All about healthcare BPO (services, trends, top corporations)

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Need to learn in regards to the healthcare BPO industry and the way it could help your organization?

Today, tons of healthcare organizations are turning to business process outsourcing to administer their day-to-day activities.

Why?

With lower costs and increased efficiency, it’s the right solution for any healthcare company seeking to step things up.

In this text, we’ll cover every little thing that you must learn about healthcare BPO to assist your organization profit from it.

Table of Contents

What’s healthcare BPO?

Healthcare business process outsourcing is an activity where a healthcare provider contracts its non-core activities to an external party. Slightly than doing the work themselves, the healthcare company hires a third-party firm to perform the job for them.

While corporations often outsource their activities to dedicated outsourcing firms, some decide to outsource to freelancers directly.

Why do businesses do that?

Outsourcing non-core work lets healthcare facilities and hospitals give attention to their core competencies. Outsourcing services like medical billing and marketing services help healthcare providers solely give attention to what they do best — treating their patients effectively.

Where are you able to outsource to?

Generally, people view outsourcing as contracting work to a third-party abroad. For instance, many corporations outsource medical billing services to third-parties in countries like India to save lots of costs.

Nevertheless, you possibly can also outsource these jobs to providers inside your individual country (but you almost certainly won’t save as much money by doing so).

Three common healthcare BPO services

The healthcare BPO sector handles quite a lot of activities starting from data entry to medical claims processing services.

Here’s a better take a look at some key healthcare provider services you could outsource:

1. Medical coding and billing

Hospitals and healthcare professionals process tons of medical records on a regular basis. Nevertheless, unlike other industries where coding and billing is a reasonably straightforward activity, medical coding and billing might be complicated.

You’ll want to be aware of various scientific codes which might be utilized in medical bills and records like:

• ICD (International Classification of Disease)
• CPT (Current Procedural Terminology)
• HCPCS (Healthcare Common Procedure Coding System)

That’s why you wish specially trained staff to cope with these records. Without the fitting knowledge and expertise, you’ll face significant delays and errors in processing your patient bills and records.

To forestall any coding and billing hiccups, why not outsource the job to an authority service provider?

As they’re professionals, they’re already well-equipped with the mandatory resources to do the job accurately and efficiently. This helps you to give attention to tasks that basically matter to your organization, like medical research, patient treatment and care.

2. Claims processing

Processing patient claims is a critical healthcare activity. Your patients must have accurate medical claims for his or her insurance firms, right?

But when there are lots of of claims to be processed daily, how do you maintain accuracy on each one?

To make sure that your patient claims are in check — why not outsource it to a service provider?

They’ve expert workforces and technologies to process large volumes of medical claims seamlessly. Also, as that is all that they’ll be specializing in, you won’t should worry about distractions clouding the accuracy of the claims.

3. Data entry services

Along with treating their patients, healthcare providers should process and update large volumes of medical data on a regular basis.

They should manage data like:

• Tests and lab reports.
• Prescriptions and drug inventory.
• Patient insurance details
• Other hospital records.

Outsourcing your data entry activities will aid you release time and resources to your other core healthcare activities. While data entry is frequently the safest activity to outsource because it’s relatively easy, remember to only outsource it to a proven healthcare BPO.

Why?

Medical data entry might be much more technical than most other fields and you wish knowledgeable to handle it for you.

Three reasons to outsource your healthcare activities

A 2019 case study of current market trends within the healthcare system showed that the worldwide healthcare BPO market would reach USD 449,623.8 million at a 12.3% CAGR within the forecast period till 2023.

In other words, the healthcare BPO industry goes to grow exponentially over the following few years.

But why is the healthcare industry seeking to outsource a lot now?

What caused this?

Listed here are three key the explanation why:

1. Helps you give attention to your core competencies

One in every of the first advantages of outsourcing is that it lets corporations give attention to their core activities.

Healthcare BPO lets healthcare corporations outsource:

• Managing bills.
• Processing claims.
• Logging data entry.
• Resolving patient disputes.

As they now not should manage that themselves, they’ve more time and resources to focus solely on patient care. This helps them improve their customer experience, which can increase their fame — helping them get more customers in the long term.

Also, within the case of billing disputes, patients can directly engage with the staff of the service provider. As you don’t should cope with this yourself, you possibly can solely give attention to your core competencies.

2. You get access to specialists at a lower cost

Most corporations outsource their non-core activities to scale back their business expenses.

For instance, many healthcare corporations outsource activities to countries just like the Philippines.

Why?

With talented staff at lower wage rates, you possibly can save costs without compromising on quality!

Also, as these are trained professionals, you won’t should worry about any mix-ups happening.

3. Improves patient experience

As healthcare BPO allows corporations to give attention to providing higher patient care, patients also profit from it.

As your staff isn’t any longer managing tons of various activities, they’ll find a way to dedicate more time to patient care.

Give it some thought.

Your staff isn’t any longer overburdened with processing claims and entering bills. They’ll simply give attention to attending to your patients and giving them what they need!

Three things to search for in a healthcare BPO partner

There are tons of BPO corporations to pick from.

So how do you select the fitting one?

