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Healthcare BPO to streamline your services and obtain operational agility

Healthcare BPO to streamline your services and obtain operational agility

Table of Contents

Many healthcare organizations are turning to business process outsourcing to manage their day-to-day operations.

It’s the ideal solution for any healthcare company looking to improve efficiency and lower costs.

This article will cover everything you need to know about healthcare BPO and how it can benefit your business.

What is Healthcare BPO?

Healthcare Business Process Outsourcing (Healthcare BPO) is a practice in which a healthcare provider outsources non-core activities to a third-party. Instead of doing the work themselves, some healthcare organizations hire a third-party firm to do it for them.

While most businesses outsource their activities to dedicated outsourcing firms, some choose to outsource directly to freelancers.

An Overview of the Healthcare Outsourcing Industry

In the fast-paced world of medicine, outsourcing has proven to be a game-changer. While healthcare providers have long relied on contractors for maintenance and other non-patient-facing tasks, outsourcing client-facing functions is a relatively new trend.

The rise of electronic patient records acted as a catalyst for the growth of Healthcare Outsourcing. This strategic move has allowed clinics and hospitals to increase profitability and efficiency.

The Healthcare Outsourcing market in the U.S. alone reached a staggering $53 billion in 2020, with projections indicating it will climb to $66 billion by 2025.

According to a report by Mordor Intelligence, the Healthcare BPO industry is projected to experience significant growth in the coming years. Up to 2027, the sector will see a compound annual growth rate (CAGR) of 8%.

This increased demand for Healthcare BPO services can be attributed to factors such as the Patient Protection and Affordable Care Act (PPACA) and cloud technology, pushing healthcare organizations to outsource to maintain their competitiveness. In addition, healthcare providers are drawn to BPO services for financial benefits.

Many hospitals and clinics suffer significant revenue losses due to billing codes, insurance claim processing, and documentation processing errors. As healthcare costs continue rising, these organizations recognize the value of hiring expert professionals to manage these critical activities.

By embracing the benefits of medical outsourcing, healthcare providers are revolutionizing the industry and paving the way for a more streamlined and prosperous future.

Why are Medical Companies Opting for Outsourcing?

Medical companies outsource various healthcare processes to allow their medical workers to prioritize their core competencies. By taking advantage of outsourced bookkeeping, marketing, and healthcare billing services, doctors and medical staff can focus on what they do best—providing top-quality treatment for their patients. In addition to this primary benefit, there are several other reasons why outsourcing is a wise decision for medical companies.

Firstly, the healthcare industry is incredibly competitive, and there need to be more skilled professionals to meet the growing medical and non-medical staff demands. Medical companies can address this issue by outsourcing specific tasks and ensuring they have the necessary workforce to provide excellent care.

Furthermore, small healthcare companies often need help to hire more full-time employees and increase their staffing levels. Outsourcing can provide a cost-effective solution, allowing them to access the expertise and resources they need without the financial burden of additional full-time staff.

Additionally, compliance standards in the healthcare industry are continuously changing and becoming increasingly complex. Outsourcing specific processes can help medical companies stay up-to-date with these standards, as external providers are well-versed in the latest regulations and requirements.

Moreover, cybersecurity and digital threats are becoming significant concerns for businesses and consumers. By Healthcare Outsourcing, medical companies can benefit from the expertise and advanced security measures provided by external providers, minimizing the risk of cyber-attacks and data breaches.

Lastly, as the revenue cycle of medical companies continues to grow, it becomes more challenging to manage all aspects of it in-house. Outsourcing can provide specialized support in revenue cycle management, ensuring that financial processes are handled efficiently and effectively.

So, where can you get help?

People generally think of outsourcing as contracting work to a third party in another country. To save money, many businesses, for example, outsource medical billing services to third-party providers in countries such as India.

You can, however, outsource these jobs to providers in your own country (though you won’t save as much money this way).

