Healthcare

3 Reasons Why A HIPAA Compliant Outsourcing Partner Matters?

Maintaining the privacy of the patients’ data in the healthcare environment is challenging. Developing and administering security programs that are acceptable and practical using electronically protected health information (ePHI) requires extensive working experience.

These regulations are mainly defined in HIPAA compliance.

HIPAA stands for the Health Insurance Portability & Accountability Act. This is a federal law from 1996 meant to set standards for the protection of patient health data, ensuring that this information is never shared without their express knowledge.

Did you know that the average cost for a data breach was $3.8 million? That is why working with a billing or coding outsourcing partner that isn’t data compliant can be detrimental to your business in the long run. The same IBM report also divulges that healthcare is the most expensive industry when it comes to data breach costs, averaging out at about $7.13 million.’

This is why it is crucial to have an actionable security plan with clear direction, strong leadership, and a focus on data security.

And if you outsource any of the data functions to a third party, make sure that they have a robust understanding of HIPAA, efficient privacy function, and a risk-based, multifaceted approach to security.

Why HIPAA Compliance Matters?

Developing Internal Proficiency Is Challenging

Leveraging company resources to create and implement a high-quality HIPAA compliant team can be challenging, costly, and time-consuming. 

Enterprises new to the healthcare sector don’t always have the expertise needed to create and implement a HIPAA compliance program. This poses a threat to the security and safety of their patient’s confidential information.

From a healthcare standpoint, a HIPAA-compliant provider can better implement authentications and verifications to check an individual’s integrity and accessibility.

The regulations and control in the healthcare sector make it imperative to leverage multiple tools to achieve HIPAA compliance.

However, with a HIPAA-compliant outsourcing solution partner, their expert assistance and guidance can help you with the powerful tools without you having to spend money, time, and efforts to maintain standards and privacy.

Healthcare Security And Privacy

A HIPAA-compliant outsourcing partner can provide advanced, audited, and tested technology to help you maintain and follow the required compliance standards and effectively protect your patients’ sensitive data. 

Outsourcing a HIPAA-compliant partner also takes advantage of the enhanced security levels. Some of these benefits include environmental controls, physical security, video surveillance, logged access, and various alarm systems to identify unauthorized access.

The HIPAA compliance procedure in healthcare involves both ongoing work and one-off projects. This requires most companies to spend a considerable amount of time and money to ensure accurate compliance management.

A HIPAA compliant outsourcing partner is paramount to help you accurately assess, test, correct, upgrade and modify internal controls, which can be otherwise a genuinely daunting and time-consuming process, especially when done by in-house teams.

Without a HIPAA-compliant outsourcing service provider, you will have to train your employees to have adequate knowledge in regulatory compliance to ensure data security and privacy.

A compliant outsourcing partner will routinely provide internal controls testing and deliver transparent and concise reports to the management. They will also structure and execute an efficient workflow process for HIPAA auditors.

Business Continuity And Growth

Finally, when you partner with a third-party expert that is HIPAA compliant, they can help you with business continuity and growth by offloading the burden and distraction of creating, managing, and maintaining HIPAA compliance on your own. This also enables you to ensure that your patients’ information is safe and protected.

In response to increasing customer pressure and regulations to protect patient data, companies are outsourcing their HIPAA compliance to third-party security firms in healthcare privacy. This helps deliver high-quality results, efficiency, and continuous data protection, letting you focus on your strategic growth initiatives.

Working with a HIPAA-compliant outsourcing partner enables business continuity by redirecting your resources to creating and operating operations successfully. At the same time, the provider focuses on securing and safeguarding your patients’ information.

Your outsourcing service provider connects with your business associates on different functions in the best partnerships, ranging from addressing customer security questionnaires to developing a long-term and sustainable security roadmap that aligns with the company objectives and overall plan.

The result of this strategic partnership is that you can build a vital security infrastructure to protect the sensitive information and data of patients from unauthorized users.

Healthcare organizations breathe and live compliance and security. So outsourcing a HIPAA-compliant provider for your patient communications elevates all the compliance best practices.

In the realm of data protection and compliance, your company’s print, mails, medical billing, etc., need a Compliance and Security Officer tending to related functions. You can also outsource medical billing, medical coding, and more to ensure secure processes.

Collaborate With A HIPAA Compliant Outsourcing Partner

With the acceleration in digital transformation, specifically in healthcare, it is essential to efficiently manage massive amounts of protected health information. This is where healthcare outsourcing comes in.

Overseeing these regulations in-house can be a challenge for many firms. Outsourcing cybersecurity programs and HIPAA compliance to a privacy expert can help you effectively augment your patients’ data security.

