Healthcare

RCM Teams to Outsource for This 2021

The impact of the COVID-19 pandemic to businesses, regardless of size or industry, around the world cannot be denied. As such, companies have to pivot and adapt new strategies to stay competitive in these changing times. Now more than ever, they have to focus on the areas of the business that will allow them to grow their revenue moving forward.

For healthcare businesses, it is important to give priority to core competencies especially patient care. Medical professionals should be eased from doing time-consuming administrative tasks so they can focus on their main responsibilities. What companies can do is opt to outsource their Revenue Cycle Management (RCM) functions instead so that no side of the business is compromised.

Through outsourcing, they can streamline operations to increase claims processing, decrease denials and unpaid claims, and stay on top of regulations and new RCM trends. Moreover, outsourcing will also save companies the time and resources of building and hiring an in-house RCM team and connect them with a pool of highly-trained specialists.

Here are four RCM Teams that you can outsource to help you improve cash flow and keep your business resilient.

  • Medical Coders

For fast and smooth billing processing, medical coding should be done accurately because it classifies all medical procedures and treatments in easy-to-understand codes, enabling all healthcare professionals to comprehend the medical journey of a patient. Having experienced medical coders in your team ensures less errors, which is important in the process of medical billing to guarantee that all healthcare providers are paid for their services and all claims are handled efficiently for patients. 

  • Medical Billers

Just like coders, medical billers are a must-have in your RCM team. They play a crucial role in any healthcare business practice because they are responsible for submitting medical claims to insurance companies, which is critical for the financial cycle of your company.

Medical billers have specialized knowledge on payments, bill adjustments, claim follow-up, claim denial resolution, and collections management. All of these components must be managed correctly to guarantee revenue flow.

  • Denial Management Specialists

Medical claim denials are one of the most common barriers to effective RCM. The inadequate management of these can lead to revenue loss, additional costs, and slowing down cash flow, which healthcare companies must avoid especially now that we are still facing a global pandemic.

The Center for Medicare and Medicaid Services has stated that 30% of claims are either denied, lost, or ignored. This is where denial management specialists come into picture. They are the ones who have the duty to review and resolve denied patient insurance claims and appeal for possible reimbursement. 

  • Collections Specialists

Lastly, to yield the best results for your company, you may also need the expertise of collections specialists. These individuals have the responsibility to review and process billing information, debt, and unpaid insurance claims. It is also their task to find and locate debtors and arrange acceptable terms of repayment to protect your company’s financial assets.

When looking for a trusted outsourcing company, partner with the one that can help you build a dedicated RCM team 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?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 an outsourcing 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.

With the right partner, you are guaranteed with: 

  • Operational excellence
  • Build a dedicated team of RCM experts
  • Operational cost savings of up to 70%
  • 95% coding, billing and documentation accuracy
  • 90% ROI in correct claims processing
  • Improved denial management rate
  • ISO 27001 and 9001 certified, GDPR, HIPAA compliant
  • Net Promoter Score >70: Sense of security and peace of mind

Connect to a world-class pool of talent all the while saving up to 70% operational cost without compromising quality of work and maintaining operational excellence by finding the right partner. The right partner also has an established Information Security in place to ensure patient data confidentiality regardless if working on site or remotely. 

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:

  • Building great, high-performing teams
  • 70% Projected operational savings 
  • 72 Net Promoter Score (2019)
  • 97% Client retention rate

We can build you a great, high-performing RCM team composed of:

  • Medical Coders
  • Medical Billers
  • Patient Concierge
  • Clinical Abstractors
  • Patient Concierge
  • Medical Review Specialists
  • Care Navigators
  • Outbound/Inbound Collections
  • Other RCM Teams
  • Other Healthcare Support

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

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

5 months ago No Comments Views

RCM Outsourcing Equals Healthcare Business Stability

In this day and age wherein businesses are challenged with the disruption of economic climate and pandemic-related concerns, the healthcare industry is facing the biggest blow and impact because more the demand of healthcare becomes more apparent. More healthcare providers are overwhelmed with battling the effects of a global health issue causing the industry to double up the services it has to offer to make people’s lives much easier yet providing quality care in accordance with physical distancing and other close contact limitations.

