Business Process Outsourcing (BPO) providers for the healthcare sector have become a roaring trend in this era. The reason being hospitals and clinics use healthcare business process outsourcing services as a strategy to minimize their cost as well as to prevent the revenue loss caused by huge billing blunders. The healthcare sector also hires BPO outsourcing services to streamline the back-office and documentation process. Moreover, as per recent reports, in 2021, the global healthcare BPO outsourcing market was valued at USD 334.15 billion and that is expected to grow up to 755.76 billion dollars by 2030, with medical billings, back-office services, and claim processing.
In today’s time, more than 90% of US hospitals hire BPO providers for at least one of their crucial processes. So, outsourcing such services is only lending a helping hand to the healthcare sector and making their crucial yet tiresome work easier.
Now you must be wondering what is healthcare BPO and how it affects the healthcare sector. Stay with us and find out.
What Is Healthcare BPO Market and Its Benefits?
Healthcare BPO or healthcare business process outsourcing simply means outsourced business or process activities by the medical care sector to help in administrative or other assistance. This third-party company assists medical organizations, institutes, and employees in transcription, billing, coding, and other similar activities.
As the research has shown, in healthcare organizations, be it pharmaceuticals or insurers, the approach is not considered the most customer friendly. With the hike in demand for healthcare services, it is necessary to make sure that both the patient and customer experience is positive. However, while improving the experience, they also work as a business where someone manages the back offices, files claims, continuously follows up with the insurance companies, does administrative work, and does other work. Additionally, better experience results in a rise in cost, which is why most medical care facilities choose BPO outsourcing services to cut their revenue and provide customer satisfaction.
As the studies have shown, 80% of medical bills in the US medical care sector account for almost $125 billion yearly loss because of errors. It can be avoided by outsourcing the work and giving it into the trusting hands of professionals which can result in the companies saving up to 30 to 60% on cost. Hiring a service provider that has a dedicated and trained team with a solid experience in the industry helps clinics and hospitals to remain focused on their core areas and allows the employees to stay focused on the most crucial aspect of business—patient care.
Benefits of BPO marketing
Let us talk about a few benefits that the business process outsourcing industry provides to the healthcare sector:
- Cost-effective: It is one of the chief benefits of outsourcing work to an external firm having employees with expertise in the field. Organizations spend valuable resources on recruiting, interviewing candidates, hiring, training, and office space. Whereas, outsourcing can help in cutting off the cost as the medical institution would have to pay for the hours worked or service rendered. The back end would not have to recruit employees and conduct training.
- Reduces collection timelines: Every BPO service provider appoints excessively trained and dedicated experts to handle the payment process activities for the healthcare sector. The chief focus of these providers is to smoothly finish the transaction process and minimize delays in payment collection.
- Improving management: Outsourcing firms deliver reports, updates, and suggestions on upgrading the management. These third-party organizations possess extensive knowledge and expertise on how the healthcare sector works.
- Time-effective: The BPO service providers consist of in-house expert teams that handle accounts and manage critical tasks seamlessly to reduce the time consumed for a process.
Types of Healthcare BPO Outsourcing Services
The BPO medical sector handles several works seamlessly, such as data entry, data collection, billing, coding, insurance or claims processing, virtual assistants, physician liaisons, healthcare customer support, etc. Listed below are a few of the most common outsourced healthcare functions. Have a look at it.
Medical Billing and Coding:
We all know that hospitals and medical institutions process a ton of bills and medical records on daily basis. Unlike any other business, hospitals cannot afford to mess up with these records. Keeping up with these records is a strenuous task for hospital employees. The medical staff is more suited to cater to the patients instead of billing and keeping a tab on the records.
Outsourcing is a wise decision as it would allow the hospital employees to stay focused on taking care of the patients, while BPO professionals deal with the records. Healthcare BPO services possess extensive expertise and significant knowledge in processing patient bills and records. They are also well-equipped with essential resources that smoothly and accurately process the work.
The staff of a medical institution process and update a ton of medical data on daily basis. They handle data such as laboratory reports and examinations, patient prescriptions, drug inventories, patients’ insurance particulars, and other hospital records. However, managing this vast and important data is an arduous task but outsourcing data entry work to the BPO professionals allows the staff to stay focused on critical healthcare duties. Thus, business process outsourcing companies are the best option for data entry work as they will offer the healthcare organization time and resources for its core activities.
Insurance Claim Processing:
Hospitals and clinics have hundreds of claims to process on daily basis and it is one of the most crucial and critical activities. Patients need their proper medical claims for the insurance companies; thus, processing insurance claims is an essential work that should always be done with accuracy. However, when there are hundreds of claims ready to be processed making an error is common.
To ensure that all the claims are checked and processed properly, it is better to outsource a third-party service that could process those claims seamlessly and without making any mistakes.
Healthcare business process outsourcing services have trained employees who have expertise in the field while having access to the right resources and technology to ensure accurate and quick transactions.
Healthcare Accounts Receivables:
Medical care facilities try to manage their accounts receivables using their in-house staff, which of course helps save them money. However, the staff is swamped with tons of other critical work that needs their undivided attention. Going for an outsourcing firm is a better option to prevent things from going haywire.
BPO outsourcing services are a cost and time-effective solution for healthcare organizations. These services specialised in billing, coding, medical transcription, processing insurance claims, physician liaisons, virtual assistance, healthcare data management, healthcare customer support, and healthcare data collection.
The USA is the largest source of healthcare BPO services followed by European courtiers and the Philippines. Whereas, the most favored country for offering such services in India.
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