Outsourcing can help healthcare businesses become future-proof by providing services like revenue cycle management, data analytics, and technical support.
To help you assess if your organization is heading in the right direction, check out these common signs of an unsustainable healthcare business.
Outsourcing has been present in the market for so many years, tracing back to the 80s, and it has continuously evolved to become what it is today. It has been considered as a staple in the market since most businesses now have realized that entering a partnership with a process outsourcing company has an extensive range of benefits attached to it; even small businesses have already engaged in outsourcing to avail of the benefits that the industry has to offer.
But before one would think of the benefits of outsourcing, one must first consider if the business is already ripe for outsourcing. Most companies have previously engaged in outsourcing but have failed due to unpreparedness. But an unsuccessful outsourcing venture may be avoided given that one knows which areas of businesses must they asses in order to determine whether they are ready to engage in outsourcing.
One must first ponder upon the nature of the business that one wishes to outsource. It is important to identify whether the business that will be delegated to an outsourcing partner is a core business or not. Most professionals would not suggest a company to outsource their core business processes. However, for some industries, there are now companies who are outsourcing their core businesses as they have witnesses that it can immensely affect a company’s performance. As companies outsource their core businesses, they are now able to allot a bigger fraction of their attention to their administrative processes.
Another factor that they need to consider is the skills required to fulfill the duties. As companies offer various solutions that require a specific specialization, it is imperative for companies to assess first if it is feasible to outsource their processes to a solutions provider. It is most common for companies looking to outsource to have their employees undergo training to be able to excel in their tasks. Before a company engages in outsourcing, it is quite important for them to measure their budget first whether they can afford to send the employees into training. This is not the only expense that companies will face as they look into outsourcing as there are still costs that needs to be accounted for.
Budget should also be on the top things to consider when outsourcing as miscalculation of one’s budget may pose challenges in outsourcing as the business partnership progresses. Budget is quite critical since most companies perceive that in outsourcing, business processes will come at a much cheaper cost. One can instantly see the difference in a company’s expenses after engaging in outsourcing as outsourcing can reduce a company’s costs up to 50%. But despite this, one must not be complacent when it comes to expenses, as it has become an issue for most companies.
There may still be a lot to consider before one can engage in an outsourcing partnership as it is going to be a big move for a company. But these key items, business assessment, employee skills and budget, are three factors that should influence your decision to outsource.
A provider of outsourcing solutions, Infinit-O’s wide range of services and core team of analysts can deliver efficiently and effectively the solutions tailored according to your company’s needs.
Infinit-O boasts of its long-lasting and growing partnership with their clients who are satisfied with the services the company has offered them.
Experts and business forecasters agree: the BPO Philippines industry is off to a bright start. Here are three articles we’ve compiled for the week that shows us an even rosier outlook for the BPO industry. One article gives us a report on how the BPO industry will impact the local real estate market and how it is viewed as a viable contender in the Asia Pacific as an investment and development prospect. Another shows us the latest Tholons report that includes Metro Clark among its list of BPO hubs in the country. And lastly, Credit Suisse tells us why it foresees a strong 2015 for the BPO Philippines industry.
A report by the Urban Land Institute and PriceWaterhouseCoopers predicts that the real estate sector will continue to grow alongside the growth of the BPO industry in the Philippines. Also, the Emerging Trends in Real Estate Asia Pacific reports Manila to rank higher as an attractive investment and development prospect, higher than its neighbors Bangkok, Singapore, and Taipei.
The 2015 Tholons International Top 100 Outsourcing Destinations report reveals that the Philippines now has 8 cities in its list, with the inclusion of Metro Clark recently. Metro Manila is still going strong at second place, with Metro Cebu on no. 8.
The bank stated that the continued strength of the BPO companies in the Philippines are leading the country’s consumption-led economy as it relies less on remittances and more on revenues brought about by compensation being spent by young professionals. This is leading to “structural changes” in the investment front of.
Having an outsourcing solutions provider as a partner for your business may prove great benefits to both your company’s budget and operations. However, if your company will rush into an outsourcing partnership without going through the general process, your decision may hinder your business from being successful and from maximizing the partnership.
(This is the second of two parts discussing the four stages of outsourcing.)
As our previously published article, The Four Stages of Outsourcing: Part I, suggests, the general outsourcing cycle is comprised of four phases, namely:
In most cases, companies who went through the said phases are those who were able to enjoy their partnership with a solutions provider.
With the first two stages of the outsourcing cycle discussed in the first part of the article, your idea of outsourcing should now be tied to the fact that outsourcing plans should be carefully planned and evaluated, from the activities to be delegated to an outsourcing partner to the location where the outsourcing partner is based.
