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

A sustainable healthcare system is achieved by delivering high-quality care satisfaction is an important and commonly used indicator for measuring the quality of care based on 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, the surge in healthcare demand, overworked healthcare staff, and denied claims, if not addressed well, increases frustration and ultimately makes 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 not only ensure 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 value their time and want to get medical attention as soon as possible. However 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 costs. 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.

2. Claims Specialist

The high number of claims if not managed properly can ultimately lead to unclaimed claims, revenue loss, and unsatisfied patients. 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 puts 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 concierge 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 a potential healthcare outsourcing partner, you must consider a Net Promoter Score (NPS) of 71.

Why?

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

• 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

Infinit-O is the trusted customer-centric and sustainable leader in Business Process Optimization to Small and Medium businesses in the Financial Services, Healthcare, and Technology sectors by delivering continuous improvement through technology, data, and people.