To assist narrow down your options, only take a look at healthcare BPO partners who’ve:

1. HIPAA compliance

Any healthcare BPO firm you’d work with have to be 100% HIPAA compliant.

Why does it matter?

Because the healthcare sector is generally digitized, there are tons of privacy concerns over patient data.

The Health Insurance Portability and Accountability Act (HIPAA) regulates how corporations handle patient data. Any medical company or health practitioner violating this law can face serious criminal charges with fines as much as $50,000 per violation.

To be HIPAA compliant, BPO corporations should have strict security measures in place to guard patient data. Hiring a service provider that’s HIPAA compliant will make sure that your patient’s information never gets into the incorrect hands.

2. Proven healthcare expertise

Healthcare BPO firms differ from other BPO corporations.

Unlike regular BPO firms, healthcare BPO corporations should undergo rigorous rounds of coaching to make sure that they know what they’re doing. They need to know medical codes, have department-specific knowledge and follow government laws and regulations.

Before deciding on a healthcare BPO provider, that you must confirm their expertise by:

• Comprehensively analyzing them just as you’d when hiring employees.
• Checking online reviews, rankings and getting referrals from industry peers.
• Checking in the event that they have a wonderful track record that balances professionalism and price.

Remember, if a service provider has had success on this field before, likelihood is, they will aid you find success too.

3. Performance monitoring measures

Healthcare activities like claims management and billing are incredibly necessary and wish your complete focus. When you’re distracted while performing them, you’ll make mistakes — resulting in tons of patient issues.

But when your healthcare BPO partner is hundreds of miles away, it’s hard so that you can know in the event that they’re focused on their work, right?

You don’t know:

• How productive they’re.
• In the event that they pass idle-time as work hours.
• In the event that they’re only working in your tasks during their work hours.
• In case your tasks actually took that long to finish.

While it’s best to ideally search for a BPO partner that has some monitoring procedures built-in, that’s not all the time possible.

Luckily, there’s an answer to this.

• Monitor the working hours of your outsourced staff.
• Track the time they spend in your activities.
• Discover poor-time usage and hold the provider accountable.
• Prevent your outsourced staff from getting sidetracked with other activities.

1. Accurate project records

The tool accurately tracks the hours your outsourced healthcare team spends on projects to aid you discover who’s worked on each task and for the way long.

2. Make sure that your outsourced staff is actively working

You’ll be able to’t have your outsourced team pass off idle hours as hours worked, right?

It tracks idle time by monitoring keyboard and mouse movements. If an worker is inactive for 3 minutes, the tool auto-displays a pop-up, asking them in the event that they’re still working. If there isn’t a response to this alert, the tool robotically puts them on a break.

This fashion, they will only log lively hours as hours spent in your project.

3. Monitor their web and app usage

Frightened that your outsourced staff is visiting non-work related sites during work hours?

At any time when they access an unproductive site during work hours, the app displays a pop-up asking them in the event that they’re still working or not. This nudge is frequently enough to get them back to work.

4. Immediately integrate with workplace software

The highest five global healthcare BPO corporations

Here’s a listing of the highest five healthcare BPO corporations to aid you start:

1. Accenture

Accenture is a worldwide leader in providing cost-effective healthcare services. It offers medical and administration services in greater than 45 countries, including India, the Philippines and america.

Key healthcare BPO services:

• Medical billing and account services.
• Claims processing.
• Medicare services.
• Pharmacy advantages management.
• Money flow improvement analytics.

2. Invensis

With over 16 years of experience, Invensis offers global services for healthcare BPO and patient support. The corporate is HIPAA compliant and can also be ISO 9001 and 27001 certified.

Key healthcare BPO services:

• Medical coding and billing.
• Claims processing.
• Data entry services.
• Revenue cycle management (RCM).
• Payment posting and charge entry services.

3. WNS Global Services

WNS provides an array of healthcare services that cater to the needs of corporations internationally. Additionally they offer technology solutions to extend healthcare providers’ market shares.

Key healthcare BPO services:

• Medical transcription.
• Medical coding and charge preparation.
• Follow-ups and payer services.
• Medical equipment supply chain.
• Patient care management.

4. Cognizant

A US multinational corporation, Cognizant provides cutting-edge healthcare services and outsourcing solutions.

Key healthcare BPO services:

• Health intelligence and analytics.
• Clinical services and data integration.
• Revenue cycle management.
• Patient care and administration systems.
• Help desk services.

5. Octopus Tech Solutions

Octopus Tech is a number one Indian BPO service provider with clients in Australia, Europe and the US. It offers services and solutions that streamline healthcare provider management.

Key healthcare BPO services:

• Insurance claim processing.
• Billing and collection services.
• Medical transcriptions.
• Pharmaceutical services.
• Doctor on-call services.

Conclusion

Healthcare BPO outsourcing can aid you save money and time while giving your patients the care they deserve.

Nevertheless, this isn’t something you possibly can do overnight.

Rigorously discover the activities you would like to outsource and evaluate your healthcare BPO partner before getting began. When you do, you’ll haven’t any trouble finding a setup that works for your online business!

Have any more questions and concerns about healthcare BPO? Tell us within the comments below.