The third stage in the outsourcing process is Contact Development.
The third stage comes in once you have already chosen the outsourcing partner for your business. Before proceeding to Contact Development, it is highly suggested to ask for a trial period for you to be able to gauge the capability of the outsourcing solutions provider.
It is after the outsourcing company was able to show that they are competent to provide the services necessary for your company’s business processes that you move on to the third stage. The Contact Development phase is where the agreements and legal documents are to be exchanged between parties. When it comes to outsourcing, the pricing is usually the main concern for companies because work quality can still be maintained with an in-house team, but at a more expensive cost.
It is in this stage where agreements with pricing are discussed; but even if this particular concern may already be brought up during the first two stages, it is during this stage where the negotiation and agreements take place. Among the important components of an outsourcing partnership are service level agreements (SLAs), non-disclosure agreements and pricing terms.
Once the legal documents and agreements are in place, your outsourcing venture is now ready to be commenced. It is in the fourth phase, the Outsourcing Management, where the relationship between the outsourcing solutions provider and the client is built. A healthy outsourcing venture between provider and client must be only not limited to just exchanging demands and outputs, but it must grow into a working relationship. An outsourcing partner that is trusted and preferred by many is able to work a relationship out of a business venture that can eventually lead to the client being comfortable with them. An outsourcing partner should be able to make suggestions on how to further make your business processes efficient instead of just agreeing on every demand made upon them.
Infinit-O provides its clients with a dedicated team of experienced outsourcing professionals to provide them with boutique outsourcing solutions, such as accounts receivable collection and sales outsourcing. Outsourcing solutions provided by Infinit-O allows their clients to gain a competitive advantage in their respective fields.
Planning an outsourcing engagement requires careful consideration of both strategic and tactical issues. Tactical issues include work descriptions, processes, service level requirements and so forth. The main strategic consideration is how outsourcing is aligned with overall business goals. We suggest companies start by creating an overarching strategy to guide tactical planning, implementation and life-cycle success.
There are three strategic levels of outsourcing that are typically considered:
Clearly, each strategy requires a different level of commitment, so that is why we recommend considering strategy first. Below are some questions that can help think through the strategic options:
Finally, we find that many firms, especially those new to outsourcing, focus on efficiency only. We believe there is a tremendous opportunity to extend into the business enhancement strategy with just a little more planning and engaging an experienced, quality oriented partner.
We hope this is helpful and look forward to your feedback.
The global healthcare industry’s interest in outsourcing has grown massively in recent years due to the industry’s drive to reduce costs while still being able to provide quality healthcare service.
Before, the industry limited their outsourcing to medical data entry and medical transcription. But with the growing awareness that outsourcing has greater benefits for healthcare organizations and hospitals, many are looking into outsourcing healthcare information management systems, clinical research, Big Data, medical billing, and IT needs to keep patient data secured among many others.
According to Jonathan Clarke, Assistant Professor of Health Policy and Administration at Penn State University, “Outsourcing is something we should think about, especially when it fuels efficiency and expands access to healthcare, but we need to be intelligent about it so as not to put patient safety at risk.” He also stated that around 90% of the hospitals in the Unites States are outsourcing some services particularly radiology services.
We list down five reasons the healthcare industry should think more about outsourcing their non-medical operations:
According to Tom Lowery in his article entitled 8 Ways Outsourcing Can Help Hospitals and Patients, US hospitals leave about $125 billion on the table each year because of poor medical billing practices. He adds that 80% of medical bills contain errors. One factor that contributes to this is that some hospitals are not updated with currently changing billing rules and regulations. With outsourcing, healthcare organizations can have a dedicated team of trained professionals that focuses on billing purposes.
Healthcare organizations that outsource their processes don’t also need to worry about shelling out extra money for education, software or staff training since the outsourcing partner sees to it that their employees are up to date with the latest changes in standards and regulations.
There is no need to spend time finding trained professionals for healthcare processes because they will be ready to take on the job as soon as an outsourcing partner is signed in. Employee acquisition and retention isn’t also a concern anymore since these will be handled by the outsourcing partner.
With an outsourcing partner taking care of looking for a healthcare organization’s staff and training them, healthcare providers will be able to focus on the more important things in the business – in this case, giving the best quality of care for patients. Outsourcing will help providers to lessen their tedious administrative and managing workload, and allow them to provide a positive patient care experience and improve on it as well.
