Ultimate Guide to Outsourcing Your Healthcare Team
Historically, healthcare is immune to business vulnerabilities regardless of whatever economic climate because there will always be a constant need for care and treatment across a business cycle. However, as the demand increases this makes the healthcare industry, especially the workforce, feel the pinch caused by the health crisis. Although there is no national data, some primary healthcare facilities are now reporting reduced use of healthcare to around 70% despite the influx of patients needing treatment.
But, no matter how skilled and efficient your healthcare team is, they are still humans who get tired and burned out at the end of the day. Stress and lack of rest can affect their performance and morale in the workplace resulting in low productivity, decreased patient satisfaction, and replacement costs. All of these can hurt your business if gone unaddressed.
To get more aligned with the latest news and updates regarding the healthcare industry with the ongoing pandemic, we listed the following industry insights and trends.
Industry News and Trends
Knowing the latest information about the industry trends will give you leverage on how to effectively scale your team, manage your healthcare company and adapt to the changes in healthcare which later on can guide you in making operational decisions for your business. Below is the latest news in healthcare that pushes you to be one step ahead in your business.
Common Pain Points in Healthcare
Healthcare is now being recognized as a core-part of an economic infrastructure. And with the current crisis like this pandemic, it has become the new form of national defense. This is not a linear industry that starts and ends in a hospital or clinical setting. Healthcare can also be digitally provided through telehealth and financial aid such as health insurance. To further understand the vulnerabilities of healthcare during crises, let us divide it into these two industries.
The beauty of telehealth is balancing the load through disseminating the needed care to thousands of clinicians online. This helps medical facilities struggling to better serve patients during peak periods while adhering to physical and medical distancing. But since this is not a traditional response to the public health crisis, healthcare facilities may face challenges in terms of availability of hardware and software in implementing telehealth.
Below is the major challenge in telehealth:
- Equipping healthcare providers in the surge Telehealth
- Not all healthcare providers are well-equipped or have the technological knowledge to navigate telehealth tools and software (i.e. electronic health records (EHR) applications)
- healthcare businesses are playing catch-up with telehealth technologies and are just beginning to recognize the essential solutions of telehealth
- finding the right support in equipping healthcare providers in training them on navigating EHR application and other operational assistance
Insurance companies are hoping that the expansion of telehealth can help in stabilizing claims management in times of crisis and reduced cost of claims. While this is beneficial to insurance policyholders, companies are facing a negative impact from reduced cash inflows attempting to accelerate claims payments to healthcare providers and treatment coverage to patients.
In any business crisis, health insurance also faces burden and vulnerabilities which we can section into two main items:
Incorporating several dimensions of your healthcare business supply chain through outsourcing from vendors that have been aiding healthcare companies is one element to success.
The right outsourcing partner can help you build a team of patient concierge, medical review specialists and other patient inquiry-related concerns who can support your business by freeing clinicians from answering phone calls and responding to appointment inquiries.
Benefits of Outsourcing Overview
Building a healthcare team can be daunting especially there are different kinds of experts in the industry. You need to be aware of the professionals suitable for an RCM system or those that are equipped with the right skills for health informatics. Aside from being aware of interlinking departments, limitations such as talent availability and expensive salary for these experts add another layer of operation challenges.
But with the right outsourcing partner, building a great team of RCM professionals and health informatics experts is one less worry for your business. To fully appreciate how an alliance with the right partner brings great benefits to a company, check the list below:
The right outsourcing company can build a great HC team with the required expertise and competencies that can stay up to date with the latest technologies in the industry.
Great Partner, Great Team
Infinit-O’s RCM Catalog summarizes how a great partner builds great teams.
Cost Comparison per Month:
In-house FTE (full time employee) vs. Infinit-O FTE
|Job Title||Cost per In-house FTE ($ rate)||Cost per Infinit-O FTE ($ rate)||% Savings per Month|
|Account Receivables Specialist||$ 7,064.78||$ 1,600.00||77%|
|Claims Specialist||$ 4,868.86||$ 1,700.00||65%|
|Junior Medical Biller||$ 4,626.69||$ 1,600.00||65%|
Cost Comparison per Year:
In-house FTE (full time employee) vs. Infinit-O FTE
|Job Title||No. of team members||Estimated Annual Cost Savings|
|Account Receivables Specialist||1||$ 65,577.41|
|Claims Specialist||1||$ 38,026.37|
|Junior Medical Biller||1||$ 36,320.26|
For other roles that you wish to add, our Cost Savings Calculator can help you in projecting potential operational cost reductions.
- Cost per full-time employees at Infinit-O dedicated to your company. Estimated total cost (fully-burdened) including total personnel costs, all overheads including workstation, software, and rentals. These are all-in costs, there are no hidden fees and we do not charge separate set-up fees.
- After further identifying your business requirements we can adjust the plans, match you to the right talent, and build you a great team that fits according to your evolving business needs and goals.
Cost Savings Calculator
We understand your needs and want to help you actualize your potential by providing ease of access to talent and building you a great team based on your business requirements.
The right partner can help you build a great and dedicated healthcare team composed of experts for your unique telehealth, RCM and other healthcare needs. They exactly know the top 3 teams to build for RCM, the methods to amp up your Healthcare Team, the skills to look for in a Medical Coder, and even the licenses and certifications your RCM team should have.
Infinit-O is a trusted global solutions partner that can help you successfully grow your business.
4 Pillars of Success: People, Process, Technology and Security
A well-established People, Process, Technology, Security (PPTS) Pillars is one sure way to overcome the limited supply of workforce, improve the healthcare delivery system, innovate care technologies to ease manual labor and fortify patient data security in agreement with clinician-patient confidentiality.
Having 4 pillars of success are key in only building a great and high-performing RCM team.
Know more about Infinit-O’s 4 pillars of success and our secret in building a great, high-performing RCM team.
To successfully grow your business and achieve your goals, it starts with proper planning and investing in the right resources. The following companies in the HC industry were able to identify their unique needs and sought help with the right partner who exactly knows how to address their demands.
We’ve gathered the following success stories so you can learn more about their outsourcing journey and how they were able to achieve their business objectives with the help of the right partner.
Infinit-O has been in the outsourcing industry for 15 years, creating long lasting partnerships and endless opportunities to small and medium businesses across the Healthcare, Finance and Accounting, Research and Development, and Customer Service industries.
Our vision is to help small and medium sized companies to grow and prosper by enabling them to experience the full benefits of partnering with an outsourcing company.
We build great teams for our partners through understanding their unique needs in order to help them achieve their business goals and the vision they have for their company. We have rendered a strong combination of business consultancy, process optimization, and outsourced services; all utilizing the latest technology to provide excellent value for our clients.
Get to know us more through these channels:
Infinit-O Information Security
We share 15 years of experience in navigating data privacy laws and regulations. We guarantee strict compliance from the best information security practices with up to date cybersecurity certifications because your data is in our care. At Infinit-O, we not only value your business but acknowledge the importance of information security especially in this digital age. To overcome customary challenges and build a better cybersecurity system that ultimately protects and secures data, we are certified and compliant with:
Learn more about the full list of our Information Security bundle in this Whitepaper.
Infinit-O Key Benefits
Having an extensive and profound expertise in the finance and accounting industry, we’re here to help you build a great F&A team for your unique needs and promise the following key benefits: