In the light of the pandemic, many policyholders are utilizing their insurance. Therefore, the best time to outsource a team of Claims Specialists is now.
Because more people are taking advantage of the benefits of their insurance, this may lead to high number of denials if not managed properly and can ultimately lead to revenue loss. On the other hand, high workload can contribute to high claims processing time because of lack of manpower resulting in unpaid claims.
To overcome this, outsourcing a team of Claims Specialists is a must for healthcare businesses to fortify their business operations despite the demands caused by the current pandemic and any future health crisis thereof. Outsourcing can help save on operational cost and secure optimal business operations. To help you more appreciate the contributions of a team of outsourced Claims Specialists, check the list below:
- Increase Overall Productivity
Claims Specialists can free up your core-healthcare team on taking care of claims concerns. Productivity is given a boost by channeling resources to their core activities. Claims processing in healthcare is time-consuming, so it is crucial to identify and resolve errors as soon as possible. For this reason, many businesses prefer to outsource claims processing functions for speed and efficiency, leaving decision-makers to focus on their core business.
- Faster Claims Processing
The volume of claims submitted run into hundreds of thousands a day and taking up this activity with your healthcare team will leave no room for them to concentrate on core activities and can pose errors in claims processing which can be the reason for revenue loss. By outsourcing a team of Claims Specialists, can quickly adjudicate and settle claims (within 45 days). The right partner can also build you a great team of certified coders and billers, speedy and efficient resolutions, and transparency to your business – speeding up your claim processing time.
In addition, despite the faster claims processing, data privacy and protection should be prioritized and secured. The right outsourcing partner can ensure information security.
- Cost Savings
In any business, cost savings is important because you can leverage your resources and invest them in plans and processes that can help you achieve your business goals and adapt to the economic changes caused by the pandemic. Outsourcing a team of Claims Specialists can help you save up to 70% on operational cost versus building an in-house team. The right partner has access to world-class talent and has an A+ recruitment process that can build you great, high-performing teams at the most cost effective way. In times of crisis, cost savings is always a smart move for all business owners.
When considering for a potential healthcare outsourcing partner, you must consider a Net Promoter Score (NPS) of >60.
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.
Outsourcing with the right partner is the most efficient solution to manage insurance claims needs. A dedicated team Claims Specialist with other RCM teams can be a game-changer for your business and enhance your healthcare team performance with or without crisis.
With this out of way, your business can focus on the patients, and they can handle all the clerical and administrative tasks. The right outsourcing partner not only ensure building a great and high-performing RCM team mentioned above but also ensure:
- Operational excellence
- Build a dedicated team of Claims Specialists and RCM team
- Operational savings of up to 70%
- Clinical Documentation Improvement (CDI) and efficient process
- Information Security
- 95% coding, billing and documentation accuracy
- 1 hour turnaround time
- 90% increase in revenue
- Improved denial management rate
- HIPAA and DPA-20212 compliance
- Net Promoter Score: Sense of security and peace of mind
Partnerships with Infinit-O
Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.
Infinit-O Key Benefits:
We can build you a great, high-performance Revenue Cycle Management team composed of:
Provider Management Services
- Claims Specialists
- Medical Coders
- Medical Billers
- Enrollment Processors
- Denial Management Specialist
Patient Support Services
- Patient Concierge Specialist
- Insurance Verification Specialist
- Collections Specialist
- A/R Specialist
Health Analytics and Risk Management Services
- Healthcare Analyst
Let’s work together to build a great RCM Team.
Start small. Exceed expectations. Think infinitely. Think Infinit-O.