Even with the availability of advanced data entry software and other technical innovations, business process outsourcing services, including medical data entry, have their own significant role to play in the healthcare sector. While healthcare providers throughout the globe strive to improve patient experience with better treatments and excellent patient care, their non-core activities can be outsourced to a reliable BPO company. Healthcare business process outsourcing services range from medical data entry to medical billing and coding, medical claims processing and medical transcription.
Healthcare BPO Market Grows
According to a report from Data Bridge Market Research, the global healthcare BPO market is expected to reach USD 419.93 billion by 2025, from USD 191.68 billion in 2017, growing at a CAGR of 10.30% during the forecast period 2018 to 2025.
Key factors that boost this market growth include regulatory changes in the US with the implementation of PPACA, pressure to reduce rising healthcare costs, shift to ICD-10 coding standards and upcoming ICD-11, loss of revenue due to billing errors, consolidation increasing in the healthcare industry and rising need for structured processes and documentations. At the same time, factors that restrain the market growth include hidden costs of outsourcing and fear of losing visibility and control over the business process.
Some of the major players in the healthcare BPO market are Xerox Corporation, Hinduja Global Solutions, DSM Pharma, Accenture, Cognizant Technology Solutions, Wipro, Genpact, EXLService, Hewlett-Packard, Catalent, HCL, Conduent, Invensis, Infinit Healthcare, AGS Health, Inc Outsource2india, Omega Healthcare, Pacific Ventures, WNS, TeamHGS, Flatworld Solutions, Taskforce BPO, among others.
How Healthcare Practices Can Benefit from BPO Outsourcing
Access to skilled workforce
Unlike other sectors, the healthcare segment is highly sensitive and so business process outsourcing for this sector requires an expert approach. One of the major benefits of outsourcing healthcare BPO tasks is the availability of skilled and experienced professionals to handle billing, coding, charge entry, medical records indexing, data entry as well as revenue cycle management. By partnering with the right BPO service provider, you can also add value to your existing team. Reliable providers offer services of professionally trained staff to handle various types of data. They will be experienced in delivering value-added services within the required turnaround time.
Avoid costly errors
Hospitals have to deal with sensitive patient data. Even minute data entry errors in patient records or medical reports could lead to disastrous consequences. Medical billing or coding errors can delay the medical claim reimbursement from insurers, which could impact hospital revenue and growth. The right BPO partner will ensure that your organization meets all guidelines and is up to date with all the changing billing rules and regulations.
Save staff’s time
Outsourcing BPO tasks reduces administrative burden, so healthcare entities can focus more on their patients and improve the quality of care provided. This helps enhance patient satisfaction. By outsourcing, your staff will no longer be overburdened with processing claims and entering bills. They can simply focus on other core areas.
Reduced costs
By outsourcing non-core tasks, any healthcare business can save the cost of hiring in-house staff, training them and investing in infrastructure and other resources. Administrative overheads are often costly and suck up a lot of money. Outsourcing drastically reduces excess administrative costs. Professional medical outsourcing firms provide the services of a team of professionals so that you get to save the cost of acquiring additional staff and training them.
Make sure that your healthcare BPO partner is HIPAA compliant, experienced in serving the healthcare industry, and has strict monitoring measures in place to provide reliable BPO services. By following high standards of quality, professional firms follow structured quality control processes to provide more accurate records.