This, in turn, allows you to reduce costs, meet customer demands, protect patients’ data and most importantly, emphasize internal resources on valuable business aspects– serving customers and growing businesses.

As a healthcare provider, it is paramount to mature your cybersecurity programs and HIPAA compliance by outsourcing your functions to a responsible and credible partner.

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.

3 months ago No Comments Views

4 Checklist in Selecting the Best Healthcare Outsourcing Company

Despite the major setback in the world’s economic status brought by the pandemic, healthcare organizations are still showing positive trends because the demand for healthcare continues to challenge business owners to think of fresh and innovative approaches to give the best service to their patients.

But as the demand for healthcare grows, the need for support and integration of Business Process Outsourcing (BPO) has arised. Why? Because the right outsourcing partner can provide time-efficient solutions to workforce-related delays, help increase productivity by a significant amount, and build your great, high-performing teams.

Marketsandmarkets did a global forecast and projected a $312.43 billion growth in the healthcare BPO market and a CAGR of 10.2% in 2017-2022. This is attributed to the rising focus of healthcare businesses on reducing operational costs and availing outside expertise to attain performance improvement and efficiency. 

Finding the right partner is a crucial step because it defines how you can sustain your business in the midst of this crisis. Here’s a checklist for your reference:

  1. Access to World-class Quality Talent

The most important thing to factor in when choosing a healthcare BPO is its access to world-class talent because a dedicated team of highly-experienced healthcare professionals can deliver quality results to allow your business to be more efficient and productive.  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 an A+ recruitment team and process who has access to world-class talent despite the competitive talent pool.

  1. Range of Revenue Cycle Management Services

If a BPO company has a range of services from billing, coding, clinical documentation, telehealth services, and more in the RCM spectrum will your business succeed because it means they can provide non-clinical support to your core healthcare providers and ensure a healthy revenue cycle.

It would be best if your potential outsourcing partner is a one-stop provider as this will save you from the trouble of working with different companies for different services. At the same time, dealing with one company enhances overall efficiency and accuracy.

  1. Can Offer Up To 70% Operational Cost Savings

The main reason why businesses outsource services is because they want to save on operational cost. And building in-house is likely more expensive because there are many things involved such as; recruitment cost, training & certification fees, lease on office space, computer, and other hardware & software tools needed for the teams to fully operate. But the right outsourcing can take care of all these things in a more affordable package that can relatively allow you to save up to 70% on operational costs. At the same time,  outsourcing also gives you the freedom to customize a solution that best fits your unique needs and of course, your budget.

  1. International Standard Compliance

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. 

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.

4 months ago No Comments Views

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4 months ago No Comments Views

Revenue Cycle Management in Healthcare: Top Trends and Figures

In the coming years, we should see improvements in RCM processes and workflows thanks to technologies like artificial intelligence, automation, and outsourcing.

4 months ago No Comments Views

How Data Analytics Contributes to Healthcare Sustainability

Medicine doctor and stethoscope touching icon heart and diagnostics analysis medical on modern virtual screen interface network connection. Medical technology diagnostics of heart concept

Healthcare is one of the many industries greatly benefited by technological advancements – from modernized equipment and procedures to the rise of telemedicine and AR in practice. When it comes to analyzing large volumes of patient information, hospitals and healthcare providers also began relying on new software and technology to make the process easier and more efficient.

Through the years, the healthcare system has been increasingly data-reliant which made data analytics a crucial part of the industry. It is used not only for data collection but also in creating comprehensive reports and converting them into relevant insights that in turn can be used to support decision-making and improve overall patient care. Moreover, data analytics in healthcare is important in predicting and solving problems, assessing treatments, and increasing patient engagement.

When it comes to sustainability of your healthcare business, here are some ways data analytics can be advantageous for you.

Lessen errors

Human error cannot be prevented when handling large amounts of patient information and other data. More than 80% of medical bills have errors, which may lead to more rejections, increase in insurance and claims costs, and ultimately, decrease in patient satisfaction that can directly affect your revenue.

Through data analytics, however, these errors can be prevented and even fully eliminated using an organized system for denial mapping review and categorization that accounts for a more effective and accurate analysis of patient data.

Enhance patient care

The end goal of any healthcare business or provider is to serve its patients the best way possible. And with the aid of data analytics, processes are improved and errors are reduced, resulting in better service. Procedures such as setting appointments, processing insurance claims, and issuing medical bills are simplified, which cuts the waiting time for patients and leaves them more satisfied with the service you provided.

Data analytics also helps you offer more personalized treatment to your patients as well as guarantee minimal readmissions due to medical errors or misdiagnoses.

