Month: February 2021

How Outsourcing Fund Accountants Contribute to Improved Cash Flow and Business Sustainability

Several factors like the still ongoing global pandemic are pushing fund managers to adopt new and more efficient strategies in managing funds of all sizes. Realizing that doing everything in-house may be more taxing on resources than it seems, many are opting to outsource their various middle and back office business functions including fund accounting from reputable third-party providers. 

The role of a fund accountant is mainly to calculate and report the daily Net Asset Values (NAVs) per unit as well as compile standard weekly and/or monthly financial statements and income and expense accruals among others. They can also help in fund management through research and preparation of reports.

In today’s current situation, outsourcing fund accounting functions can contribute in improving cash flow and the overall status of the business. Here are just some of the reasons:

Accurate monitoring

The expertise and experience of professional fund accountants are needed in ensuring accuracy in monitoring of accounting processes and compiling regulatory financial reports, which are crucial in improving performance and guaranteeing transparency for investors.

Moreover, not only does your outsourced team add to manpower, they also possess the needed skills and knowledge such as account management, bookkeeping, and fund analytics that are useful when it comes to the processes involved.

Focus on core competencies

Delegating operational functions to an outsourced partner can lead to a significant reduction in operating risks and costs and a higher degree of transparency into the management of the funds. It also lessens the burden of increased regulatory requirements and complex investor requests on the shoulders of fund managers. In turn, this will allow them to focus on their core competencies such as creation of fund structures and servicing investors to raise and deploy capital. 

Best value for money

Outsourcing proves to be the more advantageous and cost-efficient route to take for businesses, because services can be scalable depending on the needs and capabilities of a company. Costs for training, recruitment, office space, and IT infrastructure are lessened. It also gives you access to specialized accounting systems (e.g. Quicken Premier, Master Investor, etc) that have become essential to the industry due to investors’ demand for more transparency, which when not outsourced can be very expensive.

Look for a trusted outsourcing company that can help you build a dedicated Fund Accounting team that has:

  • Access to talent through their A+ recruitment process
  • Cost saving of up to 70%
  • Adaptability in technological advancement
  • Established Information Security

Lastly, the right outsourcing partner promises for the following:

  • Operational excellence
  • Having a great F&A team
  • Operational cost savings of up to 70%
  • Accuracy and quality
  • Timeliness in submission
  • Information and data security
  • Net Promoter Score >70: Sense of security and peace of mind

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

Infinit-O Key Benefits:

  • Building great, high-performing teams
  • 70% Projected operational savings 
  • 72 Net Promoter Score (2019)
  • 97% Client retention rate

We can build you a great, high-performance Fund Accounting and other F&A team composed of:

Let’s work together to build a great Fund Accounting Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

2 months ago No Comments Views

A Fresh Perspective on CX Outsourcing This 2021

With the Covid-19 pandemic altering the way we do things on a daily basis, it is not a surprise that consumer behavior has also undergone a drastic change. As such, businesses have to be quick in adapting the right steps to address the new demands of consumers in order to thrive in the new normal.

Business owners can start by focusing on improving their customer experience (CX) or the holistic perception of a customer regarding their experience with a business or brand. In a study by Walker, it was found that customer experience has overtaken price and product as the key brand differentiator at the end of 2020. This means consumers are now more keen when it comes to their customer service experience and will use it as a basis whether to patronize a brand or not.

Now more than ever, the safety restrictions and quarantine measures still in effect in many parts of the world make CX all the more relevant. With a greater number of people availing products and services from their homes, it is more likely for individuals to seek assistance when they encounter some sort of conflict with their online transactions. 

At the same time, contactless communication between companies and their customers gave rise to more instant and accessible forms of customer support like chatbots and live chats, which are helpful especially given the findings that 82% of consumers expect immediate answers to sales and marketing questions.

Why outsource?

CX outsourcing has always been a popular trend in the industry, but its benefits are more highlighted today given that businesses are still reeling from the losses they incurred during the onset of the pandemic and working to get back on track when it comes to matters of finances and revenue.