The biggest advantage of outsourcing healthcare services is the reduced costs in healthcare operations. Outsourcing brings in huge savings with its low-cost manpower and infrastructure. Healthcare outsourcing can help save companies 30-60% of costs. Aside from taking care of staff acquisition and retention, having an outsourcing partner also reduces excess administrative costs since the direct benefit of outsourcing is financial surge.
In the next few years, the Philippines is set to become the top healthcare outsourcing destination thanks to its massive qualified workforce, infrastructure, and technology. The country’s outsourcing industry has grown over the recent years and is forecast to hit $2.4 billion in revenue in 2016.
“The Philippines right now, with the way you’ve been able to show how successful you can be with other industries with BPO and other areas, healthcare is the industry where you could play the mark of the world leader,” said public sector and healthcare leader at PricewaterhouseCoopers (PWC) Southeast Asia Consulting.
With our extensive list of outsourcing services available, medical providers—either a Healthcare Payer or a Healthcare Provider, or those belonging to the Software-as-a-Service (Saas) industry or the Pharmaceutical industry, all of these can trust us with everything they need. Being ISO 270001:2005 certified, ISO 9001: 2008 Certified and Six Sigma qualified, we guarantee nothing but the best when it comes to improving your services.
(This is the first of two parts discussing the four stages of outsourcing.) Almost all partnerships that have been successful went through phases that define the actual process of engaging with each other, and that does not exempt the industry of outsourcing. Outsourcing could probably be considered as the industry that relies on solutions providers’ engagement, although seldom announced to the public due to non-disclosure agreements signed by both parties, with companies who seek their assistance to form a partnership. It is with outsourcing where collaboration between two companies, one being a BPO services provider and the other being a company offering different services, since the BPO companies today seem to be able to cater to any industry, keeps outsourcing up and running.
The outsourcing industry continues to prosper as companies realize the benefits of outsourcing and continue to look for an outsourcing partner that has the capabilities fit for their requirements and a partner that they can depend on. However, before both parties, the solutions provider and the client, can attain the peak of their partnership, they have to go through the four (4) stages in the outsourcing cycle. As stated in the article from website China Sourcing, included in the four stages of the cycle used in BPO outsourcing are the following: 1) strategic thinking, 2) evaluation and selection, 3) contact development, and 4) outsourcing management or governance.
The first of the four stages, Strategic Thinking, is when a potential client begins to consider delegating a part of their company’s processes to a solutions provider and sees if it suits their company’s policies and philosophies. It is important first to thoroughly assess whether outsourcing is correct for your business because even if outsourcing may cater to different verticals, there are still areas in which outsourcing may not be fit for a particular process of your business.
Once you have arrived at the conclusion that your business indeed needs outsourcing, it is now time to proceed to the next phase, which is Evaluation and Selection. It is during this phase where you, as an organization, decide on which of your business processes are to be delegated to an outsourcing solutions provider. It is important to determine which of the processes must be outsourced so as to further make your business operations more efficient and so as to avoid redundancy of work. Another important factor would be to determine whether your company wants to have an on-shore or an off-shore provider; there are many outsourcing destinations that you can tap. Although you can find almost all types of solutions providers in a particular country, it is highly likely that a particular location excels in one or two branches of outsourcing, such as the Philippines, which is now regarded as the number one destination for contact center outsourcing and may soon be for knowledge process outsourcing. It is highly suggested for potential clients of outsourcing companies to conduct a background check on the providers that they are eyeing. After all, they wanted an outsourcing partner that is preferred and trusted by many.
Outsourcing is not as easy as it seems to be because there are many factors to be considered. Outsourcing is indeed a cheaper option for companies but when done incorrectly, it may be even more expensive.
Infinit-O provides its clients with a dedicated team of experienced outsourcing professionals to provide them with boutique outsourcing solutions, such as call center services and data entry services, which cover different verticals. Outsourcing solutions provided by Infinit-O allows their clients to gain a competitive advantage in their respective fields.
Risk management is a necessary but oftentimes neglected aspect of most business ventures. It can also be a costly, time-wasting proposition, especially in the hands of an amateur. And yet more often than not, many companies assign risk management duties to staff members whose core competencies lie in other areas of expertise. This is because most companies are apprehensive about the idea of putting a significant piece of the business into an “outsider’s” hands.
However, outsourcing risk management functions to a third party is worth it in the long run. Here are three good reasons why you should consider outsourcing your risk management issues as opposed to keeping those tasks resolved within your company:
Lowered costs are the number one reason, so many companies have embraced outsourcing in recent years. Doing the same thing for risk management follows the same logic: you save salary and benefits expenses by hiring an expert who is not on your payroll.
