Running a successful business isn’t always easy, especially if your business is a part of the healthcare industry.
In 2020, several medical institutions struggled to find healthcare solutions in the wake of the COVID-19 pandemic. The American Hospital Association (AHA) estimates that the financial impact on hospitals and medical systems by COVID-19 totaled over $200 billion in losses during its first four months alone.
With the pandemic still on hand, many medical institutions and healthcare workers still struggle to keep up.
For healthcare businesses, it is vital to stay vigilant and prepare for the unknown—not only for rare global health emergencies but also for more frequent changes that may occur with your business landscape. Doing so will help you avoid financial losses and maintain a high quality of service for your patients.
Currently, there are still several problems that healthcare businesses face. However, simply knowing what these challenges are can help you better prepare for the possibilities the future may hold.
With the introduction of new technologies, the medical field can now do more than it ever could in the past. Several procedures and treatments are now made possible using new equipment while record keeping has become more organized and systematic.
However, these tools are not perfect, as many healthcare businesses often experience technical issues with their systems. Some medical firms have also experienced a rising trend in data breaches over the years, where sensitive information about the business and patients is stolen and leaked.
The repetitive occurrence of this problem can cause your healthcare business financial losses due to the necessity of recovery expenses. One way to overcome this challenge is to outsource your IT system to reliable health tech companies like Infinit-O, which can ensure that your records are safe from unwanted eyes.
Since cybersecurity is ever evolving, it’s best to look for an outsourcing partner that is compliant with global standards, such as the ISO/IEC 27001 and ISO 9001; as well as data privacy laws, such as the GDPR, HIPAA, and the Data Privacy Act of 2012. Infinit-O has all of these certifications, with a well-established team of information security experts that can help upgrade your healthcare business to modern security standards.
In the world of healthcare, the rising costs of medicine and equipment are not new. This is mainly due to the maintenance of the equipment used for manufacturing drugs and insurance providers.
The rising costs of healthcare directly impact your revenue. The further the prices for medical equipment and medication go up, the more likely patients are discouraged from getting proper treatment.
In the US, administrative expenses account for around 34% of overall healthcare costs, so many healthcare businesses turn to Revenue Cycle Management (RCM) outsourcing as a way to balance out the rising costs in healthcare. Outsourcing RCM can help you save up to 70% on operational expenses, which can help you maintain financial viability while providing quality care to your patients.
When new health regulations are put into place, it can often confuse patients and increase the costs of services. Additionally, your healthcare business will be required to comply with new reporting requirements that often lead to strict penalties and lawsuits.
To effectively manage this healthcare challenge, your business must have a reliable platform to raise awareness of these changes. Many medical institutions rely on social media platforms and websites to inform the public about all the latest findings and information regarding the medical industry.
Additionally, if you outsource your RCM, your outsourcing partner can ensure that your team is up-to-date with the latest ICD codes for medical billing as well as the most recent laws and regulations that your healthcare business needs to comply with.
As the world population grows, the demand for healthcare providers also increases. As a result, many healthcare businesses often experience staff shortages regularly.
According to the Association of American Medical Colleges, industry groups estimate a shortage of over 100 thousand doctors by 2030. The demand for physicians and nurses leads to many healthcare businesses outsourcing health workers from other countries.
Aside from healthcare practitioners, you also need an administrative staff who will handle RCM and make sure your cash flow is stable. A trusted outsourcing partner that has access to world-class talent can help you overcome this challenge by helping you build a high-performing RCM team in a fast and cost-efficient manner. Infinit-O has an A+ recruitment process with a 30-45 days hiring to onboarding timeline, so you never have to worry about falling behind on your billing.
Modern healthcare businesses often face difficulty in effectively organizing and processing their payment systems. This includes checking for insurance coverage, collecting and processing copays, and approving procedures not covered by select insurance.
These challenges could also mean losses for your healthcare business in the process. Since processing payments and billing issues involve an entirely different skill set, many healthcare businesses turn to outsourcing to overcome this difficulty.
Successfully managing a healthcare business often comes with several challenges. However, partnering with the right outsourcing provider can help you overcome these challenges by taking over the legal, technical, and administrative aspects of running a healthcare practice, so you can focus on providing quality healthcare to your patients.
Make sure to work with a provider that has a high Net Promoter Score (at least 60), so you have a better sense of security and peace of mind. Infinit-O is a value-oriented BPO company with an NPS of 75 that has helped healthcare businesses reduce operational costs by up to 70%.
With Infinit-O, you can effectively build a dedicated team of high-performing professionals to keep your healthcare business up and running.
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People in the medical industry often face these healthcare challenges. Luckily, we have just the solution to help you get through it, even during a pandemic.
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