See more» Business Process Outsourcing (BPO): What It Is, How it’s Done, and the Benefits of Doing It Right

Healthcare BPO to streamline your services and obtain operational agility

Types of Healthcare Outsourcing Services

Healthcare BPO to streamline your services and obtain operational agility

Medical Billing

Hospitals and healthcare workers deal with a large volume of medical records and patient information each day. However, medical coding and billing can be complex and require expertise in various codes and systems.

To ensure accurate and efficient processing, it is crucial to have highly trained workers who are well-versed in the Healthcare Common Procedure Coding System (HCPS), International Classification of Diseases (ICD), and Current Procedural Terminology (CPT).

You may encounter significant errors and delays in coding medical services and processing patient bills without the right expertise. Outsourcing medical billing to third-party coders can be a beneficial solution.

By entrusting the job to professionals with the necessary tools, resources, and experience, you can focus on patient care and medical research while also improving the efficiency of your clinic.

See more» How to Implement Medical Billing Outsourcing in Healthcare

Account Receivable

Efficiently managing accounts receivable is crucial for healthcare professionals and organizations to receive proper service reimbursement. This involves proactive actions such as following up on pending payments and pursuing collections when necessary. Additionally, it requires investigating reasons behind late payments and claims denials and determining which amounts are uncollectible and which can be recovered.

Another important aspect is identifying and invoicing deductible amounts to the appropriate payer. Patients should also be kept informed through regular reports detailing the collection process. However, navigating the complexities of the U.S. healthcare system has made managing accounts receivable increasingly challenging for medical billers.

To address this, many hospitals are choosing to outsource their Finance and Accounting Services. By doing so, they can maintain a steady cash flow and prevent unpaid receivables from accumulating. Healthcare Outsourcing management ensures the effective handling of accounts receivable, allowing medical companies to focus on providing quality care.

Account Payable

Account Payable outsourcing services in healthcare involve transferring the responsibility of managing and processing the financial transactions related to accounts payable to an external service provider. Here are some common types of account payable outsourcing services in the healthcare industry:

  • Invoice Processing: This involves receiving and processing invoices from vendors, verifying their accuracy, and ensuring they meet the organization’s payment policies and procedures.
  • Purchase Order Management: Outsourcing providers can handle the management of purchase orders, including the creation, verification, and tracking of purchase orders to ensure proper authorization and compliance.
  • Vendor Management: This service involves managing vendor relationships, including onboarding new vendors, maintaining vendor databases, and resolving any issues related to payments or contracts.
  • Payment Processing: The outsourcing provider handles payment processing, including generating payment schedules, issuing payments, and managing payment methods such as checks, electronic funds transfer (EFT), or virtual cards.
  • Expense Management: This service focuses on managing employee expense reimbursements. It involves reviewing and processing expense reports, ensuring compliance with company policies, and reimbursing employees promptly.
  • Data Analysis and Reporting: Outsourcing providers can generate reports and provide insights into accounts payable metrics, such as payment cycle times, vendor performance, and cash flow analysis, which can help healthcare organizations make informed financial decisions.

By outsourcing accounts payable services, healthcare organizations can benefit from improved accuracy, reduced processing times, increased cost savings, and enhanced overall financial management.

Customer Support

Healthcare BPO to streamline your services and obtain operational agility

Healthcare institutions that provide 24/7 service have a distinct advantage in delivering the highest level of care to their patients. The ability for customers to access medical assistance whenever they require it is paramount.

In addition to employing in-house receptionists for front office and customer support, small clinics also enlist the services of outsourced teams for after-office hours customer service. This ensures seamless operations and efficiency, even when staff are not physically present.

See more» What Benefits Does Healthcare Call Center Outsourcing Bring to Customer Support

Data Processing

Healthcare providers face the task of managing and updating extensive amounts of medical data daily. This includes various types of information such as test results, prescriptions, insurance details, and other hospital records. Handling these data can be overwhelming, but outsourcing data entry can provide significant benefits.