This is where outsourcing comes in.

Indeed, outsourcing healthcare services such as Revenue Cycle Management (RCM) offers benefits for the industry. 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. This contributes not only in adapting with the so-called ‘new normal’ but helps businesses to be stable in terms of operations.

We listed top 2 ways outsourcing equates to business stability:

  1. Access to Quality of Talent = Great, High-Performing Teams

The right outsourcing partner has a wide range of services, from billing, coding, clinical which is your one-stop support and service provider as this will save you from the trouble of working with different outsourcing partners for different services. At the same time, dealing with one company enhances overall efficiency and accuracy.

With their access to world-class talent and A+ recruitment process, be assured with a dedicated team of highly-experienced healthcare professionals who can deliver quality results making your business rise to the top of your competitors allowing you to have a more steady and stable operations. 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. 

Whilst building you great teams, the right partner also can assure up to 70% operational cost savings. This allows you to distribute your resources to other operation needs of your company such as technological improvements to support the new work set up (i.e. telehealth. EHR, etc).

  1. Industry Experience and Expertise = High Net Promoter Score

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

All in all, outsourcing is one best way to help you focus on your business and other core responsibilities while they cater to your support and operations needs.

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.

5 months ago No Comments Views

How Outsourcing Helps In Healthcare Business Sustainability

Nowadays, taking care of one’s health and wellness has become a priority for everyone due to the fact that the world is still facing a global pandemic. For companies involved in the healthcare industry, this is also a crucial time to make sure that everything is going smoothly in both their operations and administrative sides, and that their service can cater to the heightened demand for medical care.

One of the ways to ensure this is by adding manpower and support to departments that may need more assistance especially the ones that deal with revenue cycle management (RCM), billing compliance, and other back-end functions. Hiring and training additional staff may be your first choice in doing this, but a more viable option would be to outsource these services from a reputable partner.

According to a 2020 Black Book report, approximately 90% of hospitals have already outsourced or are planning to outsource their RCM functions to reduce overhead costs. Here are just some of the ways how outsourcing can help your healthcare business stay resilient in these changing times.

  1. Cost-effective 

By generating a pool of professionals on behalf of your company, outsourcing takes away the expenses and the added work of acquiring and training people – all without sacrificing the quality of patient care. It also lessens the amount of administrative duties on your staff, enabling them to focus more on the needs of their patients. With high patient satisfaction, you can surely expect an improvement in your income and cash flow.

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.

  1. Reduced billing errors

Adding an outsourced team of competent and trained medical billers can help your company prevent incurring high costs due to billing errors. They are also tasked to reduce the number of denied and rejected medical claims to the best of their abilities. Altogether, this maximizes feedback assistance on reimbursements and future assets. 

The right outsourcing partner will also help you 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. Access to healthcare industry experts

As mentioned above, a team of professionals can do wonders for your business. With the right outsourcing company, you get linked with only the best talent for your RCM and other non-care functions and will work on continuous training and coaching them to give you better results. Save on recruitment and training expenses, while maintaining successful operations as your business grows.

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

Partner with a company with >60 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.

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.

6 months ago No Comments Views

4 Healthcare Trends for 2021

It is no denying that 2020 was a whirlwind of a year highlighted by the COVID-19 pandemic that disrupted the economy on a global scale and changed our day-to-day routines as individuals. While many sectors and industries were hit, medicine and healthcare are among those uniquely affected due to the nature of the crisis itself.

According to McKinsey & Company, the effects of the pandemic on these industries will continue to be profound. “The shifts in consumer behavior, an acceleration of established trends, and the likely deep and lasting economic impact will potentially affect healthcare companies no less—and quite possibly more—than those in other sectors.

Healthcare shifted due to the pandemic, and providers and companies turned to alternative solutions to provide immediate and accessible healthcare amidst the implementation of lockdowns and safety protocols. In doing so, technology played a big and crucial role. As we enter another year, it is important for healthcare companies to be in the loop with the rising trends in healthcare as a way to improve the quality of care for patients and at the same time, keep the business side of things afloat by adapting innovations relevant to the company.

