With 2020 just around the corner, healthcare companies are beginning to realize that the new decade is a decade of collaboration.
Partnering with a healthcare solutions partner through building teams of highly-trained and specialized healthcare professionals is not only a cost-effective solution but also a great way to focus on your core competencies. As outsourcing is becoming a standardized practice across industries, especially in the healthcare industry, you’d want to know more specific reasons why you need to partner with a business solutions provider.
Here are 4 reasons to partner with a trusted healthcare solutions company:
Outsourcing Continues to Grow
Without a doubt, outsourcing is one of the most cost-effective solutions for healthcare companies that are facing growing pains.
According to a recent study by Market Research Engine, the healthcare IT outsourcing market is expected to grow by $50 million by 2020. Outsourcing companies targeting healthcare businesses are becoming more specialized in key areas such as Revenue Cycle Management (RCM), Telemedicine, Clinic Documentation Integrity (CDI), and Electronic Health Record (EHR) Management.
As the industry embraces technological trends in providing more accessible quality patient care, companies turn to outsourcing for cost reduction, gain access to talented and highly-specialized professionals, and better manage operational risks. An outsourcing partner will help you reach your business goals.
Reduce Your Operational Costs
Outsourcing continues to be one of the best ways to maintain business operations because of its cost-effective solutions. Many companies save up to 70% when partnering with an outsourcing company that builds teams of highly-trained specialists. Companies also save money on training costs, compensation and benefits that are part of the engagement with their outsourcing partner.
Example: Telemedicine services are particularly one of the trends to make the biggest splash in the next decade. This helps decrease waiting times and makes it easier for patients to receive care from specialists. There are more patients now that prefer this type of healthcare service delivery because of its convenience, ease of access, and affordability.
Some healthcare providers with telemedicine services partner with a global services company to build dedicated teams of registered nurses who provide patient care through digital means, such as video chat platforms, to assess and monitor various conditions or symptoms. When you outsource telemedicine nurses to interact with your patients, you are controlling your expenses while maintaining high-quality patient care.
You Need a Highly-Trained Team
Sometimes, your in-house team will feel overwhelmed with the number of specific tasks that come their way on a daily basis. This may lead to staff burnout, absences, resignations, and then you'll have to go through another cycle of new hires and training. With an outsourced team, expect top-quality, high-trained healthcare professionals who will work with any software you use and give you the results you need at a smaller cost than your in-house staff budget that will tremendously improve productivity and make your processes more efficient.
Example: Claims processing is a standard service among healthcare providers, but oftentimes their staff is not always ready with the large number of claims they would usually handle on a daily basis. One of our clients had this certain pain point and we were able to help them improve their claims processing by building a highly-trained team that processed incoming claims as quickly as possible.
Improve Your Patient Services
When you choose to outsource, it’s usually because you want to improve your services. After all, you are spending for a highly-trained and specialized team to work on tasks and deliver excellent results. Having an outsourcing partner helps you focus on your core competencies and prepare for your business growth. Also, your outsourcing partner will work with the technology you prefer.
Example: Many healthcare providers use artificial intelligence in all sorts of services from patient care management to billing because it has improved and streamlined patient support services.
In fact, according to an article about AI chatbots, because of its effectiveness, it is predicted that AI will grow to an estimated $542.3 million by 2026.
Chatbots, in particular, is a boon for healthcare providers. For better patient engagement, hospitals, for example, use chatbots to keep in communication with their patients for scheduling their consultations or refilling prescriptions. It’s also a great way to help patients with troubleshooting certain tools or recommended doctors through a reliable chat system.
Without a doubt, outsourcing is here to stay. Many companies across industries, from startups to large enterprises, use outsourcing companies to help them with their back-office tasks. In the healthcare industry, these companies help out in reducing costs and providing quality healthcare delivery. Furthermore, as many companies are moving towards digital platforms, from telemedicine to artificial intelligence, technology creates the trend, and the trend creates demand. While you are working with an outsourcing team, your company can also start predicting trends where else outsourcing can help you and your company succeed.
It’s almost 2020: when are you going to start building a highly-trained healthcare team?
Infinit-O is a trusted healthcare solutions partner that can help you build and operate a dedicated team of well-trained healthcare & RCM professionals specifically designed for your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent healthcare talent who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified, HIPAA- and GDPR-compliant, so your company and patient data are safe with us.