By entrusting this task to a reputable Healthcare BPO, you can save time and resources to focus on your core healthcare activities. Choose a trusted provider to ensure reliable and efficient data processing.

Medical Transcription

Medical professionals are often overwhelmed with paperwork, leaving little time for patient care. Many medical reports are recorded as audio files to streamline the process and later transcribed into written records. These records serve as valuable references that physicians can easily share when needed.

Commonly transcribed records include surgery notes, clinical summaries, and physicians’ findings and diagnoses. However, hiring a full-time in-house assistant for transcriptions can be costly for some healthcare companies. As a result, physicians may take on the task themselves, risking burnout and inaccuracies in medical records.

Fortunately, hospitals can hire a Healthcare BPO firm to manage medical record transcription. This proactive approach ensures accurate and timely transcriptions, relieving medical professionals of unnecessary stress and allowing them to focus on what matters most – providing quality patient care.

Insurance Claims Processing

The processing of medical claims is crucial to ensure seamless operations. Error-free claims are of utmost importance to avoid rejections from insurance providers. However, this task can often prove challenging. It involves various activities such as processing new insurance policies, gathering information from policyholders, validating account details, and submitting claims to clearing houses.

To guarantee the accuracy of multiple claims processed daily, outsourcing becomes a viable solution. Healthcare Outsourcing providers possess cutting-edge technology and a team of specialists capable of efficiently handling high volumes of insurance claims. With claims processing as their sole focus, you can rest assured that distractions will not compromise the precision of your claims.

IT Services

IT outsourcing services in the healthcare industry involve delegating technology-related tasks and responsibilities to external service providers. These services help healthcare organizations manage and optimize their IT infrastructure, enhance data security, and improve operational efficiency.

  • IT Infrastructure Management: This service includes the management and maintenance of the healthcare organization’s IT infrastructure, such as servers, networks, databases, and storage systems. It ensures the availability, performance, and security of critical IT resources.
  • Data Backup and Recovery: Healthcare Outsourcing companies provide data backup and recovery solutions to ensure the availability and integrity of patient data. This includes regular backups, offsite storage, and disaster recovery planning to mitigate the risk of data loss.
  • Application Development and Maintenance: Healthcare organizations often require custom software applications to meet their specific requirements. IT outsourcing providers can develop, maintain, and support these applications, enabling healthcare organizations to focus on their core operations.

See more» The Benefits of Healthcare IT Outsourcing in the Digital Age

Generating Leads

As insurance companies and health maintenance organizations (HMOs) expand their offerings to new markets and locations, attracting potential clients becomes crucial. That’s where a reliable lead generation team plays a vital role.

With expertise in healthcare accounts, trained call center professionals excel at generating high-quality leads, quickly converting them into loyal paying customers.

Advantages of Healthcare Outsourcing

Healthcare BPO to streamline your services and obtain operational agility

Putting Patients First

Healthcare BPO to streamline your services and obtain operational agility

Streamline your operations by outsourcing time-consuming tasks, allowing you to prioritize the quality care your patients deserve. You can optimize the patient experience and deliver exceptional healthcare by relieving your team of redundant and administrative duties.

Minimizing Errors

Accurate and error-free procedures are of utmost importance in the field of medicine. Even a minor mistake can have significant consequences, impacting the accuracy of diagnoses and the effectiveness of treatments.

Medical professionals who handle their tasks, including administrative duties, are at risk of making errors. However, delegating specific responsibilities to an outsourced team can significantly minimize mistakes in creating patient reports and prescriptions.

Cost-Effectiveness

Cut costs and streamline your operations by outsourcing instead of hiring and training in-house staff. The savings from outsourcing can be reinvested to bolster your healthcare business.

Clients can save up to 70% on expenses and resources by outsourcing. In addition to employee salaries, most Healthcare BPO firms only charge a monthly fixed fee that covers office space, utilities, equipment, and necessary compliances for their teams.