Here are 4 top healthcare trends to watch out for this 2021:

  1. Telemedicine

While telemedicine, or the practice of delivering clinical services via telecommunications technology, is not new, strict quarantine measures have led more people to stay home and prompted healthcare providers to turn to remote care especially when it comes to minor patient consultations. Not only does this save time and expenses, telemedicine is also accessible anytime and anywhere which makes for a better and more efficient healthcare delivery.

Telemedicine is poised to evolve and modernize even more with the popularity of video conferencing, wearable devices, personal health apps, remote patient monitoring programs, and even robotic healthcare assistants. The global telemedicine market is forecasted to grow at a CAGR of 24% between 2021 and 2026 to reach USD 173 billion by 2026 according to Expert Market Research’s Global Telemedicine Market Report and Forecast 2021-2026.

Moreover, the integration of augmented and virtual reality in telemedicine will open a whole new world for remote care. 

  1. Cloud Computing

Just like telemedicine, physical distancing measures also reinforced the trend of cloud computing in healthcare and is expected to witness over 15% CAGR until 2025 according to a recent study.

For an industry that generates a significant amount of data on a daily basis, one can only imagine how challenging data collection and management is. With cloud computing, however, this has become easier and not to mention, more cost-effective since it is scalable and no longer requires physical servers. Data stored on the cloud also has remote accessibility and promotes better collaboration among team members, which is ideal for current circumstances.

  1. Better Cyber Security

In a study by cloud computing company Iomart, it is found that the number of large-scale breaches rose to 273% during the first quarter of 2020 as compared to the time in 2019. To protect sensitive patient information in the cloud and avoid unexpected costs brought by security breaches, healthcare companies must prioritize the integrity of their anti cyber security software especially now that remote working is still the norm for most employees. 

  1. Artificial Intelligence in Healthcare

While Artificial Intelligence (AI) may sound intimidating and complex at first, it is already integrated in our daily lives through our smart gadgets, chatbots, and more. In terms of healthcare, it is one of the keys in  transforming the way illnesses are diagnosed and treated.

AI makes use of specific algorithms to process large amounts of data and find specific patterns in it. The information can then be used for numerous applications in healthcare including preventive medicine, early detection of diseases, efficient diagnosis, medical decision making, and treatment programs.

How outsourcing helps you keep up  to the trends

Being aware of and adopting rising trends in healthcare is important for healthcare companies to keep up with the dynamic needs of patients. However, integrating all these solutions in your current operations can be tedious and costly. Fortunately, you always have the choice to partner with an outsourcing provider that can help you put your company on the right track.

Outsourcing, first and foremost, reduces administrative costs and increases your revenues while also guaranteeing you of a competent and quality service. 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

Partner with a company with >60 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.

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.

6 months ago No Comments Views

How Does Outsourcing RCM Team Improve Patient Experience and Contribute to Business Sustainability?

A sustainable healthcare system is achieved by delivering high quality care whereas patient satisfaction is an important and commonly used indicator for measuring the quality of care based patient perception. 

In this day and age, where we are facing the effects of a pandemic, it is important to create business strategies to your advantage to overcome and keep the business running despite the pressing challenges. In healthcare, surge in healthcare demand, overworked healthcare staff and denied claims, if not addressed well, results in increased frustration and ultimately making them unsatisfied with the healthcare service they’re receiving from your company. 

One major strategy is outsourcing a team of Revenue Cycle Management (RCM) experts who do not only assure keeping your business up and running in this economic climate but also ensure optimum patient satisfaction. How? By building great, high-performing RCM teams:

  1. Patient Concierge

Patients most often do value their time and want to get medical attention as soon as possible. But with a decreasing number of staff due to the limited pool of healthcare talents, patients often need to wait in longer queues than usual. And the more they wait, the more unsatisfied and frustrated they become. But by outsourcing a relatively low-cost team of Patient Concierge with a trusted partner, you can get better customer service yet significantly save up to 70% on operational cost. An outsourced team enables your medical staff to focus on patient-centered duties because calls, emails, and other forms of inquiries will be addressed by them and ultimately lessening the patient’s wait time who is available 24 hours a day.

