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.

2. 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.

3. 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.

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.