Accessing Industry Experts

By partnering with the right Healthcare BPO company, you enhance your team and organization’s value. Outsourcing grants you access to highly skilled professionals capable of efficiently handling diverse data types. This saves you time and money and eliminates the need to hire and train additional on-site support staff.

Expanding Services

Maximize your practice’s potential by outsourcing billing and medical record transcription. With Healthcare BPO, you’ll free up valuable resources and unlock the time and financial leverage needed to expand and implement new services and specialties.

Prioritizing Core Competencies

Streamline your healthcare operations by outsourcing time-consuming administrative tasks. The trusted providers handle data entry, bill management, and claims processing, allowing your team to prioritize patient care.

Free your physicians, staff, and healthcare practitioners from managing back-end processes. With more time and attention dedicated to patient care, you can enhance the overall patient experience and boost your healthcare facility’s reputation.

Ensuring Better Compliance

Healthcare BPO companies adhere to stringent compliance standards when handling client projects, including the crucial HIPAA regulations involving sensitive patient data. As a result, healthcare organizations can significantly reduce the need to train in-house staff for additional compliance requirements.

Safeguarding Data

Safeguarding and efficiently retrieving data is crucial for healthcare organizations. However, storing sensitive information securely can present challenges for medical providers.

By enlisting the services of a trusted Healthcare BPO provider, you can have peace of mind knowing that your data will be stored securely in multiple locations. This added layer of protection offers a defense against potential hackers and breaches. Additionally, digital data provides even more security than traditional physical record-keeping methods.

How to choose a good Healthcare BPO Partner

Healthcare BPO to streamline your services and obtain operational agility

There are numerous BPO firms to choose from. So, how to pick the best one?

Find healthcare BPO partners who have:

HIPAA compliance

Any healthcare BPO company you work with must be HIPAA compliant.

What difference does it make?

Because the healthcare industry is mainly digitized, there are numerous privacy concerns regarding patient data.

The Health Insurance Portability and Accountability Act (HIPAA) governs how businesses handle patient information. Any medical company or health practitioner who violates this law faces serious criminal charges and fines of up to $50,000 per violation.

BPO companies must have strict security measures to protect patient data to be HIPAA compliant. Hiring a HIPAA-compliant service provider will ensure that your patients’ information is never compromised.

Track record applied

The potential healthcare BPO should have a long track record of success and be willing to provide references to interested healthcare companies. Obtaining references means that these providers can reveal whether the third-party vendor provides excellent services or meets the expectations and goals of clients. References also inform the BPO that its former clients can be contacted for additional research and background checks to ensure continued good performance.

Quality of work

Outsourcing services to a quality-oriented external provider is one way to address this prevalent issue. Certain areas of the vendor’s processes, such as its training framework and opportunities, team performance monitoring, and quality reports to clients, to name a few, should be scrutinized by healthcare organizations. To ensure that employees are following the most recent protocol.

Healthcare expertise

Healthcare BPO firms are distinct from other BPO firms.

Healthcare BPO firms, unlike regular BPO firms, must undergo rigorous training rounds to ensure that they know what they’re doing. They must understand medical codes, have departmental knowledge, and adhere to government laws and regulations.

Before selecting a healthcare BPO provider, you should confirm their expertise by:

  • Analyze them thoroughly, just as you would when hiring employees.
  • Checking online reviews and ratings and getting referrals from peers in the industry.
  • Checking to see if they have a proven track record of balancing professionalism and cost.
  • Remember that if a service provider has had previous success in this field, chances are they can help you as well.

Customer service

When outsourced healthcare provider-related workers provide excellent customer service, it promotes patient loyalty and retention.

Healthcare organizations must also ensure that their BPO partner has an adequate customer service process flow. This process streamlines the large volume of call centers’ work, such as billing issue resolution, new account creation, technical assistance, and other healthcare-related concerns.

Implementation and communication methods should be as seamless as possible

The ideal healthcare outsourcing partner should have efficient and seamless implementation and communication processes that improve the patient and customer experience. In this regard, the prospective healthcare BPO should use cutting-edge office phone systems to provide high-quality customer service.