  1. Claims Specialist

High number of claims if not managed properly can ultimately lead to unclaimed claims, revenue loss and unsatisfied patients. And claims processing in healthcare is time-consuming and it is crucial to identify and resolve errors as soon as possible. Due to this, many businesses prefer to outsource claims processing functions for speed and efficiency, freeing up your core-healthcare team on any insurance and billing concerns. By outsourcing a team of Claims Specialists, they can quickly adjudicate and settle claims just within 45 days. The right partner can also build you a great team of certified coders and billers who can speed up your claims processing time which in return increases revenue, improves business cash flow and ultimately making your patients at ease with their insurance claims.

A great, high-performing RCM team works strategically by targeting critical areas that affect overall patient satisfaction and results in a four-fold benefit; high patient satisfaction, streamlined patient flow, clinical efficiency and decrease in clinician burnout. A survey says that 99% of patients agree that their satisfaction increased because of the hospital’s concierged service and better claims process. Satisfied patients ensure a smooth and continuously running business despite any operation challenges in light of this pandemic and maintain business sustainability.

Pro Tip

When considering for a potential healthcare outsourcing partner, you must consider a Net Promoter Score (NPS) of >60.

Why?

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.

Outsourcing is the most efficient solution to increase patient satisfaction. And the right outsourcing partner not only ensure building a great and high-performing RCM team mentioned above but also ensure:

  • Operational excellence
  • Build a dedicated team RCM team
  • Operational savings of up to 70%
  • HIPAA and DPA-20212 compliance
  • Net Promoter Score: Sense of security and peace of mind

Partnerships 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:

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 RCM Team.

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

6 months ago No Comments Views

The Growing Importance of a Healthcare Analyst Team

Data acquisition, management, analysis, and interpretation of healthcare data provides actionable insights to healthcare professionals and business owners. These data can help find a better care plan, prevent diseases or illness, and optimize all areas of the care continuum. Building a team of Healthcare Analysts will help your healthcare business grow and achieve your goals.

But since they cover a special area, building a team of Healthcare Analysts can be challenging and the labor cost is high. But to fully appreciate the their contributions to your business, here listed a few of their key contributions:

  1. Lower the Risk in Patient Care

Digitized healthcare records makes identifying patient patterns and histories more efficiently. A team of Healthcare Analysts provides predictive analytics on patients with higher risk which allows care providers to create crisis situations from chronic health problems, giving them opportunity to provide corrective plans that decrease emergency visits and ultimately lower any potential risk. Sufficient data aids in monitoring these patients and in creating customized care solutions so the use of a Business Intelligence (BI) solution through Healthcare Analysts is paramount to protecting high-risk patients and lower risks in patient care.

  1. Increase Patient Satisfaction

Patient satisfaction and engagement are a concern for many healthcare businesses. In relation to point one, lowering any potential risk can significantly increase patient satisfaction. Data analyzed by Healthcare Analyst helps care professionals make an active role in preventative care for patients, and patients can become more aware of their role in their own health. In return, it improves the relationship between core healthcare providers and the patients which also lowers hospitalization rates and addresses severe health concerns that could be prevented.

  1. Cost Saving for Both the Business and Patient

Data insights drive clinical process improvement, some examples are reducing readmissions, performing lab tests that are not necessary, medications that work best and reduce any trial and errors. In return, both the healthcare business and the patients do not have to spend on unnecessary expenses yet can provide and receive the best clinical plan to combat the disease and improve quality of life. Through effective and well-analyzed data, care providers have a basis on the best plan to administer per patient and the best actionable treatment to be done. You can leverage your pricing and identify the highest value yet lowest cost for certain procedures and services.