Partnering with a reputable outsourcing company first and foremost, will help business cut down on expenses because it takes away the cost of training and hiring people in-house and investing in infrastructure for various customer support needs. Along with this, outsourced customer service offers the ability to quickly scale your operations depending on your current demand.

Not only will you save on resources, you will also have access to a pool of trained professionals who can add value to your company. 

The decision to outsource is an integral one. You want to hire a capable and trusted outsourcing company that is able to meet your unique needs and understands the demands of your brand. The right partner can gather inbound and outbound solutions, CMS, social media, and back-office services. They can provide your own dedicated team within 30 days and is at your service 24/7, with cost savings of up to 70%. Make sure that they are also ISO-certified and GDPR-compliant, so your company and client data are safe.

In summary, having the right outsourcing partner promises the following:

  • Operational excellence
  • Build a dedicated customer support team
  • Operational savings of up to 70%
  • Access to world-class talent
  • A+ recruitment process
  • Industry experience
  • SO-certified and GDPR-compliant
  • > 60 Net Promoter Score: Sense of security and peace of mind

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

We can build you a great, high-performing CX team:

  • Social Media Managers 
  • Online Community Managers
  • Customer Care Representatives (Omni-channel)
  • Chat / Email Support Representatives
  • Technical Support Representatives
  • Website and App Developers
  • Graphic Designers
  • Market Research Analysts
  • Bookkeepers
  • Others

Let’s work together to build a great Customer Care Support Team

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

2 months ago No Comments Views

RCM Outsourcing Equals Healthcare Business Stability

In this day and age wherein businesses are challenged with the disruption of economic climate and pandemic-related concerns, the healthcare industry is facing the biggest blow and impact because more the demand of healthcare becomes more apparent. More healthcare providers are overwhelmed with battling the effects of a global health issue causing the industry to double up the services it has to offer to make people’s lives much easier yet providing quality care in accordance with physical distancing and other close contact limitations.

This is where outsourcing comes in.

Indeed, outsourcing healthcare services such as Revenue Cycle Management (RCM) offers benefits for the industry. For one, it helps healthcare providers solely focus on what they do best and that is providing holistic care to their patients. It is also very cost-effective since outsourcing generates a pool of professionals on behalf of the company, thereby saving you cost in acquiring and training additional staff. Finally, the process reduces billing errors with highly skilled and trained professionals in your team, which in turn maximizes feedback assistance on reimbursements and future assets. This contributes not only in adapting with the so-called ‘new normal’ but helps businesses to be stable in terms of operations.

We listed top 2 ways outsourcing equates to business stability:

  1. Access to Quality of Talent = Great, High-Performing Teams

The right outsourcing partner has a wide range of services, from billing, coding, clinical which is your one-stop support and service provider as this will save you from the trouble of working with different outsourcing partners for different services. At the same time, dealing with one company enhances overall efficiency and accuracy.

With their access to world-class talent and A+ recruitment process, be assured with a dedicated team of highly-experienced healthcare professionals who can deliver quality results making your business rise to the top of your competitors allowing you to have a more steady and stable operations. 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. 

Whilst building you great teams, the right partner also can assure up to 70% operational cost savings. This allows you to distribute your resources to other operation needs of your company such as technological improvements to support the new work set up (i.e. telehealth. EHR, etc).

  1. Industry Experience and Expertise = High Net Promoter Score

An outsourcing partner with a proof of positive track record of industry & domain expertise, number of years offering healthcare support services, and client partnership tenure and company reputation & success rates such as Net Promoter Score (NPS) is a sure win in terms of getting hold of business stability for your company. With their industry experience they have the right expertise and knowledge when it comes to the general healthcare industry and the unique needs of your company to provide and render services effectively. 

With their experience and expertise this usually results in a high Net Promoter Score (>60). 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 can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience. Having happy patients equates a more stable business operations and sustainable healthcare services being offered with your company.

All in all, outsourcing is one best way to help you focus on your business and other core responsibilities while they cater to your support and operations needs.