Financial efficiency

The healthcare industry, like all others, is a business. The ability of the healthcare BPO to help manage the provider’s revenues and expenses is critical to the provider’s business success.

The third-party vendor should have extensive experience streamlining processes and lowering costs while providing above-average customer service. It should also be constantly looking for ways to improve efficiency at all levels and be capable of dealing with unexpected financial issues.

Good English skills

Healthcare organizations should look for BPO firms in non-English speaking countries that use English as a second language. For example, more than 90% of Filipinos speak and understand English. Filipinos have an outsourcing advantage over other countries due to their ability to adjust their English accents and speak in different conversation tones.

Healthcare providers should consider working with an external vendor who provides accent neutralization training and has a fluent workforce in English (speaking, reading, writing, and listening skills).

The Best Healthcare BPO Service Providers in the World

Infosys BPM

For clients all over the world, the company provides integrated and business process management (BPM) solutions. The BPO assists clients in meeting cost-cutting objectives, improving process efficiencies and effectiveness, and providing an exceptional customer experience. It operates 35 delivery centers in 14 countries and employs approximately 48,000 people of 120 nationalities. According to the company, it processes six million claims annually and provides data management services to at least 15,000 providers.

Outstanding healthcare BPO services include:

  • Claims management
  • Provider network management
  • Member management
  • Care management
  • Plan management
  • Benefit management.

HCL Technologies

With its digital technology transformation approach, HCL, a global IT services company, assists businesses in re-inventing their operations. The India-based company operates in 32 countries and employs over 110,000 people of various nationalities. It provides comprehensive and multiservice delivery in a wide range of industries, including life sciences and healthcare, telecommunications, travel, transportation and logistics, manufacturing, publishing, media.

HCL provides an integrated portfolio of services through a growth strategy known as Mode 1-2-3. Mode 1’s goal is to help clients’ businesses and IT systems become more lean and agile. Mode 2 focuses on customer-centric and outcome-oriented services, whereas Mode 3 focuses on driving the business and IT ecosystem.

Outstanding healthcare BPO services:

  • Cost management
  • Consumer experience
  • Care delivery
  • Digital analytics
  • Application services
  • Infrastructure services
  • Digital process operations
  • Research and development services

Sutherland Global

Sutherland Global has been serving industries such as healthcare, insurance, technology, retail, logistics, hospitality, banking and financial services, and telecommunications for over 35 years. It is a digital transformation company that provides artificial intelligence (AI) and automation-focused services, platforms, and products.

The company, which employs approximately 38,000 global professionals, has a digital backbone that spans over 140 countries, 61 digital centers worldwide, and over 43 million monthly transactions.

Outstanding healthcare BPO services:

  • Revenue cycle management
  • Provider data management
  • Claims processing
  • Experience consulting
  • Contact center
  • Coding, analytics
  • Health information management
  • Population and payment services

Xerox

Xerox Holdings, headquartered in Connecticut, sells print and digital document products and services in over 160 countries.

Affiliated Computer Services was purchased by the Fortune 500 company for more than $6 billion in 2010. Six years later, it spun off its business process service operations into Conduent.

This new company provides various healthcare services such as patient support, medical billing, Medicaid screening, customer experience management, pharmaceuticals and life sciences solutions, and community health management.

Outstanding healthcare BPO services:

  • Health records automation
  • Virtual health consulting
  • Virtual clinic
  • Interface design and development
  • Digital patient
  • Workflow automation solutions

Omega Healthcare Management Services

The company provides various outsourced solutions that use automation, analytics, and proprietary technologies. The nearly two-decade-old BPO specializes in revenue cycle management business processes and employs over 17,000 people across the Philippines, India, and the United States.

Omega Healthcare also focuses on coding and collections processes, medical billing, and revenue cycle automation tools to reduce costs. It provides virtual nursing services such as clinical documentation improvement, avoidance of readmissions, triage, and care continuation.

