Since the beginning of the pandemic in early 2020, the healthcare industry has suffered massive losses in its financial management. However, one domain of healthcare has fought against the odds and is currently seeing a never-seen-before improvement in operations. Healthcare BPO companies are thriving in the American medical industry, with data firms like MarketsandMarkets predicting that these companies’ total worth will hit around $470 billion by 2026. In several reports on healthcare finance management, revenue cycle leaders have said that healthcare BPO companies are the only ones to beat the slump in finances brought about by the raging worldwide pandemic.
Healthcare BPO companies provide cost-effective solutions to beat the manual errors caused due to a lack of resources in medical institutes like hospitals, independent clinics, and health centers. That is why several healthcare organizations are shifting towards outsourcing their regular repetitive non-core financial work to these trustworthy companies who have earned their name in the industry with their excellent service offerings. These offerings help the organizations to regulate the revenue cycle costs and boost the efficiency of the billing system. However, leading healthcare BPO companies in this domain offer more than billing solutions. Here is a list of the services provided by top healthcare BPO companies worldwide.
1.Medical Billing Services:
Medical billing is one of the most searched services healthcare organizations want from healthcare BPO companies. Financial management regarding the collection of documents and submission of claims can be pretty challenging for healthcare clinics and hospitals to manage independently. The healthcare BPO companies offer their medical billing services for medical organizations like hospitals, independent clinics, multi-specialty clinics, dental offices, and vision service hospitals.
They are equipped with high-end technological solutions to scan through the required documents so that they can come up with a clean claim. They stay updated on the latest ICD coding guidelines and train the staff. For any denials issue, they have repeatable, proven work models to handle the errors. Professional domain experts equipped with top-end software solutions ensure that your revenue cycle integrity stays strong.
Most healthcare organizations often suffer from low patient collections. It can occur due to various factors like lack of communication between the provider office and patients or even due to lack of intent to pay. It is essential to improve the point-of-service collections to maximize the revenue for healthcare organizations.
Healthcare BPO companies consider the various details of the patients who have outstanding dues with the organization. The highly trained BPO professionals work with the patients by contacting them regularly to realize the stuck cash flow. It can often become challenging for the in-house billing team to keep up with the patient collections in a given timeline. This is where BPO companies prove to be highly beneficial for them.
3.Integration of Health IT:
Health IT plays a crucial role in maintaining the regular workflow of healthcare organizations. However, not all organizations adapt to in-house IT teams to manage their day-to-day non-core functionalities. Healthcare BPO companies invest ample resources to ensure that your IT integration is complete so that you do not face any lag or trouble during the electronic processing of documents.
The services can cover but are not limited to cloud computing systems, EHR, electronic payment solutions, and digital transactions. The leading BPO companies in the healthcare domain focus on improving IT performance by introducing the latest software solutions available in the market. More than 80% of the healthcare organizations in the USA are on their way to digital transformation. BPO companies help them manage their daily tasks with ease and prove to be competent partners in the digitization process.
Healthcare organizations dealing with several patients in a day come across more than a thousand data points each day. Organizations need to have a smooth chain of workflow to collect these data points and store them in the appropriate fields. Usual data points in medical organizations include patient health information, provider prescriptions, historical health records, and insurance details, among other details.
Healthcare BPO professionals can enter these crucial data points without any errors so that the in-house team can focus on more complex decision-making tasks. Some BPO companies also assist healthcare organizations in maintaining proper patient services through scheduling solutions. Choose a healthcare BPO company that is HIPAA compliant to ensure that the critical patient health information is safe with your outsourcing partner.
5.Data Analysis Reports:
The collection of data can be one of the most critical tasks in the daily workflow of a healthcare organization. But for the management to make well-informed decisions for the company’s future, you need to have data analysis reports. Data science is the way forward to take any step forward in a business in 2022. However, healthcare organizations can often suffer from poor data retention practices and a lack of data scientists.
Healthcare BPO companies can offer you custom-made reports suited to your company’s specific needs. You can get in touch with the leading BPO companies in the healthcare domain and discuss your queries and the outcome you expect from getting them onboard. The healthcare BPO companies use superior software solutions to track the data and provide customized analysis of the financial management of your company.
While there is an ocean of choices for you to choose from, you should choose a BPO company that you can trust, one that does the job well and follows the necessary compliance measures to ensure top-notch security information. HIPAA compliance ensures that no patient healthcare data is stored in their systems so that hackers cannot tap into the critical information. Most importantly, discuss your short-term and long-term goals so that the BPO company can develop a tailor-made plan for your organization.
We hope this blog helped you answer the queries about the service offerings of healthcare BPO companies. Please comment on your suggestions below. For more information on healthcare financial management and billing services, please subscribe to our blog and follow us on Instagram, Facebook, Twitter, and LinkedIn.