You will also save a significant amount of time because a professional risk manager doesn’t have a steep learning curve to contend with. A staff member whose primary job description has nothing to do with risk management will need more time to understand the intricacies of the job. An expert, on the other hand, will know the ins and outs of the task that comes with years of training and experience in handling such matters, so they get the job done, and they get it done fast.
The real test of a good risk management plan lies in how quickly your company recovers and how soon it opens its doors for business after a catastrophe occurs. An outsourced risk management professional will help you draw up a crisis prevention plan that is tailor-fit for the unique needs of your company.
While the best scenario is to never have to resort to using a crisis prevention plan, having one in place will give you the peace of mind of knowing you’re prepared should the unforeseen happen. Getting professional advice and having a backup plan are invaluable resources that will protect your business’s future by reducing downtime. A good plan will help you get you back on your feet as soon as possible.
We all wish we had a crystal ball to tell us what will happen in the future, especially if it’s something unpleasant. The next best thing is to hire a risk management professional. These experts are trained to put together a risk management assessment by reviewing company contracts for hidden risk exposures. They will analyze your company and make projections of any future risks that might occur within your specific industry. They will then recommend strategies based on an informed decision, studies, and assessments.
Projecting future risks is important because it prepares you for any possible scenarios that will help you control unwelcome scenarios that might take place before it becomes a full-blown crisis.
Outsourcing your risk management solutions might seem uncomfortable, but once you get past any unfounded concerns about data security or confidentiality, it’s one of the best investments you can make for your business.
Managing your business’ finance and accounting on your own is taxing and does not always result in favorable results. With our customized solutions, rest assured that all your concerns would be addressed accordingly and at the same time, it would allow you to concentrate on other important factors vital for your company’s growth. Learn more!
In the 2014 list of Tholon’s Top 100 Outsourcing Destinations, India and the Philippines ranked first and second place, respectively. The competition between these two countries is getting tougher as India strives to maintain leadership amidst the aggressive strategies of the Philippines’ continuously growing BPO industry.
For companies looking to outsource their business functions, it is important to note the similarities and differences between the BPO industries of these two countries. To find out which one is the better outsourcing destination, let us compare the two according to the following factors:
One of the reasons why companies prefer the Philippines over India is due to its treasure trove of highly-educated manpower. In fact, according to the United Nations Development Programme, the Filipino workforce has an impressive literacy rate of 93.4%, whereas the Indians only achieved a rate of 61%.
Providing good customer service to consumers worldwide requires customer service representatives to have excellent communication skills specifically in English. Poor English speaking skills result in difficult conversations, frustrated customers and loss of business for the company. In this case, the Philippines fare better than India because the latter’s British English accent can be thick and difficult to understand. With English as their second language, Filipinos speak in a neutral accent preferred by most Western countries.
Filipinos are naturally hospitable, service-oriented and responsive, which are all traits necessary to have in any customer service environment. Compared to India, the Philippines has had closer ties with the Western world for a longer period of time, particularly with Americans. This is already deeply entrenched in their way of life, which is evident in the clothes they wear, the food they eat and even the movies and TV shows they watch. Because of this, Filipinos are able to relate and communicate better with Westerners.
India and the Philippines both offer a variety of offshore services to clients. According to an article on the Oxford Business Group though, pure voice services account for 62% of total BPO revenues in the Philippines in 2013. Initiatives are currently being made to expand service offerings in order to maintain their competitive edge. India is said to be more successful in sales and upselling services. This is said to be the reason for Aegis’ decision to transfer 600 call center positions from the Philippines to India.
However, it all boils down to the quality of service. A press release issued by the Assocham stated that India has been losing 70% of its call center business to the Philippines and Europe. This can be attributed to their problems with staff turnover of 31% among other reasons.
The Philippines’ BPO sector continues to thrive each year, growing at an average annual rate of 20%. Employment has currently reached 1 million milestones and is expected to increase some more in the years to come. Estimates from the IT and Business Process Association of the Philippines (IBPAP) reveal that the industry generated US$15 billion in total revenues in 2013 and is expecting it to reach US $18 billion in 2014 and US$25 billion by 2016.
On the other hand, NASSCOM reported that India generated US$17.8 billion in 2013, which is a 10.2% increase from 2012 figures, despite losing a significant amount of their business to the Philippines.
Based on these facts and figures, we can see the reasons why India remains at the top of the list of BPO destinations. However, the Philippines is clearly gaining ground and has the potential to reach the top spot in the future.