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:

  • Operational excellence
  • Build a great healthcare & RCM team specifically designed for your unique needs
  • Operational cost savings of up to 70%
  • Information and data security
  • Sense of security and peace of mind

Partnership 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:

Patient Support Services

  • Patient Concierge Specialist
  •  Insurance Verification Specialist
  • Collections Specialist
  • A/R Specialist

Provider Management Services

  • Medical Coders
  • Medical Billers
  • Claims Processors
  • Enrollment Processors
  • Denial Management Specialist

Health Analytics and Risk Management Services

  • Healthcare Analyst

Others

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 months ago No Comments Views

Key F&A teams to Outsource in the New Normal

As the global economy continues to reel from the impacts of the COVID-19 pandemic, business owners had to make important decisions including what measures to take to guarantee the safety of their employees while still maintaining business continuity for their customers, and the overall financial health of the company.

In doing so, it is best to be guided by a team of finance and accounting professionals that  will make sure to help put the company in the best position to overcome the current situation and prepare for what’s more to come in the future. While building an F&A team inhouse is an option, outsourcing these functions weigh more when it comes to added benefits, which includes cost-efficiency, scalability, and access to expert talent and the latest industry technology.

In outsourcing your F&A services, here are 4 functions you should prioritize:

  1. Financial Risk Management

The unpredictability of the current economic environment brought about a shift in priorities when it comes to finance functions. According to a global study conducted by the Institute of Management Accountants, the largest increase in finance function priorities is seen in risk management, with nearly half (43.7%) of companies spending more time in this area.

Having a risk management team can provide useful advice on the potential risks to a company’s sustainability and profitability in the new normal. And in the case of finance and accounting challenges (i.e. error in computation, invalid bookkeeping, wrong calculations), they already have a plan of action to reduce and mitigate risk, and avoid bigger losses.

  1. Accounting

Financial issues are surely one of the problems business owners are currently facing in line of the pandemic. A company can benefit from the expertise of a competent accountant  such as CPAs, Fund Accountants, etc is to  analyze and evaluate its financial situation and recommend the right set of tools and solutions to recover business operations during and after a business crisis. Moreover, accountants just like risk managers, can guide you in creating a clear financial plan for the future to drive success to your company.

  1. Bookkeeping

As companies work to increase their revenues after incurring losses in the past few months, bookkeepers are essential to keep a record of all receipts, payments, and other financial transactions as well as to prepare cash flow statements and financial reports. Bookkeepers are also responsible for issuing invoices, paying accounts on behalf of the company, performing payroll administration duties, and filing tax returns. These responsibilities make bookkeepers essential in business recovery as they ensure that your employees are getting paid on time and that your expenses and income are on track amid crises. 

  1. CFO Services

Lastly, companies that are looking to not just survive but thrive in the new normal can use the help of outsourced CFO services. An outsourced CFO gives expert assistance to business owners who are having issues on cash flow, raising capital, solving tight margins, and implementing more efficient systems among others.

Now that you have an idea what F&A services to outsource, it’s time to look for an outsourcing partner that can cater to the unique needs of your company.

Partner with a company with >60 Net Promoter Score

Net promoter score helps businesses gauge the quality of the customer service offered by outsourcing companies. Organizations 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.

Look for a trusted outsourcing company that can help you build a dedicated F&A team that has:

  • Access to talent through their A+ recruitment process
  • Cost saving of up to 70%
  • Adaptability in technological advancement
  • Established Information Security
  • Operational excellence
  • A great F&A team
  • Information and data security
  • Sense of security and peace of mind

Partnership 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 F&A team composed of:

Let’s work together to build a great F&A Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 months ago No Comments Views

Outsourcing a Team of Data Analyst: Benefits

In this day and age where we are facing new sets of healthcare challenges in the midst of a pandemic and disruption on economic climate brought by government mandated lockdowns, good data analytics is a must not only in healthcare organizations and companies but to all lines of businesses because they are primarily responsible for gathering information from various sources and interpret new patterns and trends. They help business owners create new strategies to ensure business continuity. Additionally, help conceptualizing industry-specific best practices through analyzing data gathered from vast sources.

But building a team of Data Analysts can be challenging because usually there is a limited pool of talent resulting in high labor cost.