Outstanding healthcare BPO services:

  • Payment posting
  • Medical revenue cycle management
  • Patient support solutions
  • Insurance verification
  • Medical coding and billing
  • Account receivables analysis and management
  • Charge entry
  • Insurance and patient follow-up

SYKES Enterprises

SYKES, a subsidiary of the Sitel Group, is one of the largest providers of customer experience solutions. The merger increased the total number of employees to around 160,000 worldwide. Every day, the company serves millions of customers in over 50 languages.

SYKES, a provider of customer engagement services to the world’s top 2,000 companies, provides multi-channel demand generation and assists its clients and partners with customer relationships, care, and support.

Outstanding healthcare BPO services:

  • Claims inquiries and processing
  • Telehealth
  • Lifestyle and wellness coaching
  • Scheduling
  • Billing plans
  • Prescription drug assistance
  • Healthcare system navigation
  • Mail order Rx support

Firstsource Solutions

Firstsource is a global BPO provider of over 100 businesses, including 17 Fortune 500 companies and nine FTSE 100 companies. It’s a branch of the Indian multinational conglomerate RP-Sanjiv Goenka Group. With more than 28,000 workers in India, the Philippines, the United States, and the United Kingdom. This company serves a variety of industries, including healthcare, media and technology, banking and financial services, and communications.

Firstsource employs the “Digital First, Digital Now” strategy, which is a technology-based solution that streamlines complex business processes, improves customer experience, and generates value across business operations.

Outstanding healthcare BPO services:

  • Claims operations
  • Broker management
  • Risk adjustment
  • Appeals and grievances
  • Patient outreach,
  • Medication adherence
  • Telehealth support
  • Provider life cycle management
  • Medical billing

Genpact

Genpact was founded as a subsidiary of General Electric in 1997 and became an independent company in 2005. It is a professional services firm with over 90,000 employees and operations in over 30 countries.

The publicly traded company specializes in delivering digital transformation through analytics, AI, and consulting skills to clients and partners to reinvent their business processes. Its healthcare solutions aid in reducing revenue loss and improving margins by supervising more than 35 million claims transactions, arbitrating at least one million each year.

Outstanding healthcare BPO services:

  • Procurement and accounts payable processing
  • Enterprise performance management
  • Record to report (R2R) processing
  • Analytics services are the most common

Accenture

Accenture is a global leader in the provision of low-cost healthcare services. It provides medical and administrative services in over 45 countries worldwide, including India, the Philippines, and the United States.

Outstanding healthcare BPO services:

  • Medical billing and account services
  • Claims processing
  • Medicare services
  • Pharmacy benefits management
  • Cash flow improvement analytics

Parexel International

Parexel, founded in 1982, is a clinical research organization that provides consulting expertise and clinical development services to clients worldwide.

The Massachusetts-based company assists customers in the biopharmaceutical and life sciences industries and translate scientific discoveries into new treatments. Its technical, functional, and therapeutic capabilities include regulatory consulting services as well as the application of real-world insights to distributed clinical trials.

Furthermore, the healthcare provider focuses on early and late phase clinical research, patient and site recruitment, biotechnology, medical device consulting, regulatory and product development consulting, and eClinical solutions.

Outstanding healthcare BPO services:

  • Clinical monitoring
  • Clinical study and project management
  • Data management
  • Statistical programming
  • Biostatistics
  • Pharmacovigilance
  • Regulatory operations
  • Medical writing
  • Medical affairs
  • Translational medicine

IBM

IBM, headquartered in New York, is a cloud platform company and the world’s largest technology and consulting employer, employing over 350,000 people in approximately 170 countries and 12 research laboratories across six continents.

IBM Watson Health is a company division that provides healthcare solutions and clinical and medical research to clients through data analytics, cloud computing, and AI. These cutting-edge technologies enable Watson to help healthcare providers predict future outcomes, maximize workforce time, and streamline complex processes.