How To Build Great Healthcare Analyst Team

The greatest challenge in building a great team of Healthcare Analysts is labor cost. According to Salarylist.com, healthcare data analysts annual median salary is $65,000 while according to Glassdoor.com the rate is $73,616 annually. This does not include operational cost and is solely salary rate. At the same time access to their job market is equally challenging because there is a limited pool of Healthcare Analyst talent. To build a team for your business, the best way is through a trusted outsourcing partner that has:

  • Access to world-class talent
  • A+ recruitment process of hiring to on-boarding within 30-45 days
  • Net Promoter Score of >60

These traits ensure that they can build a team for you at the most cost effective with a projected savings of up to 70% in operational cost. Operational excellence is measured by a Net Promoter Score of >60. This is a result from a survey answered by their clients on how much they are willing to promote their outsourcing partner. If the score is >60, it means that they were able to receive outstanding quality service and the level of satisfaction they have with the partnership. To put it simply, if you partner with an outsourcing company with an NPS of >60, you have a sense of security that the services they are providing responds to your unique needs and pain points which in return give you peace of mind to allow you in focusing on achieving your business goals as they focus on denial management.

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  IHealthcare Analysts & RCM team
  • Improve business revenue
  • Operational cost savings of up to 70%
  • 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:

Health Analytics and Risk Management Services

  • Healthcare Analyst

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

Others

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

6 months ago No Comments Views

Why is Now the Best Time to Outsource a Team of Claims Specialists

In the light of the pandemic, many policyholders are utilizing their insurance. Therefore, the best time to outsource a team of Claims Specialists is now.

Because more people are taking advantage of the benefits of their insurance, this may lead to high number of denials if not managed properly and can ultimately lead to revenue loss.  On the other hand, high workload can contribute to high claims processing time because of lack of manpower resulting in unpaid claims.

To overcome this, outsourcing a team of Claims Specialists is a must for healthcare businesses to fortify their business operations despite the demands caused by the current pandemic and any future health crisis thereof. Outsourcing can help save on operational cost and secure optimal business operations. To help you more appreciate the contributions of a team of outsourced Claims Specialists, check the list below:

  1. Increase Overall Productivity

Claims Specialists can free up your core-healthcare team on taking care of claims concerns. Productivity is given a boost by channeling resources to their core activities. Claims processing in healthcare is time-consuming, so it is crucial to identify and resolve errors as soon as possible. For this reason, many businesses prefer to outsource claims processing functions for speed and efficiency, leaving decision-makers to focus on their core business.

  1. Faster Claims Processing

The volume of claims submitted run into hundreds of thousands a day and taking up this activity with your healthcare team will leave no room for them to concentrate on core activities and can pose errors in claims processing which can be the reason for revenue loss. By outsourcing a team of Claims Specialists, can quickly adjudicate and settle claims (within 45 days). The right partner can also build you a great team of certified coders and billers, speedy and efficient resolutions, and transparency to your business – speeding up your claim processing time.

In addition, despite the faster claims processing, data privacy and protection should be prioritized and secured. The right outsourcing partner can ensure information security. 

  1. Cost Savings

In any business, cost savings is important because you can leverage your resources and invest them in plans and processes that can help you achieve your business goals and adapt to the economic changes caused by the pandemic. Outsourcing a team of Claims Specialists can help you save up to 70% on operational cost versus building an in-house team. The right partner has access to world-class talent and has an A+ recruitment process that can build you great, high-performing teams at the most cost effective way. In times of crisis, cost savings is always a smart move for all business owners.

Pro Tip

When considering for a potential healthcare outsourcing partner, you must consider a Net Promoter Score (NPS) of >60.

Why?

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.

Outsourcing with the right partner is the most efficient solution to manage insurance claims needs. A dedicated team Claims Specialist with other RCM teams can be a game-changer for your business and enhance your healthcare team performance with or without crisis.

With this out of way, your business can focus on the patients, and they can handle all the clerical and administrative tasks. The right outsourcing partner not only ensure building a great and high-performing RCM team mentioned above but also ensure:

  • Operational excellence
  • Build a dedicated team of Claims Specialists and RCM team
  • Operational savings of up to 70%
  • Clinical Documentation Improvement (CDI) and efficient process
  • Information Security
  • 95% coding, billing and documentation accuracy
  • 1 hour turnaround time
  • 90% increase in revenue
  • Improved denial management rate
  • HIPAA and DPA-20212 compliance
  • Net Promoter Score: Sense of security and peace of mind

Partnerships 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:

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 RCM Team.

