4 Traits of a Great Healthcare BPO Partner

Healthcare business process outsourcing, or simply Healthcare BPO is an outsourced business activity or process that provides support and administrative functions to healthcare providers and organizations. One example is Revenue cycle management (RCM) services such as medical coding and billing, and transcription which are some of the most commonly outsourced.

Through the years, changes in the healthcare landscape coupled with growing patient expectations have led to the resurgence of the BPO trend in the industry. The enactment of the Affordable Care Act, implementation of ICD-10, and shift toward value-based healthcare are just some of these changes that left hospital staff working harder than ever to keep up with the boost in complex claims and comply with conflicting mandates for improved quality and reduced costs.

With this, a report by MarketsandMarkets projected that the global healthcare BPO market will reach USD 312.43 billion by 2023, at a CAGR of 10.2% during the forecast period (2017-2022). The primary attribute to this growth is the “rising focus on reducing operational cost and availing outside expertise to ensure performance efficiency and improvement.”

Indeed, outsourcing healthcare services for RCM has a lot of advantages. 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

Now, if you are interested to partner with a healthcare outsourcing company for your business or organization, here are five traits that you should look for:

1. Industry Experience and Expertise

There is no substitute for experience in outsourcing, so make sure that before choosing a partner, check for a proof of positive track record of industry & domain expertise, number of years they have been offering these services, and client partnership tenure and company reputation & success rates such as Net Promoter Score (NPS). In line with this, they should also have the right expertise and knowledge when it comes to such a sensitive sector that is healthcare in order to render services effectively. As an example, Medicare claims processing is something that can be difficult to build internally, but is the exact skill that an outsourcing provider specializing in medical billing excels at. This can result in significant increase in collections.

2. Range of Services and Quality of Talent

Another thing to factor in when choosing an healthcare BPO is its range of services, From billing, coding, clinical documentation, telehealth services, and more, it would be best if you go for a one-stop provider as this will save you from the trouble of working with different providers for different services. At the same time, dealing with one company enhances overall efficiency and accuracy.

Good providers also insist on building a dedicated team of highly-experienced healthcare professionals who can deliver quality results. 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 A+ recruitment team and process who has access to world-class talent despite the competitive talent pool.

3. Compliant to International Standards on Data Management

Since you will be 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. 

4. Tech-Forward

Keeping up with the fast-paced digital world can only be done through the use of top-notch technology. When selecting your healthcare solutions partner, see to it that they use the necessary software and a well-maintained infrastructure preferably with both back-up power and storage to secure the compiling and storing of patients’ data.

Additionally, you may opt for a provider that is technology-agnostic or one that has the flexibility to adapt to your healthcare organization’s current technology and enhance it further. With a technology agnostic healthcare solutions provider, the enhancement of your current technology will not be based off of any pre-existing models; rather, it will be customized and tailor-made to cater to your business solutions. This will ensure that your technology is humanized in such a way that it solves the bigger picture problems while allowing your healthcare business to hit its goals.

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:

• 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.