To fully appreciate data analytics outsourcing, here are top 4 benefits:

Benefits:

  1. Access to World-class Talent

Skilled and certified Data Analysts are now one of the most sought after professionals in every company. In the language of economics, when the demand is strong, the supply of people who can truly do this job well is so limited resulting in a shortage of applicants. This talent gap can be addressed by partnering with a trusted outsourcing partner who has access to world-class talent and has a well-established A+ recruitment process that can ensure in building a great, high-performing team in just 30-40 days.

  1. Operational Cost Savings of up to 70%

And because of the limited talent pool, it is expected that these professionals belong to the higher salary grade. On the salary front, entry-level data analysts take home an average of $88,344 – $113,436 annually. But outsourcing can help you save up to 70% on not just labor cost but on full operational cost through a more cost effective recruitment and hiring, training, office space and utilities and even hardware and software needs of your business. With your partner’s expertise in the trade, they have access to a more affordable cost with efficiency and quality support service.

Try this Cost Savings Calculator to see compute the difference between hiring an in-house employee versus outsourcing one.

  1. Industry Experience and Expertise

There is no substitute for experience in outsourcing. That’s why having a partner with a positive track record of industry & domain expertise for a good number of years as well as client partnership tenure alongside company reputation is crucial before making a partnership. Success rates such as a Net Promoter Score (NPS) of >60 assure you peace of mind because it is an indicator on  how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.

  1. Well-established Information Security

Data Analytics is a crucial field because they gather company information which if not managed well, will result in major compromises, threats and risks. A good outsourcing partner knows exactly the importance of data security; they have a process exclusively made to ensure data privacy and avoid any cyberattacks. These can be reflected in third-party certifications and assessments by hiring people with the any of these certifications and proficiency in:

  • ISO 27001 and 9001 certified
  • GDPR Compliance
  • Certified Ethical Hacker (CEH)
  • CompTIA Security+
  • Certified Information System Security Professional (CISSP)
  • Certified Information Security Manager (CISM)
  • Other certifications

Lastly, they have their own information security to add another layer of protection for their clients. 

In summary, the right outsourcing partner promises for the following:

  • Operational excellence
  • Build a great, high-performing R&D support team specifically designed for your security needs
  • Operational cost savings of up to 70%
  • ISO 27001 and 9001 certified, GDPR, HIPAA and DPA20212-compliant
  • Net Promoter Score: Sense of security and peace of mind

Partnership 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-performing R&D team:

  • Data Analyst
  • Research Analyst
  • Account Research Specialist
  • Business Analyst
  • Database Maintenance Specialist
  • Product Ops Developer
  • Cybersecurity Specialist
  • Systems Integration Developer
  • Threat Intelligence Analyst
  • Threat Landscape Analyst
  • Systems Administrator
  • Other R&D Experts

Let’s work together to build a great R&D Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 months ago No Comments Views

How Outsourcing Helps In Healthcare Business Sustainability

Nowadays, taking care of one’s health and wellness has become a priority for everyone due to the fact that the world is still facing a global pandemic. For companies involved in the healthcare industry, this is also a crucial time to make sure that everything is going smoothly in both their operations and administrative sides, and that their service can cater to the heightened demand for medical care.

One of the ways to ensure this is by adding manpower and support to departments that may need more assistance especially the ones that deal with revenue cycle management (RCM), billing compliance, and other back-end functions. Hiring and training additional staff may be your first choice in doing this, but a more viable option would be to outsource these services from a reputable partner.

According to a 2020 Black Book report, approximately 90% of hospitals have already outsourced or are planning to outsource their RCM functions to reduce overhead costs. Here are just some of the ways how outsourcing can help your healthcare business stay resilient in these changing times.

  1. Cost-effective 

By generating a pool of professionals on behalf of your company, outsourcing takes away the expenses and the added work of acquiring and training people – all without sacrificing the quality of patient care. It also lessens the amount of administrative duties on your staff, enabling them to focus more on the needs of their patients. With high patient satisfaction, you can surely expect an improvement in your income and cash flow.

Moreover, outsourcing is cost-efficient in terms of being scalable depending on your company’s needs and giving you the access to the latest technology relevant to the industry without spending a fortune.