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

7 months ago No Comments Views

How to Keep Your Business Running During the Holidays

Do you know that you can enjoy the holiday season and take a vacation while keeping your business alive?

In the light of festivities, business owners are usually in a tug-of-war on who to enjoy the holidays while making sure that their business operations are on tip-top shape, especially it can be the most wonderful yet a busy and demanding time of the year. Of course, you wanted to keep everything running smoothly during a holiday rush and provide the holiday magic for your customers and your employees despite some changes from the current pandemic.

Major challenges that you need to overcome are; high customer service demand and vacation leave requests from your employees which leads to lack of manpower. But don’t let this overwhelm you. With the right team and the best plan, you can take the holidays by storm. Here’s are ways to keep your business running smoothly:

  1. Plan Ahead

A good plan today is better than a great plan tomorrow. Simply put, if you know that there will be a surge of customer demands while a challenge in manpower, best to plan how to distribute and delegate tasks accordingly so no work is left undone. It allows you to create contingency plans and steps on how to manage the workload well. You get to know if your current team can handle keeping the business running smoothly or if you need back up support from freelancers or outsourcing some parts of your business. It will also help you know how much resources you can allocate if you need to outsource to keep up with the demand and address lack of manpower.

This will also help you transition back to work on your return and keep you from having to face a pile of work after the holidays.

  1. Set Manageable Goals

Part of planning is setting manageable goals especially something that works with the new normal. Plan wisely by making sure it is Specific, Manageable, Attainable, Realistic and Timebounded (SMART). Because holidays are not a good time for disorganization, therefore aligning your strategic priorities and measuring what matters most for your business according to your resources will give you your desired results. Prioritizing and setting specific goals will help you achieve those key results easily.

  1. Hire Extra Help

While your team is amazing, the holiday demand may require you to get extra help. This may be the best time to outsource some parts of your operations to make sure that you get to enjoy the holidays and yet ensure that your business is running smoothly by  helping cover extra hours and longer shifts giving you an all hands on deck situation. With the right outsourcing, you are assured with:

  • Increased Efficiency

When there is an increase of load of tasks to be done and in-house staff might not be able to handle the strain. Hiring additional staff may not be the most practical since the demand is only short-term. With outsourcing, you can hire a great, high-performing team dedicated to help your business for a faster turnaround of your operations.

  •  Scalability

During this season, high demand from inquiries, order volumes, and customer expectations rise dramatically. But the advantage of having the right outsourcing partner is scaling by making sure there are increased operational efficiencies without the added costs or even project a 70% cost savings. With their A+ recruitment process and access to world-class talent, they will take care of the seasonal hires so you can have the workforce you need to handle the high demand.

  • High Customer Satisfaction

If customer’s demands are addressed effectively specially during holidays, this entails satisfied, happy and jolly customers and clients. They will feel that despite the holiday rush, your business can handle the operations and that they are still well taken care of. Having happy customers gives business owners peace of mind.

The success of a business depends on wise decisions and outsourcing is one of the wisest decisions you can make to help your business make it through such a demanding time. When looking for a partner, make sure that they have a:

Net Promoter Score of >60

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.

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
  • Having a great, high-performing team
  • High customer satisfaction rate
  • 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-performing team for different LOBs:

Customer Care:

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

F&A:

  • Accountants
  • Bookkeepers
  • Sales Auditors
  • Credit Operations Specialists
  • Sales Auditors
  • Others

Healthcare:

Patient Support Services

  • Patient Concierge Specialists
  •  Insurance Verification Specialists
  • Collections Specialists
  • A/R Specialists

Provider Management Services

  • Medical Coders
  • Medical Billers
  • Claims Processors
  • Enrollment Processors
  • Denial Management Specialist