Reduce administrative costs

With the help of data analytics, healthcare businesses can streamline administrative tasks and allocate its staff to where and when they are most needed. Aside from maximizing your manpower, this also free up funds that can be used in improving other services. Just like what is mentioned above, improved processes especially in approvals and reimbursements can also ease tight cash flow – a common problem for hospitals and clinics especially in this time of a global health crisis.

Why high Net Promoter Score equates Operational Excellence

When looking for an outsourcing partner, another thing you must remember is to partner with one that has a High Net Promoter Score.

Net Promoter Score (NPS) 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 data analytics

When it comes to building your data analytics team, outsourcing is one of the best choices to make due to its numerous benefits. A good 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.

6 months ago No Comments Views

Why is Outsourcing RCM cost Effective and Sustainable?

One of the ways to ensure that your healthcare team is not overworked is by adding manpower to your organization such as administrative support with revenue cycle management (RCM), billing compliance, and other back-end functions. A  2020 Black Book reports that approximately 90% of hospitals have already outsourced or are planning to outsource their RCM functions to reduce overhead costs. 

But aside from being a great back up to overcome high volume of workload, employing your own team of RCM excerpts are beneficial for keeping your business up and running with any business climate and economical situation. 

Why is Outsourcing RCM cost effective and sustainable?

  1. Cost-effective 

First and foremost, a pool of outsourced healthcare and RCM professionals takes away the expenses and the added work of acquiring and training people – all without sacrificing the quality of patient care. It can allow you to save up to 70% not just on overhead cost but also general operating costs. 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.

And one of the benefits of unloading too much administrative duties on your core healthcare staff to enable them to focus more on the needs of their patients, this results in patient satisfaction which also improves your income and cash flow in the long run.

  1. Reduced operational errors (i.e. billing)

Outsourced teams of competent and trained medical billers from RCM can help your company prevent incurring high costs due to billing errors. They are to reduce the number of denied and rejected medical claims to the best of their abilities. All in all, this maximizes feedback assistance on reimbursements and future assets. 

And with the outsourcing partner, they can help 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. Quality Skills and Talents

Dealing with one trusted 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. Having RCM 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.

Choose a partner with High Net Promoter Score (>60)

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 to more stable business operations and sustainable healthcare services being offered with your company.

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

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.

7 months ago No Comments Views

3 Myths About Healthcare BPO

The impact of the pandemic in the healthcare sector is undeniably profound as hospitals and healthcare organizations look for ways to deliver its services in the best way possible despite changes driven by the crisis.

To provide more focus on keeping patients cared for and satisfied, healthcare businesses have the option to outsource its non-core tasks such as revenue cycle management (RCM), CDI solutions, and even telehealth support among others from a trusted and reputable partner. This will help in improving employee morale and customer experience that in turn will also lead to better revenue and business stability in the long run.

However, the misconceptions surrounding healthcare BPO hinder some business owners to adapt the practice in their operations and reap its many benefits. By knowing these myths and debunking them, one can begin to understand the advantages of healthcare outsourcing and how it can help businesses stay resilient in these challenging times.

Myth 1: Healthcare outsourcing is expensive

The fact is building a team, whether it’s in house or outsourced, will always entail costs, but partnering with a good outsourcing company can save you on labor expenses as well as spending on expensive equipment.

In Deloitte’s Global Outsourcing Survey 2020, it was found that cost reduction is the primary objective of companies for outsourcing services. “The impact of COVID-19 plays a key role here: the uncertain economic environment is switching the focus back to the numbers,” the report stated. 

Outsourcing also gives you the best value for your money as it links you with experts who can assure fewer billing and transcribing errors and reduced processing time, resulting in additional savings.

Myth 2: Healthcare BPO partners are not secure

This misconception can be easily dispelled by taking into account that healthcare BPO follows international standards when it comes to security thus undergoing stricter measures to ensure compliance. Healthcare data breaches are more often due to gaps in data privacy processes and practices more than noncompliance of the BPO.

As the pandemic drove the rise in popularity of telehealth and virtual care, ensuring the safety and security of sensitive patient information has never been more important. It is best to look for an outsourcing partner that has security and compliance certifications such as the Health Insurance Portability and Accountability Act (HIPAA) and a robust IT infrastructure.

Myth 3: Managing a remote team is a challenge

Today’s technology has made it possible for companies to easily check in with their outsourced team wherever they may be in the world. Teleconference platforms and messaging applications among other tools make it feel like your outsourced team is not just a mere extension of the company, but also a part of the whole team.

For outsourced relationships to work best, transparency and communication between the company and the outsourcing partner must be observed at all times

Outsourcing has always proven to be a beneficial strategy to improve business operations, especially in the healthcare industry. The key is to just find the right partner that can provide the following gains:

  • 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

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.

8 months ago No Comments Views

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