Raisa Aquino

How to Spot a Great Risk Management Expert

While risk management is seen as a crucial part of a business, it is a function often overlooked by many companies, not knowing the benefits of taking full advantage of it. For one, a dedicated risk management team composed of experts can provide useful advice on the potential risks to a company’s sustainability and profitability. And in the case of something going wrong, they already have a plan of action to reduce and mitigate risk, and avoid bigger losses.

A good risk management expert has many qualities: they work well under stress, think quickly on their feet, and constantly strive to learn more. On top of these, here are three key skills that you should consider when looking for a risk management expert to add to your team:

  1. Analytical skills

In risk management, it is important to be quick but thorough in analysing data in order to assess risk, calculate its potential effects to the company, and find strategic solutions to prevent it efficiently. Moreover, a risk management expert possessing good analytical skills can focus on the broad aspects of the job yet still have a keen eye for smaller details that happen on the day to day. This is especially helpful in detecting and mitigating problems at the root and areas that are often overlooked. 

  1. Business understanding and industry knowledge

Risk management experts must have a deep understanding of the ins and outs of the firm or company they are working for as well as the external and internal factors that can affect its performance in order to properly predict and assess risks. They should also understand and master the different financial indicators tied to the firm or company’s assets, stakeholders, markets, and regulations. Alongside being well-versed in business issues, it is also ideal to be knowledgeable of the industry where the firm or company operates to easily identify what risks may arise.

You may want to look for applicants who hold academic credentials or certifications in finance or other related fields to assure they can perform the duties that the job requires.

  1. Communication and negotiation

Risk management is at the crossroads of the operational, financial, accounting , and strategic functions of a business, which is why a risk management expert must be equipped with good communication skills to be able to properly convey complex financial products, and risk management concepts and policies to the rest of the firm or company – from the board of directors to individual employees – composed of varied audiences of different ages and understanding of the topic.

In relation to this, risk management experts must also know how to negotiate with other departments, for example, when it comes to policies, and deal with different kinds of people on the job.

Outsourcing your risk management team

Now that you know what to look for in your risk management team, partnering with a reputable outsourcing company is the next best step. While you can opt to hire or train your staff for risk management duties, you can save more time and resources when you outsource since you no longer have to shoulder hiring and training costs.

Pro Tip: High Net Promoter Score (>60 NPS)

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.

Outsourcing also gives you access to a pool of trained experts in risk management that can help you draw up a crisis prevention plan that is tailor-fit for the unique needs of your company.

Look for a trusted outsourcing company that can help you build a dedicated Risk Management 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 Risk Management and other F&A team composed of:

Let’s work together to build a great Risk Management Team.

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

4 months ago No Comments Views

How Outsourcing Insurance Verification Specialist Contribute to Success

Successful billing depends on successful insurance eligibility verification. That is why healthcare businesses should put enough importance on insurance verification services because it plays a major role in hospital’s claims denial management program. Basically, health insurance verification is the process of checking a patient’s active coverage with an insurance company to verify insurance claims eligibility.

Simple errors such as patients providing wrong or outdated information or when insurance policies were terminated or modified which can result in claim rejection or denial, hence hospitals and healthcare businesses have to be sure it is being done correctly. The verification process must be done before the patient is admitted into a hospital to avoid claim rejection at the on set. That is why it is crucial to employ a team of Insurance Verification Specialists in your organization. But some challenges such as high labor cost and access to certified experts makes it difficult for businesses to create their own team. But having them contributes to the following:

  1. Minimize Denials and Maximized Revenue

A team of insurance verification specialists play a big role in completing paperwork and verifying patient information with the insurance carrier to maximize reimbursement and facilitate revenue cycle improvement. They verify the following:

  • Payable benefits
  • Co-pays
  • Co-insurances
  • Deductibles
  • Patient policy status
  • Effective date
  • Type of plan and coverage details
  • Plan exclusions
  • Claims mailing address
  • Referrals & pre-authorizations
  • Lifetime maximum, and more

If those things are verified correctly, it minimizes denials which ensures that claims are processed correctly, payments are received accordingly and locks in revenue for the business.

  1. Helps Avoid Business Risks

When finalizing the medical bills of patients, health insurance should be done correctly. If implemented in a wrong way, it could result in decreased revenues. Insurance verification performed by a team of Insurance Verification Specialists helps the business to know immediately whether the insurance provider can pay the respective charge for the patient’s treatment or not. In return, they can inform the patient with the treatment plan and payment criteria beforehand and avoid any confusion on their end and unpaid treatments. Lastly, they avoid claims rework which is counter productive and is cost incurring for the operations. In return, this improves billing cycles with decreased denial of claims and leads to an overall development of healthcare practice.