Health Analytics and Risk Management Services

  • Healthcare Analysts

Others

Research & Data:

  • Cybersecurity Analyst
  • Threat Intelligence Specialists
  • Data Piracy Investigators
  • Systems/Cloud Administrators
  • AWS and Azure DevOps Engineers
  • IT Technical Assistants
  • Information Technology Teams
  • IT Operation Analysts
  • IT Operation Engineers
  • Others

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

7 months ago No Comments Views

The Value of a Dedicated Team of Collections Specialist Team For Your Company

Just like any other industry, uncollected debt and outstanding payments can result in cash flow problems and later on, financial losses for medical providers. Healthcare business consultant agency, Sage Growth Partners, conducted a survey among 100 hospital executives in 2018 and found that about 36% of responding executives said their health systems faced more than $10 million in bad debt. 

When it comes to patients, a 2016 survey by Kaiser Family Foundation and New York Times showed that one out of five insured working-age Americans faced problems when it comes to paying their medical bills in the past year and among those without insurance, 53% dealt with the same problems. With all these findings, medical providers should really consider investing in a good collections team that is experienced in the laborious process of debt collection.

Training your in-house staff for this task can be an option, but it is best to outsource your collections specialists so you can steer away from spending extra resources and time and ensure that your staff remains focused on taking care of patients rather than paperwork and phone calls. An outsourced team of collections specialists will thoroughly review and process billing information, debt, and unpaid insurance claims to yield the best results for your company. 

Here are 4 more reasons why you should choose to outsource your collections team:

  1. Save 95% on Resources and Time

As mentioned above, hiring an in-house collections team can be taxing on the budget. Since recovering delinquent funds is no easy task, and the laws and regulations when it comes to debt collection are ever-evolving, the staff will need constant training and monitoring, which you will not need to handle when you partner with a reputable outsourcing company.

Moreover, by outsourcing your collection specialists, you free your staff from unnecessary stress and they can focus more on their tasks and taking care of patients, resulting in better employee morale and patient satisfaction.

  1. Access to Specialists and Professional Tools

Outsourcing gives you access to a talent pool of experienced collections specialists who are not only knowledgeable about billing procedures, collection techniques, laws related to debt collection, and other related topics, but are also well-versed when it comes to dealing with patients and their concerns when it comes to medical debts They exhibit compassion and courtesy while still being transparent and professional to patients so they can help them settle their balances through payment plans that fit with their budgets.

At the same time, they also have professional tools and third-party sources at their disposal that can be used to contact clients who do not pick up the phone or those who left town in an attempt to escape payment.

  1. Collect Debts from Delinquent Clients

Equipped with ample knowledge on collections law and years of experience on the job, collections specialists are more assertive when it comes to delinquent clients or those who failed to make a required payment or action in a given period of time. They are consistent and patient in following up to these kinds of clients so that delinquent accounts can be resolved as quickly as possible and be avoided from occurring again moving forward.

  1. Improved Cash Flow

Effective debt collection is important in revenue cycle management (RCM). With your outsourced collections team working round the clock to make sure that accounts are up-to-date and the collections cycle is shorter, it will ultimately improve your cash flow and increase your bottom line.

Look for a trusted outsourcing company that can help you build a dedicated collections team who 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?

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 an outsourcing 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.

With the right partner,  you are guaranteed with: 

  • Operational excellence
  • Build a dedicated team of collection specialists and RCM team that can help you properly manage claim denials
  • Operational cost savings of up to 70%
  • 95% coding, billing and documentation accuracy
  • 90% ROI in correct claims processing
  • Improved denial management rate
  • ISO 27001 and 9001 certified, GDPR, HIPAA compliant
  • Net Promoter Score: Sense of security and peace of mind

Connect to a world-class pool of talent all the while saving up to 70% operational cost without compromising quality of work and maintaining operational excellence by finding the right partner. The right partner also has an established Information Security in place to ensure patient data confidentiality regardless if working on site or remotely. 