Outstanding healthcare BPO services:

  • Healthcare digital transformation
  • Patient engagement
  • Revenue cycle management
  • Healthcare data management
  • Clinical trial optimization are the

Unitedhealth Group

UnitedHealth Group is a healthcare conglomerate with two divisions that offer a diverse range of products and services. Optum specializes in information and technology-based health services, and UnitedHealthcare, which provides benefits and healthcare coverage, are two of them.

The diversified public company, founded in 1977, employs approximately 340,000 people who collaborate with governments, partners, providers to serve 146 million clients around the world. It is the world’s eighth-largest corporation, the second-largest healthcare company by revenue, and the largest insurance firm by net premiums.

Outstanding healthcare BPO services:

  • Analytics
  • Revenue cycle management
  • Purchasing and claims processing
  • Ambulatory care coordination
  • Utilization management service
  • Health insurance plans
  • Medicare
  • Medicaid
  • Dental
  • Vision
  • Supplemental plans

Invensis

With over 16 years of experience, Invensis provides global healthcare BPO and patient support services. The organization is HIPAA compliant and ISO 9001 and 27001 certified.

Outstanding healthcare BPO services:

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

WNS Global Services

WNS offers a variety of healthcare services to meet the needs of businesses all over the world. They also provide technology solutions to help healthcare providers increase their market share.

Outstanding healthcare BPO services:

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

Cognizant

Cognizant is a multinational corporation based in the United States that provides cutting-edge healthcare services and outsourcing solutions.

Outstanding healthcare BPO services:

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

Octopus Tech Solutions

Octopus Tech is a leading Indian business process outsourcing provider with clients in Australia, Europe, and the United States. It provides services and solutions to help healthcare providers manage their practices more efficiently.

Outstanding healthcare BPO services:

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

See more» Top 20 world Business Process Outsourcing (BPO) Companies 

5 Tips for Outsourcing Healthcare BPO Services

Understanding Your Needs

Before engaging in outsourcing, it is crucial to establish a thoughtful and strategic approach. Take the time to identify the goals and desired outcomes you seek to achieve through outsourcing. Failure to do so risks squandering valuable resources, as you may have yet to define your organization’s precise needs fully.

Choosing Between Project Rates or Hourly Rates

Opting for a fixed price ensures you can effectively manage your budget without worrying about hourly charges. On the other hand, hourly pricing is ideal for outsourced data entry teams or agents who only work a few hours per week. It’s essential to keep track of your BPO team’s productivity using tracking tools or work monitoring software. Stay on top of things to ensure optimal performance.

Setting Clear Project Goals and Specifications

Ensure clarity in project specifications and requirements when determining the cost of your BPO provider. Clearly define the duration of the contract, considering whether you require long-term or short-term outsourcing. For instance, outsourcing medical billing will typically entail a long-term commitment.

Conducting Thorough Research

Perform extensive research on your provider before making a decision. Avoid hastily choosing the first provider you come across. Instead, exercise due diligence by finding a Healthcare BPO firm aligning with your requirements.

Establishing Deadlines and Timelines

To ensure smooth and prompt project completion, it is crucial to establish clear deadlines and timelines. You can effectively manage time-sensitive work and prevent unnecessary delays by clearly communicating your expectations regarding task completion. Feel free to communicate deadlines and emphasize their importance to your contractors.

Future trends that may affect the healthcare BPO market

Healthcare BPO to streamline your services and obtain operational agility

According to founder of the Philippine-based BPO firm Outsource Accelerator – Derek Gallimore, global outsourcing is still growing due to increased demand, primarily caused by the COVID-19 pandemic, which unexpectedly improved businesses’ confidence in their service providers.

He identifies the major outsourcing trends that will likely impact the entire industry, including healthcare BPOs, over the next ten years.

More work-from-home opportunities

Because of the pandemic, remote working or working from home (WFH) has become a common work arrangement, allowing employees not to travel to an office building or a comparable workplace. Since this global health issue started in 2020, many companies and organizations, including the outsourcing sector, have made this work mode a permanent option for their employees.