  1. Simplifies Claims Process

Healthcare businesses prefer a smooth and aligned work process. These days healthcare billing companies make sure that the verification is performed and completed in a simple yet hassle-free manner which allows medical professionals to then work with ease and stop worrying about the payments if you have a team of dedicated Insurance Verification Specialists in your organization. On top of it all, they liberate your core-medical team from the unnecessary paperwork. This means they can solely focus on their specialization without worrying about the charges and other clearances from patients.

Although, building a team of Insurance Verification Specialists can be costly and challenging to find those that are qualified. But the right outsourcing partner can meet your insurance verification demands. Make sure to look for a partner that has:

  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.

  1. Access to World-Class Quality Talent

Another thing to factor in when choosing a 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 and can project a 70% operational cost savings.

  1. 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  Insurance Verification Specialists & RCM team
  • Prevent claim submission errors and rejections
  • Improve business revenue
  • Operational cost savings of up to 70%
  • 90% Improved denial management rate
  • ISO 27001 and 9001 certified, GDPR, HIPAA 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-performance Revenue Cycle Management team composed of:

Patient Support Services

  •  Insurance Verification Specialist
  • Patient Concierge 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.

5 months ago No Comments Views

3 Types of Customer Service Support Your Business Should Have

Nowadays, everything seems to be turning digital. This means that companies and businesses are now able to reach more customers around the globe, but it can also be overwhelming, having to maintain business operations while attending to a rapidly increasing number of customers, product or service inquiries, and many other factors that come with an increased demand. If you’re looking for ways to address this problem, outsourcing might be perfect for you. Below are three types of customer service support that you can outsource and how you can benefit from them: 

  1. Social Media Support

A January 2020 report from We Are Social states that more than 4.5 billion people now use the internet, while social media users have passed the 3.8 billion mark. This is equivalent to 60% of the world’s population, and it is worth noting that 73 million of that 3.8 billion are located in the Philippines. In short, you would be missing out on a lot of opportunities for growth if you don’t take advantage of social media. One of the biggest advantages of outsourcing social media support is that you won’t have to worry about providing round the clock customer support services. More importantly, your BPO partner will help you strategize and manage social media content creation while helping you avoid the common mistakes when it comes to advertising and interacting with customers on social media. It also helps in sentiment analysis wherein data analysts within for businesses can gauge public opinion, monitor brand and product reputation, and understand customer experiences through social media platform.

  1. Technical Support

Tech or IT support can be tricky, especially since it requires constantly keeping up with IT trends and advancements. This is where outsourcing comes in: the right BPO partner would help you build teams that are already experts in IT while helping you save money, not just in investing in manpower, but also in taking care of technical infrastructure and training. Similar to social media support, tech support BPOs also allow your company to have 24/7 tech support operations, and help you manage IT-related risks.

The right outsourcing partner also has internal Information Security in place and make sure they are:

• ISO 27001:2013 and ISO 9001:2015 certified

• General Data Protection Regulation (GDPR) compliant

• Health Insurance Portability and Accountability Act (HIPAA) compliant

  1. Customer Care Support

There are plenty of other ways that customers in the digital world prefer to connect with your company, and the most prevalent–aside from social media–are email, chat, and call. Customer care support beyond social media shows that you’re serious about building personal connections with customers and that transactions go beyond just marketing products and services. Aside from enabling you to quickly attend to the queries and needs of your customers by providing round-the-clock support, the right BPO partner knows how to handle the reputational risks that come with dealing with all kinds of customers and is hence an effective protector of your brand image.

To effectively build a great, high-performing customer support team, make sure to partner with a trusted outsourcing company that has

  • Access to world-class talent
  • A+ recruitment process that can hire and on-board new teams within 30-45 days
  • Most specially, a high Net Promoter Score of at least 60

Why should your outsourcing partner have at least 60 on 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 customer service BPO 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, and this results in customer loyalty and retention, making a high NPS a critical trait a customer service 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.

These five factors demonstrate that when looking for a BPO partner, you must focus not just on the services, but also on the shared vision. Does your potential BPO partner share your views and beliefs when it comes to providing customer service and nurturing relationships with your customers? Now that you’re aware of these, you might already have a mental checklist of things that you must look for. Once you start looking for a BPO partner, make sure to keep these qualities in mind.  

When you’re expanding your business, team up with a solutions partner that makes your process, their process. The right outsourcing partner ensure:

  • Operational excellence
  • Build a great social media team specifically designed for your unique CX support needs
  • Operational cost savings of up to 70%
  • 90% customer satisfaction (CSAT)
  • 95% response rate in social media, phone, email platforms
  • Increase customer and brand loyalty
  • ISO 27001 and 9001 certified and GDPR, HIPAA, and DPA2012-compliance
  • 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 CX team:

  • Social Media Managers 
  • Online Community Managers
  • Customer Care Representatives (Omni-channel)
  • Chat / Email Support Representatives
  • Technical Support Representatives
  • Market Research Analysts
  • Others

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

5 months ago No Comments Views

Benefits of Outsourcing IT Support Services

As businesses are converting from manual set up to digital systems, most if not, all are building and upgrading strong IT services for their company. Large corporations usually have in-house IT tech support services because they have resources to maintain it, but for small to medium sized businesses, the smarter way is to outsource this department. Why? Because building a fortified IT team is not only costly but it requires knowledge-based experience to keep an in-house IT team operational.

