In recent years, business process outsourcing (BPO) services for the healthcare bpo services sector have gained significant traction as a strategy for hospitals and clinics to ease the pressure of rising healthcare costs, avoid revenue loss from billing errors, and maintain streamlined back-office and documentation processes.
In fact, according to recent projections, the worldwide healthcare BPO market is anticipated to reach over $468 billion by 2026, with back-office functions, medical billing, and claims processing ranking among the most frequently contracted BPO services.
A couple of the biggest issues facing healthcare firms are rising healthcare expenses and data privacy. Attending to emergencies may be delayed by a lack of resources that can promptly gather and analyze the results. One such healthcare BPO services provider that can handle all of your needs quickly is Flatworld Solutions.
We have a group of highly skilled and licensed healthcare professionals who can provide clients all around the world with highly secure and HIPAA-compliant services. With patient onboarding services, Flatworld Solutions assisted a significant US-based birth control pill producer. They scaled up their output by over 10% thanks to our assistance.
How else do BPO services affect the development of the healthcare sector? Find out by reading on.
What Is Healthcare BPO?
Healthcare BPO is a commercial activity in which a healthcare provider contracts with a third-party business to provide administrative services or other support to healthcare organizations, staff, and facilities. These include tasks like medical billing, transcription, and coding.
According to a survey, the desire to increase customer satisfaction and cost savings are the elements that hospitals and clinics consider when considering whether to outsource.
Businesses must provide patients and customers with a favorable experience in light of the rising demand for healthcare services. However, they must also run like a business, which means that someone must oversee the back office, which includes handling paperwork, processing insurance claims, and communicating with insurance providers.
Employing a company with a committed team and substantial industry experience helps hospitals and clinics concentrate on important areas while freeing up personnel to focus on the most important component of the business—patient care.
What Is the Future of Healthcare BPO?
Healthcare BPO will continue to grow rapidly. According to a report from Mordor Intelligence, the healthcare BPO market would increase at an 8% compound annual growth rate (CAGR) between 2022 and 2027.
The Patient Protection and Affordable Care Act (PPACA) and the availability of cloud computing drive Patient Engagement in healthcare providers to look to outsourcing as a feasible method to maintain competitiveness, fueling the expansion of the global healthcare BPO market.
Revenue is another motivating factor for medical care providers to consider BPO for healthcare services. Incorrect billing codes, shoddy insurance claim processing, or ineffective documentation processing cause enormous income losses for many hospitals and clinics.
Every dollar is important given the escalating expense of healthcare. Therefore, a strategy that many hospitals are currently utilizing is the appointment of skilled personnel to oversee these tasks.
Four Ways Outsourcing Helps the Healthcare Industry
The medical BPO industry manages a number of crucial procedures, including data input, billing, and insurance claim processing. The four processes that are currently most frequently outsourced in the healthcare industry are described below.
Coding and Billing for Medical Services
Large amounts of medical records are handled daily by hospitals and healthcare professionals. Medical coding and billing are complicated when compared to other industries, where they are relatively simple.
Your medical staff can concentrate on patient care if your clinic outsources medical coding and billing, and you may hire professionals who have undergone extensive training to handle these duties. Processing patient invoices and data would be time-consuming and error-prone without the necessary expertise.
Compliance with particular standards and norms is also necessary while processing medical invoices. Healthcare BPO firms employ experienced agents who are knowledgeable about these regulations and can finish each transaction more quickly and with fewer errors.
Processing of Claims
Claims processing is a crucial part of the medical industry. Insurance companies receive claims from medical facilities so they can pay healthcare providers for the services they provide.
However, accuracy is essential given the daily processing of hundreds of claims. The best method to keep costs in check is to outsource the processing of medical claims to a third-party service provider.
Teams at outsourcing companies are prepared to manage huge volumes of medical claims. Additionally, they have the necessary equipment and resources to guarantee that employees can carry out transactions efficiently.
Medical Coding and Data Processing
Large volumes of medical data must be process and update regularly by healthcare professionals. However, managing and processing data requires a lot of effort.
Healthcare organizations manage enormous amounts of data, including:
- Examinations and reports from laboratories
- Prescriptions and inventories of medications
- Particulars of patients’ insurance
- Additional hospital records
You can concentrate your time and resources on other essential healthcare tasks by outsourcing data entry jobs. Data entry is the easiest and safest work to outsource because of how straightforward it is; it is crucial to allow a reliable healthcare BPO company do it.
Medical Accounts Receivable
The majority of healthcare providers handle their accounts receivable management internally, which has its advantages. Outsourcing, however, can be a wise choice if they experience cash flow problems, have a history of sending bills late, or routinely experience problems with their medical billing systems.
Employing a reputable outside service provider to handle your accounts receivable can have a number of advantages, such as the following:
- Shortens the collections timeline
- BPO firms assign highly trained and dedicated teams to your payment processing activities.
- Their primary focus is completing each transaction smoothly, reducing delays in collecting payments, and shortening the overall collection timeline.
- Reduces operating costs
- Hiring an external team for your accounts receivable can reduce operating costs. Instead of spending resources on recruitment, interview, training, and office space, you only have to pay the service provider based on the number of hours or services rendered. It handles all the back-end processes, from recruitment to training.
- Saves Time
- In-house teams can handle your accounts receivable, but they have to handle other critical tasks, preventing them from completing the assignments on time. On the other hand, an external team handles only your payroll. They are also train in industry standards, thus reducing the time spent on each transaction.
- Improves the Billing Process
- BPO providers typically provide updates, reports, and suggestions on improving the overall process. Hire a third-party provider with extensive knowledge of how the healthcare industry works. It can offer workflow recommendations, find errors in the existing process, and implement steps to ensure excellent management of your accounts receivable.
The Bottom Line
The healthcare industry needs BPO companies now more than ever. These external services providers can help hospitals, clinics, and other healthcare institutions with their coding and billing claims processing, data processing, and accounts receivable management. Outsourcing these services to a reliable BPO company can help them focus on taking care of their patients and growing their businesses.
In order to give you more time to concentrate on what’s important to you, namely providing high-quality patient care, our healthcare outsourcing services are design to support healthcare organizations, institutions, and their staff. When it comes to managing the daily routine and administrative services, you may relieve the employees of some of their workload by outsourcing time-consuming duties to healthcare BPO companies. As a result, your processes will run more smoothly and there will be fewer serious errors.
Medical billing services, healthcare claims, transcribing, and other tasks are frequently outsource. Here is a list of the BPO services for healthcare that Flatworld Solutions provides.