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 Collections and Other RCM team composed of:

Collections Management Services

  • Medical Coders
  • Medical Billers
  • Claims Processors
  • 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

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

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

7 months ago No Comments Views

How Outsourcing a Team of Denial Management Specialist Help in Business Recovery

Medical claim denials are one of the most common barriers to effective revenue cycle management (RCM) as inadequate management of these can lead to revenue loss, additional costs, and slowing down cash flow. According to a report by the American Academy of Financial Physicians (AAFC), the average denial rate across the healthcare industry is between 5 to 10 percent with below 5% being the more desirable rate indicating that a provider has healthy cash flow.

The Center for Medicare and Medicaid Services has stated that 30% of claims are either denied, lost, or ignored. This is where denial management specialists come into picture. They are the ones who have the duty to review and resolve denied patient insurance claims and appeal for possible reimbursement. Building an in-house denial management team can be quite taxing especially to resources and time, which is why outsourcing is highly recommended due to its multiple advantages that can help your business especially in times of crisis:

Access to World-class Talent

Outsourcing denials management means you have access to a pool of trained professionals who have extensive experience and insight on important subjects such as claims submission and appeals, standard coding rules, and NCD and LCD policies that determine which healthcare services will be covered by Medicare on a national and local level, respectively. This does not only prevent denials but also help you avoid getting into the same situation in the future.

Since these professionals already have the knowledge needed, you are guaranteed that they can do their jobs properly without the need for training or orientation which contributes in cutting costs while still delivering quality service. With this, you and the rest of your staff can focus on providing care to patients.

Their access to world-class talent coupled with their A+ recruitment process can build you a dedicated team of Denial Management Specialists and Revenue Cycle Managers (RCM) in only 30-45 days from hiring to on-boarding.

Limit Denial and Claims Errors

Incorrect coding, whether it’s using a mismatched ICD or outdated CPT code or entering incorrect patient information, is considered to be one of the common reasons for denied claims according to the 2013 MGMA Health Insurer report card. By having a dedicated team of denial management specialists to thoroughly filter claims, these errors can be fixed and prevented, saving you the trouble and high costs of dealing with initial denial or rejected appeal. 

Just to provide a better picture on why reducing errors is important, a study by the American Medical Association (AMA) found that practices spend approximately $15,000 every year on reworking claims, including phone calls, investigative work, and claim appeals.

Improved Cash Flow

Ultimately, strategic denial management is the key to a healthy cash flow. You can achieve this by opting to outsource a team that will focus on tracking and processing claims and identifying common causes of denied claims in your business. Through this, you will be able to avoid revenue loss, make guided business decisions that can prevent future denials and lower your denial rate.

Sense of security and peace of mind from a Net Promoter Score of >60

Operational excellence is measured by a Net Promoter Score of >60. This is a result from a survey answered by their clients on how much they are willing to promote their outsourcing partner. If the score is >60, it means that they were able to receive outstanding quality service and the level of satisfaction they have with the partnership. To put it simply, if you partner with an outsourcing company with an NPS of >60, you have a sense of security that the services they are providing responds to your unique needs and pain points which in return give you peace of mind to allow you in focusing on achieving your business goals as they focus on denial management.

Look for a trusted outsourcing company that can help you build a dedicated denial management team. In return, you are guaranteed with: 

  • Operational excellence
  • Build a dedicated team of denial management specialists and RCM team that can help you properly manage claim denials
  • Operational cost savings of up to 70%
  • 95% coding, billing and documentation accuracy
  • 90% ROI through accurate claims
  • Improved denial management rate
  • ISO 27001 and 9001 certified, GDPR, HIPAA compliant
  • Net Promoter Score: Sense of security and peace of mind

Connect to a world-class pool of talent all the while saving up to 70% operational cost without compromising quality of work and maintaining operational excellence by finding the right partner. The right partner also has an established Information Security in place to ensure patient data confidentiality regardless if working on site or remotely. 

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 Denial Management team composed of:

  • Denial Management Specialist
  • Medical Coders
  • Medical Billers
  • Claims Processors
  • Enrollment Processors

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

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

For a free business consultation, you can schedule an appointment here.

8 months ago No Comments Views

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