  1. Reduced billing errors

Adding an outsourced team of competent and trained medical billers can help your company prevent incurring high costs due to billing errors. They are also tasked to reduce the number of denied and rejected medical claims to the best of their abilities. Altogether, this maximizes feedback assistance on reimbursements and future assets. 

The right outsourcing partner will also help you with compliance to the ever-changing requirements and regulations in the healthcare industry (i.e. KPIs of 95% coding, billing and documentation accuracy & 90% increase in revenue) , assuring that your company meets all guidelines to avoid possible conflicts along the way.

  1. Access to healthcare industry experts

As mentioned above, a team of professionals can do wonders for your business. With the right outsourcing company, you get linked with only the best talent for your RCM and other non-care functions and will work on continuous training and coaching them to give you better results. Save on recruitment and training expenses, while maintaining successful operations as your business grows.

Other gains of outsourcing with the right partner are:

  • Operational excellence
  • Build a dedicated team healthcare team (i.e. RCM)
  • Operational savings of up to 70%
  • Access to world-class talent
  • A+ recruitment process
  • Industry experience
  • HIPAA and DPA-20212 compliance
  • Net Promoter Score: Sense of security and peace of mind

Partner with a company with >60 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.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

Infinit-O Key Benefits:

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

Others

Let’s work together to build a great healthcare team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 months ago No Comments Views

4 Healthcare Trends for 2021

It is no denying that 2020 was a whirlwind of a year highlighted by the COVID-19 pandemic that disrupted the economy on a global scale and changed our day-to-day routines as individuals. While many sectors and industries were hit, medicine and healthcare are among those uniquely affected due to the nature of the crisis itself.

According to McKinsey & Company, the effects of the pandemic on these industries will continue to be profound. “The shifts in consumer behavior, an acceleration of established trends, and the likely deep and lasting economic impact will potentially affect healthcare companies no less—and quite possibly more—than those in other sectors.

Healthcare shifted due to the pandemic, and providers and companies turned to alternative solutions to provide immediate and accessible healthcare amidst the implementation of lockdowns and safety protocols. In doing so, technology played a big and crucial role. As we enter another year, it is important for healthcare companies to be in the loop with the rising trends in healthcare as a way to improve the quality of care for patients and at the same time, keep the business side of things afloat by adapting innovations relevant to the company.

Here are 4 top healthcare trends to watch out for this 2021:

  1. Telemedicine

While telemedicine, or the practice of delivering clinical services via telecommunications technology, is not new, strict quarantine measures have led more people to stay home and prompted healthcare providers to turn to remote care especially when it comes to minor patient consultations. Not only does this save time and expenses, telemedicine is also accessible anytime and anywhere which makes for a better and more efficient healthcare delivery.

Telemedicine is poised to evolve and modernize even more with the popularity of video conferencing, wearable devices, personal health apps, remote patient monitoring programs, and even robotic healthcare assistants. The global telemedicine market is forecasted to grow at a CAGR of 24% between 2021 and 2026 to reach USD 173 billion by 2026 according to Expert Market Research’s Global Telemedicine Market Report and Forecast 2021-2026.

Moreover, the integration of augmented and virtual reality in telemedicine will open a whole new world for remote care. 

  1. Cloud Computing

Just like telemedicine, physical distancing measures also reinforced the trend of cloud computing in healthcare and is expected to witness over 15% CAGR until 2025 according to a recent study.

For an industry that generates a significant amount of data on a daily basis, one can only imagine how challenging data collection and management is. With cloud computing, however, this has become easier and not to mention, more cost-effective since it is scalable and no longer requires physical servers. Data stored on the cloud also has remote accessibility and promotes better collaboration among team members, which is ideal for current circumstances.

  1. Better Cyber Security

In a study by cloud computing company Iomart, it is found that the number of large-scale breaches rose to 273% during the first quarter of 2020 as compared to the time in 2019. To protect sensitive patient information in the cloud and avoid unexpected costs brought by security breaches, healthcare companies must prioritize the integrity of their anti cyber security software especially now that remote working is still the norm for most employees. 