Although in-house support ensures that you always have an IT support expert who knows your company intimately, outsourcing this team from a trusted partner offers the same peace of mind. Listed below are 5 benefits of outsourcing your IT services:

  1. Reduce Labor Costs

Hiring an IT team is expensive because the experts in the field usually belong to the top tier in terms of salary grade. On top of that, training and certifications like Microsoft Certified Systems Engineer (MCSE) are important, but expensive. Aside from labor cost, operational expenses such as hardware, software licenses, cloud service subscriptions, and maintenance are equally costly.

Although cost savings is not only the sole advantage of outsourcing, it can be a deciding factor, especially if you are running an SMB on a tight budget. A small in-house IT team can cost your team tens of thousands of dollars each year. On the other hand, the cost of outsourced IT tech support can give you as much as 70% cost savings, especially with the right partner. They also have access to world-class talent and their A+ recruitment process ensures that they can build you a great IT team in only 30-45 days.

  1.  Increase Efficiency and Competitiveness

The right outsourcing IT partner will have resources and experience to adapt to your line of business effectively ensuring efficiency in work output. They can build you a great IT team, train them, and provide the support they need to make sure that your unique demands are addressed accordingly. For most implementations, quality IT companies will bring years of experience in the beginning saving you time and money all the while ensuring that key metrics are achieved such as  Mean Time to Recover (MTTR) in cases of system/technology downtime, resolution rates, response rates.

Best outsourcing partners are already in the business of measuring their own activity, so it’s in their best interest to make IT consistently better for their clients. Also, vendor results are typically watched more closely to maintain excellence. If your company experiences problems all at once, your outsourcing partner will be able to quickly allocate the pressing issues to different representatives to solve the problems simultaneously. They have multiple employees where they can delegate different IT experts at the same time. And when things are working smoothly, nobody is being paid to sit and wait for the phone to ring which in return reduces downtime and improves employee productivity.

  1. Compliance, Security and Risk Management

Every business investment has a certain amount of risk. Markets, competition, government regulations, financial conditions, and technologies all change very quickly. Outsourcing providers assume and manage much of this risk for you, with specific industry knowledge, especially security and compliance issues. The right partner with an established Information and Cyber Security system is much better at deciding how to avoid risk in their areas of expertise.

Find a partner who is ISO 27001 and 9001 certified, GDPR, HIPAA and DPA20212-compliant because they understand that data security is one of the most important things for a growing business. They also understand that simple firewall and antivirus software as your company’s sole security measure is not enough. They have a comprehensive information security & data protection process ensuring that all company and information is ultimately safe at all times. They also conduct regular audits to identify processes and procedures vulnerabilities with strict measures in place that prevent any unauthorized access of client’s data at all times.

  1. 24/7 Operations

Outsourcing your IT support services also ensures that they can function 24/7 which means that any problems and issues can be addressed as soon as possible without the need to wait for the regular 8-5 working hours. The right partner promises reliability and seamless troubleshooting procedure that results in practical, cost-effective solutions making your company secure and protected. Lastly, outsourcing ensures an established business continuity plan that secures your company in any occurrences of economic or business crises.

  1. High Net Promoter Score (NPS) 

Net promoter score helps businesses gauge the quality service the outsourcing company is offering. In a way, this represents the primary capabilities and expertise they provide to their clients through result-based surveys on how much satisfied their clients are in providing IT support services. It also showcases how well the outsourcing partner is performing, how often they resolve technical and IT-related  issues, and if their clients are satisfied with the overall experience from their service. A High Net Promoter Score results in a sense of security and peace of mind for the client.

All these benefits and more can be found with the right outsourcing partner who can provide a customized, high quality IT support service solutions that can promise for the following:

  • Operational excellence
  • Build a great IT team specifically designed for your technical support needs
  • Operational cost savings of up to 70%
  • 90% IT resolution rate
  • 95% ticket response rate
  • 90% reduced system downtime 
  • Information and data security
  • 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 IT team:

  • IT Technical Assistant
  • Information Technology Team
  • IT Operation Analyst
  • IT Operation Engineer
  • Threat Intelligence Analyst
  •  Systems/Cloud Administrator
  • AWS and Azure DevOps Engineer
  • Others

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

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

6 months ago No Comments Views

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.

  1. 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.

  1. 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. 

  1. 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.

6 months ago No Comments Views

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