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The ever-increasing demand for healthcare services, coupled with the latest technological improvements,has revolutionized the medical field. Many healthcare providers are adopting new business models and processes that help them move up the value chain. Additionally, some healthcare providers are outsourcing their business processes, as it allows them to focus on their core competencies. This enables them to reduce costs, while helping them to achieve efficiency and higher productivity.
As consumer expectations are growing, the healthcare sector continues to face many challenges. Some of these are increase in expenses, higher physicians’ and doctors’ salaries, and dependence on charities and donations from external sources for medical assistance to patients. Additionally, a shortage of skilled doctors and physicians creates a demand-supply gap, which in turn increases costs. In order to reduce these concerns, it is better to outsource some processes to a third party vendor who understands these challenges and works towards achieving growth and profitability through risk management.
Leading healthcare organizations have since long used Business Process Outsourcing as a cost-effective measure that also speedsup transactions. Some of the services that BPOs offer in the medical field are as follows:
- Claims services
- Medical billing and collection services
- Patient access technologies and services
- Mailroom services
- Billing and account receivables
- Pharmacy benefits management
- Membership services
- Medical coding solutions
- Medical insurance verification
Outsourcing also helps hospitals to use technology to its fullest potential. Instead of searching for medical records and files of patients, outsourcing this process could prove beneficial in the long run. Making use of the BPO provider’s technology may reduce time that would be otherwise spent hunting down files. Utilizing electronic files can provide health records 24×7, while saving time and improving productivity volumes.
Another option that is being adopted on a large scale is medical transcription. Outsourcing of transcriptionists is a cheaper solution, as labor in developing countries is cheap. Moreover, these transcriptionists enhance the quality of the medical reports. Thus, employing them saves a lot of money as far as infrastructure is concerned. Now-a-days, transcriptionists use electronic means to store the confidential information of patients.
Business Process Outsourcing has gained momentum in the past years, as it controls costs without compromising patient care and satisfaction levels. It enhances operational efficiency and administrative efficiencies. Hospitals are able to invest more of their time and budgets in their core business activities and leave the administrative work to their outsourcing agencies. In this ever-changing healthcare environment, it is more than important that companies build capabilities that are nimble, customer-focused, and cost competitive.
