major setback in the world’s economic status brought by the pandemic, healthcare organizations are still showing positive trends because the demand for healthcare continues to challenge business owners to think of fresh and innovative approaches to give the best service to their patients.

But as the demand for healthcare grows, the need for support and integration of Business Process Outsourcing (BPO) has arised. Why? Because the right outsourcing partner can provide time-efficient solutions to workforce-related delays, help increase productivity by a significant amount, and build your great, high-performing teams.

Marketsandmarkets did a global forecast and projected a $312.43 billion growth in the healthcare BPO market and a CAGR of 10.2% in 2017-2022. This is attributed to the rising focus of healthcare businesses on reducing operational costs and availing outside expertise to attain performance improvement and efficiency.

Finding the right partner is a crucial step because it defines how you can sustain your business in the midst of this crisis. Here’s a checklist for your reference:

Access to World-class Quality Talent

The most important thing to factor in when choosing a healthcare BPO is its access to world-class talent because a dedicated team of highly-experienced healthcare professionals can deliver quality results to allow your business to be more efficient and productive. You may want to look for one that houses talents with the skill and experience necessary to adapt the current technology you are using and be able to continuously improve on it. Usually, a great partner has an A+ recruitment team and process who has access to world-class talent despite the competitive talent pool.

Range of Revenue Cycle Management Services

If a BPO company has a range of services from billing, coding, clinical documentation, telehealth services, and more in the RCM spectrum will your business succeed because it means they can provide non-clinical support to your core healthcare providers and ensure a healthy revenue cycle.

It would be best if your potential outsourcing partner is a one-stop provider as this will save you from the trouble of working with different companies for different services. At the same time, dealing with one company enhances overall efficiency and accuracy.

Can Offer Up To 70% Operational Cost Savings

The main reason why businesses outsource services is because they want to save on operational cost. And building in-house is likely more expensive because there are many things involved such as; recruitment cost, training & certification fees, lease on office space, computer, and other hardware & software tools needed for the teams to fully operate. But the right outsourcing can take care of all these things in a more affordable package that can relatively allow you to save up to 70% on operational costs. At the same time, outsourcing also gives you the freedom to customize a solution that best fits your unique needs and of course, your budget.

International Standard Compliance

Dealing with personal health information of patients, your healthcare solutions partner must be one that is ISO certified and HIPAA compliant. ISO, also known as International Organization for Standardization, is the certification for any business to deliver a consistent level of quality to its customers by having well-defined and regularly checked processes. HIPAA, on the other hand, stands for Health Insurance Portability and Accountability Act, which develops standards and rules that protect the security and privacy of personal health information.

PRO TIP: High Net Promoter Score

Net promoter score helps businesses gauge the quality of the customer service offered by outsourcing companies. Organisations can use NPS to assess which outsourcing service is best to partner with because this score shows loyalty trends and growth revenue outputs.

In a way, NPS represents the primary way customers survey their experience because it means that their clients are happy which results in customer loyalty and retention, making this a critical trait a BPO company should have. When used correctly, NPS (of at least 60%) can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.

All these qualities and more can be found with the right outsourcing partner who can provide a customized, high quality healthcare business solutions that can promise for the following: