e best and quickest way to understand a large group of people. It is efficient and it is useful, but making the most of it can be difficult.
Healthcare is one of the biggest and fastest expanding industries in the world. Knowing how businesses grow with outsourcing can be used to your optimal advantage in the midst of a gliding health economy. However, to deliver exceptional patient care requires a considerable amount of resources and manpower. In effect, health facilities spend more on serviceable expenses to cater to the demand for quality.
In countries like the United States, there is a sky-high rise in the cost for healthcare. A recent Black Book Survey states, for an average hospital to break even, it needs to cut its cost to 24% by 2022. Fortunately, one great way to save overhead is outsourcing. An ever present need in any healthcare industry is Revenue Cycle Management which luckily can be outsourced. This entails some but not limited to the following:
But the big decision is not which outsourcing companies are available in the market pool, rather, understanding how outsourcing can be favorable for your business. Laying out the gains and pains is one great way to help you decide.
Allows Patient-Centered Care
Health practitioners cannot effectively provide excellent care if they are mired by the administrative and financial side of running a practice. By outsourcing non-core functions and optimizing revenue cycle management, you can focus more on what you do best — diagnosing and treating a patient. It is important to balance non-care responsibilities to promote curative and therapeutic services. Less administrative tasks help health personnel realign their focus on managing workload resulting in improved care standards and increased patient satisfaction.
Reduce Billing Errors and Ensures Billing Compliance
Medical billing companies’ sole purpose is to guarantee that billing claims are accurately submitted in a timely manner. By hiring billers who underwent thorough training and those fully equipped with knowledge on the billing process reduces the number of denied and rejected medical claims. Altogether, it maximizes feedback assistance on reimbursements and future assets. Since this is an ever-changing industry, by working with an outsourced claims team, you stay up-to date with the latest changes in regulation and requirements to maintain compliance and ensure the submission of clean claim.
Cost Effective and Improved Cash Flow
Most asked question in any industry is, “What to do if labor cost is growing faster than your business?”. By outsourcing, you can curb thousands of dollars from operational expenses while securing the steady flow of profit. Outsourcing generates a pool of professionals on behalf of the company, thereby saving you cost in acquiring and training additional staff. Reducing the workload and administrative burden from your staff increases productivity, efficiency and morale, which is directly proportional to increased patient satisfaction. Happy patients generate profit and improve cash flow by becoming living testimonies of the great service they received. Stable operations ensure quality health service, giving you a cutthroat advantage over your competitors.
However, with every gain comes with an analogues pain. To combat these challenges, awareness on these things fortify your success in the healthcare industry.
Patient Data Privacy and Security Breach
Information breach predominantly transpires in healthcare thus careful evaluation of which outsourcing company to partner with is very crucial. Not having direct control and supervision of outsourced staff can pose vulnerability on patient data and information. Whether intentional or accidental, unauthorized disclosure of patient’s information is a breach to the data privacy act and doctor-patient confidentiality. The more people who have access to private and confidential information, the greater the risk for breach. Knowing the pillars of information security is essential for providers and outsourcing partners to protect patient data and comply with HIPAA (Health Insurance Portability and Accountability Act of 1996) regulations. Other things to consider are companies with ISO-certification, complies with the General Data Protection Regulation (GDPR) and the Data Privacy Act of 2012, and superior IT infrastructure coverage. That being so, before considering any partnership, secure your position on the whole operational process.
Lack of access to information and miscommunication between the outsourcing company and the medical office can be limiting. In-house staff have easier access to hospital records and patient information than those off-shore. Therefore, during the contracting phase, it is crucial that the outsourcing team receives the proper information they need to function accordingly. It is equally important to partner with a company that has the proper tools and technical knowledge about your business to avoid viable disconnect.
Since outsourcing isn’t a panacea, it is the provider’s due diligence in ensuring that right services are outsourced to the right partners. Companies centered in building great teams of health professionals help you combat these limitations. Knowing the latest trends on the coverage and values of outsourcing also works to your advantage.
Process and Contractual Misunderstanding
Partnership may go downward spiral if the provider and the outsourcing party interpret the contract differently. No contract will ever be perfect, technical and legal lingo can cause contractual misunderstanding. Ergo, necessary adjustments on the terms and conditions should be implied. Managing expectations is as important as finding the right partner. Both parties are accountable in securing a fortified and effective linkage. That is why, before deciding to collaborate, medical providers should be aware of the common outsourcing misconceptions all the while surveying industry experts aligned with operational excellence. On the other hand, outsourcing companies should research more about the industry of their partners and arm their workforce with the proper technical knowledge.
The Decision Phase
Weighing the advantages and challenges of outsourcing is the first step to embrace your company’s growth. Knowing the boons and banes of your prospective partners help you to identify what works best for your business.
Finding the right partner is one of the biggest decisions you’ll ever make. Careful consideration of all the pains and gains of outsourcing can be dreary but is worth all the effort. Researching and reading more about the leitmotif catapults you to success because it gives you the liberty to choose what’s best for your company. True enough that there are a lot of fish in the sea – until you find the best team – then there’s only one.
Infinit-O is a trusted healthcare solutions partner that can help you build and operate a dedicated team of well-trained healthcare practitioners & RCM professionals specifically designed for your unique needs, with cost savings of up to 70%.
We will assist in optimizing clinical documentation, streamlining medical claims, upto securing patient co-pay collection while you put more focus on patient care and promote patient wellness. By building great teams, we can match you to the right pool of highly skilled doctors, dedicated license nurses and qualified medical coders that can help you grow your business.
Start small. Exceed expectations. Think infinitely. Think Infinit-O.
Revenue Cycle Management ensures the satisfaction of customers, improve revenue and generate profit—but what is it really and how can businesses harness its benefits?
When one thinks of how successful or unsuccessful a business is doing, it’s natural to lean towards the strategic elements of an organization that ensure profits come in: investments, funding decisions, and risk management. While these elements are important, the success of a business, especially how it runs its day to day operations, is highly dependent on the effective management of operational cash (or commonly called cash flow or cash on hand). This comes in the form of accounts payable (A/P) and accounts receivable (A/R).
Accounts Payable (A/P) refers to the money that the company owes to others, usually because of purchased goods or services on credit from a vendor or supplier.
Accounts Receivable (A/R) refers to the money that others owe to the company and are amounts the company has a right to collect because it sold goods or services on credit to a customer.
In accounting, the nature of transaction dictates how it is recorded in a company’s general ledger (or financial books).
Accounts Payable (A/P) = CASH OUT
Accounts Receivable (A/R) = CASH IN
The keen management of account payables and receivables has a major impact on how liquid a business is. Liquidity in a business refers to a positive net working capital, which simply means that there is enough cash on hand to keep the business operational.
The working capital (WC) of a business is the difference between the current assets and current liabilities. The collection of assets in a timely manner and a balanced settlement of liabilities ensure a healthy and positive net working capital.
To effectively manage one’s working capital, the Days Sales Outstanding (DSO) of accounts receivables should be less than 45 days. DSO refers to the average number of days accounts receivable payments are collected. Accounts payable are analyzed by the average number of days it takes to pay an invoice (Days Payable Outstanding or DPO).
Reducing DSO and increasing DPO can increase working capital. Simply put, businesses collect payments from customers faster and delay vendor payments. However, increasing working capital isn’t as easy as it looks as delaying vendor payments can tarnish a business’ reputation and faster payments collection can turn off customers, as they usually prefer businesses that aren’t too strict about getting paid on time.
Ideally, you should always have more accounts receivables (income) than payables (operational business expenses). This is where having a positive net working capital means business profit.
For effective management of operational cash, some businesses hire companies that offer accounting outsourcing services. This way you can focus on the core business decisions while your outsourcing partner takes care of accounting operations so you won’t need to worry about anything.
Managing your business’ finance and accounting on your own is taxing and does not always result in favorable results. With our customized solutions, rest assured that all your concerns would be addressed accordingly and at the same time, it would allow you to concentrate on other important factors vital for your company’s growth. Learn more!
A reliable and efficient order processing system for your customers is crucial to business success. Without it, backroom operations will fumble, front end representatives will suffer, and customers are more likely go to a competitor that offers better service. A lot of time, money, and resources can be saved just by developing a proper order-processing guideline. It’s important for you to come up with the best procedure that will help you run your business smoothly and your customers happy.
Here are a few tips to keep in mind when processing orders:
Using only one form will eliminate any confusion both internally and externally. It doesn’t matter whether a customer service representative takes the order over the phone, or a client directly fills out a form on your website, a standard form should be used. This way, whoever fills out the form knows what information is needed, and makes sure that all pertinent information is gathered. Some order details might vary depending on the item, such as options to choose color palettes, volume, or size. Make sure these details are included in the standard form so everyone will literally be looking at the same page.
If all the needed information is not collected, there will be delays in processing it because there is a need to verify what exactly is required in the order. This will cause backlogs and will waste a lot of time. To avoid having to go back and forth between clients and backroom operations, the should be a system that makes sure the order form is returned and completed before it is processed.
Confirming the order means that you’re acknowledging that the order forms were received, and that you’re about to process it. You may send an email that includes the order details, your contact information, and any other pertinent instructions as needed. Make it clear that the customer should reach out to you if there are any problems. You may opt to require the client to verify the order, but it’s often not necessary; your acknowledgment is what matters.
This is the time to distribute the order form to the departments and individuals who will perform any action connected to carrying out the particulars of the order, such as the finance team, backroom operations, manufacturers, depending on the nature of your business. It’s important to communicate with everyone concerned what the fulfillment dates are so that they know what to expect, and how best to keep within the timetable allotted.
Clearly communicating with customers throughout the process is important. Keep them up to speed as to what the status of their order is. If there are delays or problems, let them know immediately instead of keeping customers in the dark. Give them the details of the order once it ships: tell them who the carrier is, what the tracking numbers are and the expected date of delivery.
After the customer receives the order, take the time to get some feedback. Many businesses skip this step, but it’s one way of knowing your client’s sentiments and getting insights into what needs to be improved with your order processing system and inbound call center services. If a client is delighted with the service, then this is also valuable feedback that let’s you know you’re doing the right thing. Having a customer service representative call after doing business is also one way of letting clients know that you value their opinion, thereby increasing the likelihood of them doing business with you again in the future.
Take the time to develop the best order-taking system that works for your customers and backroom operations. This way, it will be smooth sailing for your business and your clients remain satisfied and loyal.
Having a reliable contact center is a vital aspect of a business regardless of the industry they belong to. It must have several communication channels where customers can freely address their concerns and queries regarding the company’s products and services. With our results-driven solutions, you can expect your contact center to deliver the best responses your clients are looking for. Learn more!
When you’re ready to grow, think Infinit-O!
The outsourcing industry has been defined just as much by acquisitions, as much as it has been defined by mega deals: think Xerox (NYSE:XRX) and Affiliated Computer Services. This November, several companies have announced acquisitions of other firms in a bid to redefine their services, and expand their business, and perhaps to give rise to the next Xerox-ACS caliber acquisition, within different industries including legal process outsourcing, IT outsourcing and call center outsourcing.
New York headquartered company, Accenture (NYSE:ACN), has acquired business process management services provider, Knowledge Rules. The company announced on the 2nd of November that it has acquired the Philadelphia-based company to utilize Knowledge Rules’ expertise in PegaSystems. According to Accenture’s Chief Technology Architect Paul Daugherty, “This acquisition immediately increases our capacity to implement Pegasystems-based solutions, and will enable us to train and develop more people, more quickly.” A few days later on the 10th of November, Accenture announced that it has successfully acquired Beijing-based software company, Mogenesis, a provider of mobile software outsourcing services. Following this, on the 19th of November, Accenture also completed its acquisition of Ariba, Inc.’s (NASDAQ:ARBA) Ariba Sourcing Services, an acquisition that had previously been announced on the 6th of October. Hot on the wheels of these developments and Accenture once again advised that they are acquiring another company, CAS Computer Anwendungs-und Sytemberatung AG (CAS). A Kaiserslautern, Germany based company, CAS is a provider of customer relationship management (CRM) and mobility software provider.
It has certainly been a busy month for Accenture as it has been acquiring companies left and right, but other companies have been making notable acquisitions as well.
Financial news and information provider Thomson Reuters (NYSE:TRI) announced on the 18th of November that it is acquiring legal process outsourcing services provider, Pangea3 . Commenting on the acquisition, Peter Warwick, Thomson Reuters President and CEO said that, “[Thomson Reuters] will now bring to the legal marketplace a responsive, high-quality, transformative resource for a broad range of legal support work. This is particularly important as law firms and general counsel adjust to the realities of the ‘new normal,’ where efficiency, quality and responsiveness are paramount,” signaling Thomson Reuters entrée into the highly-competitive legal process outsourcing business.
This is not however, the only movement in the LPO space as days before the announcement by Thomson Reuters, the acquisition news that had been making rounds in the LPO space was the acquisition of legal process outsourcing company, LawScribe by UnitedLex on the 11th of November.
A number of acquisitions from smaller companies also came through this month, including the acquisition of IT outsourcing and business process outsourcing provider TechTeam Global (NASDAQ:TEAM) by Stefanini International Holdings Affiliate, Stefanini IT Solutions for $93.4 million. The news came days before TechTeam Global reported its third quarter 2010 results wherein the company reported a net loss of $8.4 million following the company’s sale of its government subsidiary, TechTeam Government Solutions, to Jacobs Engineering Group (NYSE:JEC).
We will likely see more acquisitions coming through before the year ends. Other companies such as Infosys (NASDAQ:INFY) and Globallogic, have already announced that they are in the market for acquisitions this year and the next, as companies continue to search for the winning combination that may ultimately land them at the top of their field.
Author: Audrey B.
Revenue Cycle Management (RCM) is central to a healthcare provider’s improvement in ROI and contributes to patient satisfaction. However, the in-house staff might spend more time in actual patient care, or are not fully trained in various RCM tasks. There may also be a talent shortage in these RCM specializations. These scenarios may lead to errors in patient information, high denial rates, and ultimately lost revenue.
This is why healthcare businesses are coming to global healthcare solutions partners to team up with and build teams to help them tackle pain points such as reducing billing errors, monitoring claims processes, and efficiently verifying patient eligibility, among others. Not only does partnering up with a solutions provider reduce costs, but it also gives businesses guaranteed results that meet and exceed their expectations based on their agreed KPIs, whether it be the accuracy of processing or improving denial resolve rate to improve healthcare revenue.
But before you go and search for a healthcare solutions partner, what should you look for? Here are 3 essential qualities in a healthcare solutions provider.
Is your healthcare company having a hard time focusing on RCM because your in-house staff is experiencing an increase in workload? Count on a healthcare solutions partner to help you organize healthcare processes such as patient eligibility, appointment setting, and patient concierge.
Choose a partner that understands your unique needs that creates flexible and customized solutions for tasks in:
Patients can have better experience and satisfaction given that they will know which services will be shouldered by their insurance provider and which ones they’ll co-pay. This will trust your company more and in turn, this will impact your company’s revenue flow.
Many healthcare providers hesitate when they want to partner with an outsourcing company because patient information might not be kept safe. Global healthcare solutions partners know that data security is an important aspect of their company, and will make great strides to keep your patients’ information away from any kind of cyberattack & security threats.
That’s why it’s crucial that your healthcare solutions partner is 100% HIPAA-compliant. This means that the patient data your business manages should be protected by the healthcare solutions partner that uses this kind of information. The outsourced team you work with should understand the nitty-gritty details of compliance programs so that they can help your business meet strict security requirements, such as intrusion detection and prevention systems, Palo Alto next-generation firewall, gateway antivirus programs, internet access control, and SSL-based connections.
Check if they’re also ISO-certified and following GDPR regulations, and if they are aware of California Consumer Privacy Act which will take effect on January 1, 2020.
Are you experiencing challenges in hiring an in-house staff due to a high price job market? You might want to consider building a team with a healthcare solutions partner. Healthcare service providers nowadays turn to global solutions partners not only to reduce costs but also to acquire access to medical coders, billers, and claims processors. These specialists, from registered nurses with experience in a clinical setting to allied health professionals who specialize in medical coding and claims processing, can help you improve productivity efficiently with reduced errors.
With these three qualities in mind, you can look for the right healthcare solutions partner that can help you build a dedicated team of highly skilled RCM specialists as you focus on your competencies that improve and maintain high patient satisfaction, which ultimately leads to a better return of investment and reputation.
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.
Outsourcing has been present in the market for so many years, tracing back to the 80s, and it has continuously evolved to become what it is today. It has been considered as a staple in the market since most businesses now have realized that entering a partnership with a process outsourcing company has an extensive range of benefits attached to it; even small businesses have already engaged in outsourcing to avail of the benefits that the industry has to offer.
But before one would think of the benefits of outsourcing, one must first consider if the business is already ripe for outsourcing. Most companies have previously engaged in outsourcing but have failed due to unpreparedness. But an unsuccessful outsourcing venture may be avoided given that one knows which areas of businesses must they asses in order to determine whether they are ready to engage in outsourcing.
One must first ponder upon the nature of the business that one wishes to outsource. It is important to identify whether the business that will be delegated to an outsourcing partner is a core business or not. Most professionals would not suggest a company to outsource their core business processes. However, for some industries, there are now companies who are outsourcing their core businesses as they have witnesses that it can immensely affect a company’s performance. As companies outsource their core businesses, they are now able to allot a bigger fraction of their attention to their administrative processes.
Another factor that they need to consider is the skills required to fulfill the duties. As companies offer various solutions that require a specific specialization, it is imperative for companies to assess first if it is feasible to outsource their processes to a solutions provider. It is most common for companies looking to outsource to have their employees undergo training to be able to excel in their tasks. Before a company engages in outsourcing, it is quite important for them to measure their budget first whether they can afford to send the employees into training. This is not the only expense that companies will face as they look into outsourcing as there are still costs that needs to be accounted for.
Budget should also be on the top things to consider when outsourcing as miscalculation of one’s budget may pose challenges in outsourcing as the business partnership progresses. Budget is quite critical since most companies perceive that in outsourcing, business processes will come at a much cheaper cost. One can instantly see the difference in a company’s expenses after engaging in outsourcing as outsourcing can reduce a company’s costs up to 50%. But despite this, one must not be complacent when it comes to expenses, as it has become an issue for most companies.
There may still be a lot to consider before one can engage in an outsourcing partnership as it is going to be a big move for a company. But these key items, business assessment, employee skills and budget, are three factors that should influence your decision to outsource.
A provider of outsourcing solutions, Infinit-O’s wide range of services and core team of analysts can deliver efficiently and effectively the solutions tailored according to your company’s needs.
Infinit-O boasts of its long-lasting and growing partnership with their clients who are satisfied with the services the company has offered them.
The year 2014 will come to an end in a few weeks and we can’t help but look back at how the Philippine business process outsourcing industry has fared throughout the year. Let’s take the time to review its biggest successes in 2014.
A Singaporean government agency called the International Enterprise Singapore (IES) revealed that the Philippines is an ideal investment hub for businesses because of the country’s strong economic growth potential. The BPO industry in the Philippines is one of the top growing segments in the country, which attributed to the increase in the demand for office and commercial infrastructure. The IES also stated that the country’s talented workforce is also another big contributing factor.
A statement released by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) stated that India is losing 70% of its call center outsourcing business services to the Philippines and Eastern Europe. This could lead them to lose up to $30 billion in foreign exchange revenue if the trend continues. The Philippines’ quality manpower, lower operating costs, and high-quality services are the top three reasons seen to have contributed to this.
Cushman & Wakefield published a research paper entitled “Should MNCs Stop Paying Rent Overseas?” It forecasted that the Philippines may soon join China and India in the ranks of viable hosts for MNCs overseas operations. Presently, China and India remain at the top for overseas operations. However, there is expected to be a shift towards other markets because of the increase in rental rates in these countries’ central business districts.
Despite a controversial video released by BPO company, Aegis Malaysia, promoting Malaysia as a better outsourcing destination that the Philippines, a survey conducted by A.T. Kearney revealed that the latter has actually improved its ranking against 50 other countries. The 2014 A.T. Kearney Global Services Location Index stated that the Philippines ranked seventh among 51 countries, which is two spots above its 2011 ranking, where it ranked 9th out of 50. It further indicated that despite falling in the financial attractiveness factor, the country improved significantly in people’s skills and availability.
The Global Competitiveness Report by the World Economic Forum (WEF) ranks the economies of 144 countries. It stated that the Philippines’ Global Competitive Index jumped 33 places this year and is now in 52nd place. The country’s ranking has had a steady upward climb since 2010 but this year’s improvement is the highest in the region since that year.
The BPO Philippines industry has helped provide better-paying jobs since it started in the early 1990s and it looks like it will continue to do so in the coming years. It has been credited for providing jobs to one million Filipinos is targeting to provide jobs to 1.3 Million Filipinos by 2016.
During the International IT-BPM Summit held in Manila, Vikrant Khanna of Tholons stated that the country’s information technology-business process management industry will soon become the Philippines’ biggest earner. Its revenues are projected to hit $48 Billion by 2020, which will account for 19% of the $250-Billion global outsourcing industry.
All these achievements by the Philippine BPO industry this year goes to show that the country is indeed growing by leaps and bounds and that it is truly a prime location for outsourcing. It is exciting to see how much of the industry predictions will be realized in the coming years.
For the past years, we have seen how the customer service industry continues to develop in meeting the growing needs of the customers. Tools are improved, methods are polished and people are equipped to achieve excellence in customer service delivery. Regardless of the “what” and “how” of customer service, the “why” is most essential.
The significance of having quality customer service is the long-term relationship you build with your customer. All the other reasons fall second. So to help you internalize customer service excellence, here are the best customer service quotes to motivate you for 2015.
Nowadays, the traditional landline phone customer service that businesses have may not serve your customers well—considering that we’re living in the technology era. Having customer support in other types of network such as through online and mobile are some of the customer assistance services we have, which can take your entire customer service to a whole new level. Learn more!
We have created a simple presentation of these best customer service quotes so you can easily share them to your colleagues! See embedded presentation below or click here to download from Slideshare.