According to Gallimore, recent studies have demonstrated the productivity benefits of distance working. Enterprise Technology Research (ETR), a New York-based technology market research firm, predicts that these efforts will soon more than double.

Some BPO companies, however, continue to advise their WFH employees to return to the office gradually. Third-party service providers adhere to stringent policies at work, so a skeleton workforce is required to continue business operations.

Healthcare BPO to streamline your services and obtain operational agility

The popular of cloud computing technology

Cloud technology is critical to BPO companies’ efforts to digitize business processes, particularly in the healthcare sector.

Also, according to Gallimore, cloud-enabled outsourcing services provide more scalability and flexibility to their customers and partners, and the use of virtual storage and cloud-related services will increase for better collaboration among outsourced teams.

The rise of cybersecurity

One of the company’s primary concerns is cybersecurity. As the use of remote working has grown, so has the critical data and private information vulnerability to suspicious online activities or cyber intruders.

According to Gallimore, Sweden reported over 350 cyberattacks in 2020, up from 100-150 the previous year. In London, 47 percent of remote workers were victims of phishing scams, primarily due to human error while at work.

Because of the rise in remote work arrangements, BPOs and clients have tightened their cybersecurity measures and policies. Outsourcing firms increase their efforts to implement more robust data security measures.

Social media is the main channel of customer service

In the coming years, businesses will increasingly use social media networks like Facebook, Instagram, LinkedIn, and Twitter as customer service channels. According to Gallimore, the global social media penetration rate is at a high of 49 percent, indicating that businesses want to be more connected to their customers who use such platforms frequently.

He says that social media allows businesses of all sizes to be where their customers are – online. Thanks to the various platforms, companies can have a more personal and seamless experience with their current and potential customers.

AI-implementation

Healthcare BPO and other outsourcing sectors are expected to invest more in AI technology to increase productivity and efficiency. According to experts, using AI in conjunction with automation will give those who invest wisely in AI advantage over their competitors.

AI, in particular, can transform the healthcare industry and assist the community in addressing some of its issues and challenges. AI solutions can also help healthcare providers in various ways, including improving patient experiences, increasing access to healthcare services, and improving efficiency in care delivery and outcomes.

See more» Top 5 BPO trends that will dominate the industry in 2022 and the following years

The reason why the healthcare BPO market will continue to grow until 2026 and beyond

One of the primary reasons that many healthcare providers are outsourcing some of their business processes to third-party providers in countries with low operational costs is the need to reduce rising healthcare costs.

Many healthcare outsourcing firms are based in the United States and Canada. According to MarketsandMarkets, North America accounted for nearly half of the market in 2020 and is expected to grow at a CAGR of nearly 11% over the next five years.

Over the last 50 years, total healthcare spending in the United States has risen. According Centers for Medicare and Medicaid Services (CMS), a federal agency that supplies health coverage to over 100 million people, health expenditures increased from nearly $75 billion in 1970 to nearly $4 trillion in 2019.

The coronavirus resulted in a moderate short-term decrease in healthcare spending due to social distancing practices and patients who postponed medical appointments and procedures. With the worst of the pandemic behind us, CMS predicts that healthcare spending will continue to rise until 2028, reaching more than $6 trillion.

Innovature BPO: Your Trusted Partner

Innovature BPO is your trusted partner for all your Healthcare Outsourcing Services. With a team of experts in the fields of Accounting and Finance, and Customer Service, Innovature BPO is equipped to handle all of your needs in the healthcare industry.

By partnering with Innovature BPO, you can rest assured that your organization will receive top-notch outsourcing services, allowing you to focus on what matters – improving patient outcomes. Trust Innovature BPO as your reliable partner for all your Healthcare Outsourcing needs.

Before you begin, carefully identify the activities you want to outsource and evaluate your healthcare BPO partner. Once you’ve done that, you’ll have no trouble finding a configuration that works for your company!

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