What intrigues businesses to outsource? Is it cost-effectiveness or the raised performance level that is acquired through a consistent focus on the core competencies of a business?
The main reason why organizations choose to hand over their business functions to an external entity is that they expect to achieve operational finesse without having to make million dollar investments.
However, there is one sector that has remained far from outsourcing for a good one decade or so; Healthcare. The reason is the disintegrated disposition of the Healthcare sector.
As the primary objective of a Healthcare organization is to maximize its staff competency and provide ace-level patient care, not every company is versed with hefty financial back up to get the needed resources and manpower. Even if you are able to hire a sufficient number of professionals, there is always the requirement to provide cross-functional training to these experts, which again requires time and money.
Hence, in order to maintain a sublime equilibrium, healthcare businesses need to find an appropriate way that is both feasible and profitable.
Healthcare BPO Outsourcing: Is it viable?
As said, the Healthcare industry is quite fragmented, making the flow of information extremely stringent. But if you look at stats, you will find that the global market for healthcare BPO services is expected to touch the US$ 3000 billion mark by the end of 2022.
Actually, healthcare process outsourcing started a few years back when organizations started delegating tasks like data entry and medical transcriptions. Eventually, with time, as the business community gets more familiar with the advantages of healthcare BPO outsourcing, organizations become confident about handing over their other functions like Big Data, medical billing, IMS handling, clinical research, and IT support.
This shows that myths that float regarding outsourcing mean nothing. In fact, to represent to you how healthcare outsourcing services can benefit your organization in accomplishing functional perfection without keeping the service standard down, here are the top advantages:
Trimmed overhead expense
Outsourcing is popular because it provides an affordable and splendid means to do business. In the case of healthcare BPO outsourcing, the picture is one and the same.
With outsourcing, the entire expense of hiring and training staff goes away. Healthcare BPO service providers hold a vast workforce of experts that always remain on standby to serve businesses. These outsourcing companies, with a vision to remain ahead of the competitors, maintain conformity with updates in standards and regulations.
As a healthcare business owner, you should contact a vendor that is expert in your required tasks. For instance, if you want your invoice division to be frictionless, a vendor that is an industry-pro in the medical bill process outsourcing should be considered. By outsourcing billing operations you can be free to work on the functions that drive the revenue stream for your business. This significantly cuts down the cost.
Getting an adept team
The global influence of healthcare outsourcing services is phenomenally increasing. This means that healthcare BPO services providers are leaving no stone unturned to bring in more revenue. And they are doing so by hiring the best medical professionals with years of experience and affluent domain prowess.
One of the most fantastic things about healthcare BPO outsourcing is that you get direct access to a proficient, eligible, and experienced staff. If you try hiring these level of professionals on your own, you know how high your expense will go. Also, if you try to train your in-house experts, then also it would take years to match the credentials of the professionals in BPO companies.
The presence of such diligent workforce assures the healthcare companies that all their requirements will be met within due time and above par-quality.
This is the age of the internet when cyber-attacks are impacting every business sector. Even the healthcare sector is not spared. In fact, in the Q2 of 2017, healthcare was the sector that was hit most severely by cyber-attacks.
Being a healthcare business owner, handling and securing customers’ data is also your responsibility. Typically, amidst the core business functions, healthcare organizations generally overlook the security vulnerabilities that are left unpatched.
When you hire a medical outsourcing vendor with respect to your IT department, you are ensuring safe and robust support for your business.
Healthcare organizations do not wait on the emergency or some mass requirement to knock your door to hire more professionals. Instead, these businesses keep extra employees that are mostly sitting without work and are used as a backup workforce for future needs. This is ok but you are spending extra money for experts who are not doing any work.
This problem is rooted out by outsourcing medical services. When there is an upsurge in demand, healthcare companies can avail agents from their vendors. The healthcare process outsourcing companies empower the businesses by offering incremental add capacity facility where an appropriate number of professionals are extended if the requirement comes. This solves the scalability issue of healthcare organizations.
No big blunders
It will be hard to digest but stats show that a staggering US$ 125 billion is lost annually, all thanks to the lousy medical billing practice. Healthcare businesses need to keep a strict check on billing operations to ensure not a single penny is left on the table.
In this context, healthcare BPO services come in handy. These vendors have deft experts who ensure to perform the data entry service with 99% precision closing all doors for future conflicts. Medical billing process outsourcing thus leaves no room for error in business functions like coding, invoice, claims settlement, records indexing, and account receivables.
Superior patient care
In a nutshell, the primary goal of all healthcare establishments is to provide a first-string service experience to the patients. To do this, the business owner and staff need time to devote to the core tasks of healthcare. If you are already bothered about how to take care of your IT division or are busy in handling billing inquiries, downfall in service standards of critical tasks becomes inevitable.
Talking about the benefits of outsourcing in healthcare, your vendor will provide you the time and space to focus on the tasks that are the crux of your organization. This helps your business to raise the quality of the delivered service, which in return makes the customers come back to your business in the future if required.
Outsourcing is re-evolving in the seam of technological advancements and transiting customer preferences. The healthcare industry is now starting to use outsourcing as an extension to its business strategy.
With the state-of-art infrastructure, an expert team of professionals, and seamless track record of meeting organizations’ expectations, your healthcare process outsourcing company will not just help you to perform efficiently but will also raise your brand’s image impeccably by delivering an A-Okay level of patient care.
With time, the global BPO healthcare market is anticipated to grow extraordinarily. Albeit all the assumptions and fears of outsourcing, healthcare organizations are not shying away to hand over their tasks to specialized service providers. What do you think? Will this trend keep on growing or advanced technologies like AI and RPA are going to substitute the BPOs altogether? Share your perception below. Thanks!