  1. Artificial Intelligence in Healthcare

While Artificial Intelligence (AI) may sound intimidating and complex at first, it is already integrated in our daily lives through our smart gadgets, chatbots, and more. In terms of healthcare, it is one of the keys in  transforming the way illnesses are diagnosed and treated.

AI makes use of specific algorithms to process large amounts of data and find specific patterns in it. The information can then be used for numerous applications in healthcare including preventive medicine, early detection of diseases, efficient diagnosis, medical decision making, and treatment programs.

How outsourcing helps you keep up  to the trends

Being aware of and adopting rising trends in healthcare is important for healthcare companies to keep up with the dynamic needs of patients. However, integrating all these solutions in your current operations can be tedious and costly. Fortunately, you always have the choice to partner with an outsourcing provider that can help you put your company on the right track.

Outsourcing, first and foremost, reduces administrative costs and increases your revenues while also guaranteeing you of a competent and quality service. Other gains of outsourcing with the right partner are:

  • Operational excellence
  • Build a dedicated team healthcare team (i.e. RCM)
  • Operational savings of up to 70%
  • Access to world-class talent
  • A+ recruitment process
  • Industry experience
  • HIPAA and DPA-20212 compliance
  • Net Promoter Score: Sense of security and peace of mind

Partner with a company with >60 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.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

Infinit-O Key Benefits:

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

Others

Let’s work together to build a great healthcare team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 months ago No Comments Views

How Does Outsourcing RCM Team Improve Patient Experience and Contribute to Business Sustainability?

A sustainable healthcare system is achieved by delivering high quality care whereas patient satisfaction is an important and commonly used indicator for measuring the quality of care based patient perception. 

In this day and age, where we are facing the effects of a pandemic, it is important to create business strategies to your advantage to overcome and keep the business running despite the pressing challenges. In healthcare, surge in healthcare demand, overworked healthcare staff and denied claims, if not addressed well, results in increased frustration and ultimately making them unsatisfied with the healthcare service they’re receiving from your company. 

One major strategy is outsourcing a team of Revenue Cycle Management (RCM) experts who do not only assure keeping your business up and running in this economic climate but also ensure optimum patient satisfaction. How? By building great, high-performing RCM teams:

  1. Patient Concierge

Patients most often do value their time and want to get medical attention as soon as possible. But with a decreasing number of staff due to the limited pool of healthcare talents, patients often need to wait in longer queues than usual. And the more they wait, the more unsatisfied and frustrated they become. But by outsourcing a relatively low-cost team of Patient Concierge with a trusted partner, you can get better customer service yet significantly save up to 70% on operational cost. An outsourced team enables your medical staff to focus on patient-centered duties because calls, emails, and other forms of inquiries will be addressed by them and ultimately lessening the patient’s wait time who is available 24 hours a day.

  1. Claims Specialist

High number of claims if not managed properly can ultimately lead to unclaimed claims, revenue loss and unsatisfied patients. And claims processing in healthcare is time-consuming and it is crucial to identify and resolve errors as soon as possible. Due to this, many businesses prefer to outsource claims processing functions for speed and efficiency, freeing up your core-healthcare team on any insurance and billing concerns. By outsourcing a team of Claims Specialists, they can quickly adjudicate and settle claims just within 45 days. The right partner can also build you a great team of certified coders and billers who can speed up your claims processing time which in return increases revenue, improves business cash flow and ultimately making your patients at ease with their insurance claims.

A great, high-performing RCM team works strategically by targeting critical areas that affect overall patient satisfaction and results in a four-fold benefit; high patient satisfaction, streamlined patient flow, clinical efficiency and decrease in clinician burnout. A survey says that 99% of patients agree that their satisfaction increased because of the hospital’s concierged service and better claims process. Satisfied patients ensure a smooth and continuously running business despite any operation challenges in light of this pandemic and maintain business sustainability.

Pro Tip

When considering for a potential healthcare outsourcing partner, you must consider a Net Promoter Score (NPS) of >60.

Why?

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 is the most efficient solution to increase patient satisfaction. And 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 RCM team
  • Operational savings of up to 70%
  • 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

Others

Let’s work together to build a great RCM Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 months ago No Comments Views

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