Hospitals and clinics have increasingly turned to business process outsourcing (BPO) services as a means of mitigating the effects of rising healthcare expenses, protecting against revenue loss due to billing errors, and maintaining efficient back-office and documentation procedures.
Recent estimates place the healthcare business process outsourcing market at over $468 billion by 2026, with back-office services, medical billing, and customer service at the forefront of the most requested tasks contracted out to BPO firms.
In what other ways do BPO services shape the development of the healthcare sector? Keep reading this edition from ADDMORE Outsourcing to find out.
What Exactly Is Healthcare BPO?
Healthcare business process outsourcing (BPO) is when a healthcare provider contracts with an outside corporation to provide administrative or other support for healthcare clients such as clinics, hospitals, and healthcare workers and organizations. Jobs in the medical industry such as data entry, billing, transcription, and customer support fall into this category.
A recent study found that for healthcare providers, the primary motivations for outsourcing were the opportunity to reduce expenses and the desire to increase satisfaction among patients and clients.
Companies providing healthcare services have a responsibility to deliver a positive experience for its customers and patients.
But, in order to function effectively as a business, they need to have someone in control of the administrative tasks involved in running the operation, such as filing claims, following up with insurance providers, etc.
Hospitals and clinics benefit from hiring a firm with a dedicated team and solid experience in the industry since it allows their employees to focus on the most important component of the business—patient care.
The Future of Healthcare BPO: What Does It Hold?
The rapid growth of healthcare BPO is expected to continue. Mordor Intelligence predicted that the healthcare BPO industry would increase at a Compound Annual Growth Rate (CAGR) of 8% between 2022 and 2027.
The expansion of the healthcare business process outsourcing (BPO) industry worldwide can be attributed to the Patient Protection and Affordable Care Act (PPACA) and the availability of cloud computing.
BPO for healthcare services is appealing to medical care providers in part because of the financial benefits. Due to inaccurate billing codes, botched insurance claim processing, or inadequate documentation processing, many hospitals and clinics lose enormous sums of money each year.
The ever-increasing price of medical care makes every dollar count. As a result, many hospitals are turning to outside experts to oversee these functions.
Ways How BPO Services Innovate the Healthcare Industry:
Providing excellent service and value is more important than ever in today’s healthcare industry. Because of this need, ADDMORE Outsourcing has developed several helpful services aimed towards the medical community.
1) Medical Transcription
For medical professionals, the process of manually transcribing their own notes is tedious and time-consuming. Expert medical transcriptionists on staff can draft and transcribe a variety of medical papers, saving you more time to devote to patient care instead.
2) Claims Processing
Our staff will follow up with insurance companies to guarantee timely payment for your business’ services. As part of this service, we may verify your claims to allow us to monitor payment.
3) Data Entry and Processing
We can take your data and process it in the manner in which you require it to be processed. Our seasoned staff will guarantee that all patient records, along with related information like insurance details and billing codes, are entered accurately.
4) Customer Service
We can assist with telephone assistance for patients, insurance companies, and other parties. To put it simply, we have professionals that can deal with any problem, no matter how complex, in a timely and effective manner.
5) Medical Billing
If you outsource your medical coding and billing to ADDMORE, you can free up your in-house staff to focus on patient care while still benefiting from the expertise of highly-trained professionals. Processing patient bills and data would be time-consuming and error-prone without the requisite expertise and experience.
Standards and regulations must be followed for medical billing to be processed. Our qualified staff are trained in these procedures, so they can process your transactions more quickly and accurately.
6. Care Coordinator
Care Coordinators are medically-trained professionals that aid in patient management and monitor their treatment plans. When you choose to avail of this BPO service, you can have faith that they will keep tabs on a patient’s progress, work with them to create a personalized treatment plan, and put patients in touch with the appropriate medical professionals.
The Bottom Line:
It’s more important than ever before for healthcare organizations to work with BPO firms. ADDMORE Outsourcing is a business process outsourcing company that can help assist healthcare facilities with providing high-quality functions such as coding and billing claims processing, data processing, and a suite of other services. By partnering with ADDMORE, healthcare providers are free to concentrate on what really matters: the care and well-being of their patients, plus the expansion of their businesses.
Want to know how your healthcare business can benefit from outsourcing? Book now for a free consultation.
