All About Healthcare BPO (Services, Benefits, Top Companies)

Do you want to learn about the healthcare BPO industry and how it can help your company?

Today, many healthcare organizations are outsourcing business processes to manage their day-to-day activities.

Why?

With lower costs and increased efficiency, it’s the perfect solution for any healthcare company looking to step things up.

In this article, we’ll cover everything you need to know about healthcare BPO to help your company benefit from it.

What Is Healthcare BPO?

When a healthcare provider outsources its non-core tasks to a third party, it is called healthcare business process outsourcing. Rather than doing the work themselves, the healthcare company hires a third-party firm to do the work.

While companies usually outsource their activities to dedicated outsourcing firms, some outsource to freelancers directly.

Why do businesses do this?

Outsourcing non-core work lets healthcare facilities and hospitals focus on their core competencies. Outsourcing services like medical billing and marketing services help healthcare providers focus solely on what they do best — treating their patients effectively.

Where can you outsource to?

Generally, people view outsourcing as contracting work to a third party in a foreign country. For example, many companies outsource medical billing services to third parties in countries like India to save costs.

However, you can also outsource these jobs to providers within your country (but you won’t save as much money by doing so).

Three Common Healthcare BPO Services

The healthcare BPO sector handles a variety of activities ranging from data entry to medical claims processing services.

Here’s a closer look at some key healthcare provider services that you can outsource:

1. Medical Coding And Billing

Hospitals and healthcare professionals process tons of medical records everyday. However, medical coding and billing can be complicated, unlike other industries where coding and billing are fairly straightforward.

You need to be familiar with various scientific codes that are used in medical bills and records like:

• ICD (International Classification of Disease)
• CPT (Current Procedural Terminology)
• HCPCS (Healthcare Common Procedure Coding System)

That’s why you need specially trained staff to deal with these records. Without the right knowledge and expertise, you will face significant delays and errors in processing your patient bills and records.

Why not hire a professional service provider to do the job instead of trying to code and bill it yourself?

They’re professionals and well-equipped with the necessary resources to do the job accurately and efficiently. This lets you focus on tasks that matter to your company, like medical research, patient treatment and care.

2. Claims Processing

Processing patient claims is a critical healthcare activity. Your patients need accurate medical claims for their insurance companies.

But when hundreds of claims are processed daily, how do you maintain accuracy on every single one?

Why not outsource it to a service provider to ensure that your patient claims are in check?

They have skilled workforces and technologies to seamlessly process large volumes of medical claims. Also, as this is all that they’ll be focusing on, you won’t have to worry about distractions clouding the accuracy of the claims.

3. Data Entry Services

Healthcare providers must treat their patients and process and update a lot of medical data daily.

They need to manage data like:

• Tests and lab reports.
• Prescriptions and drug inventory.
• Patient insurance details
• Other hospital records.

Outsourcing your data entry activities will help you free up time and resources for your other core healthcare activities. While data entry is usually the safest activity to outsource as it’s relatively simple, remember to only outsource it to a proven healthcare BPO.

Why?

Medical data entry can be far more technical than most other fields, and you need a professional to handle it.

Three Reasons To Outsource Your Healthcare Activities

A 2019 case study of current market trends in the healthcare system showed that the global healthcare BPO market would reach USD 449,623.8 million at a 12.3% CAGR in the forecast period till 2023.

In other words, the healthcare BPO industry will grow exponentially over the next few years.

But why is the healthcare industry looking to outsource so much now?

What caused this?

Here are three key reasons why:

1. Helps You Focus On Your Core Competencies

One of the primary benefits of outsourcing is that it lets companies focus on their core activities.

Healthcare BPO lets healthcare companies outsource:

• Managing bills.
• Processing claims.
• Logging data entry.
• Resolving patient disputes.

As they no longer have to manage that themselves, they have more time and resources to focus solely on patient care. This helps them improve their customer experience, which will increase their reputation — helping them get more customers in the long run.

Also, in the case of billing disputes, patients can directly engage with the service provider’s staff. As you don’t have to deal with this yourself, you can solely focus on your core competencies.

2. You Get Access To Specialists At A Lower Cost

Most companies outsource their non-core activities to reduce their business expenses.

For example, many healthcare companies outsource activities to countries like the Philippines.

Why?

With talented workers at lower wage rates, you can save costs without compromising quality!

Also, as these are trained professionals, you won’t have to worry about any mix-ups.

3. Improves Patient Experience

As healthcare BPO allows companies to focus on providing better patient care, patients benefit from it.

As your staff is no longer managing many different activities, they’ll be able to dedicate more time to patient care.

Think about it.

Your staff is now well-rested in processing claims and entering bills. They can focus on attending to your patients and giving them what they need!

Top 5 Global Healthcare BPO Providers

Here’s a list of the top five healthcare BPO providers to help you get started:

1. Bestarion

Bestarion is a leading Indian BPO service provider with clients in Singapore, Europe and the US. It offers services and solutions that streamline healthcare provider management.

Key BPO Services:

• Medical Billing and Coding
• Data Operations
• Accounting & Bookkeeping
• Customer and Technical Support

2. Accenture

Accenture is a global leader in providing cost-effective healthcare services. It offers medical and administration services in more than 45 countries, including India, the Philippines and the United States.

Key Healthcare BPO Services:

• Medical billing and account services.
• Claims processing.
• Medicare services.
• Pharmacy benefits management.
• Cash flow improvement analytics.

3. Invensis

With over 16 years of experience, Invensis offers global healthcare BPO and patient support services. The company is HIPAA compliant and is also ISO 9001 and 27001 certified.

Key Healthcare BPO Services:

• Medical coding and billing.
• Claims processing.
• Data entry services.
• Revenue cycle management (RCM).
• Payment posting and charge entry services.
  

4. WNS Global Services

WNS provides an array of healthcare services that cater to the needs of companies across the world. They also offer technology solutions to increase healthcare providers’ market shares.

Key Healthcare BPO Services:

• Medical transcription.
• Medical coding and charge preparation.
• Follow-ups and payer services.
• Medical equipment supply chain.
• Patient care management.
  

5. Cognizant

A US multinational corporation, Cognizant provides cutting-edge healthcare services and outsourcing solutions.

Key Healthcare BPO Services:

• Health intelligence and analytics.
• Clinical services and data integration.
• Revenue cycle management.
• Patient care and administration systems.
• Help desk services.

Conclusion

Healthcare BPO outsourcing can help you save time and money while giving your patients the care they deserve.

However, this is something you can only do after a while.

Carefully identify the activities you want to outsource and evaluate your healthcare BPO partner before starting. Once you do, you’ll have no trouble finding a setup that works for your business!

Have any more questions or concerns about healthcare BPO? Let us know in the contact us form.