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In the current digitized landscape, no commercial entity or institution is immune to the charms of outsourcing services, not even the healthcare organisations. According to research conducted in 2019 that studied current market trends, the global healthcare BPO market is slated to touch USD 449,623.8 million by 2023, if it maintains the then recorded growth rate of 12.3% CAGR during this forecast period. This means the healthcare BPO sector is clearly on an upward trajectory for the next few years.
Several healthcare institutions have already embraced BPO and are relying on it for their routine operations. But the question is why? Is it a more cost-effective approach? Certainly. Is it more efficient? For sure. But there is a lot more than efficiency and cost-effectiveness to offshoring services. Let’s unravel some of the layers and try to understand the role of Healthcare BPO and the services it offers to hospitals and other healthcare institutions.
Understanding the healthcare BPO
Just like any other industry, outsourcing has been increasingly adopted by healthcare providers, where the non-core business operations are being transferred offshore, to third-party BPO service providers.
By allocating non-core activities to third-party service providers, healthcare service providers are showing their confidence in the capabilities of dedicated outsourcing firms. As handling everything in-house becomes more and more overwhelming and unmanageable, healthcare providers find outsourcing to be a much more viable alternative. In fact, some healthcare providers are now directly offshoring operations to freelancers.
Does BPO makes sense for BPO?
The reasoning behind this shift towards BPO services in healthcare is understandable when looked at from the perspective of healthcare providers. Consider the following:-
Allows healthcare providers to focus on core competencies
Any commercial entity, even if it is in the healthcare sector, prioritises the profitability or financial viability of the business operations. This requires the healthcare providers, just like any other business owners, to concentrate on its core competencies, so that more advancement and specialisation could be achieved, which would, in turn, increase the profits. This is what is largely fuelling this tilt towards outsourcing.
By unburdening themselves from day-to-day management related tasks, healthcare providers are able to dedicate more time and resources to patient care and treatment. This is useful in streamlining core competencies which results in better overall outcomes. Over time, this also has an impact on the reputation of the healthcare facility or hospital, and this further ensures more profits in the future.
Gives healthcare providers access to expertise at a lower cost
There are many healthcare providers for whom cost-cutting is a real issue. In a sector where cutting down costs seems like a mammoth endeavour, getting access to professional expertise, skills, and knowledge, and low-cost investment seems like a lucrative alternative to doing things in-house. And this is exactly the option that BPO outsourcing offers. Most importantly, offshoring enables healthcare providers to utilise the expertise of talented individuals at a low wage rate. This ensures that even in the process of saving costs, there is no compromise on quality. Because the possibility of errors or mishaps declines considerably while working with experts.
Better patient care and treatment
Healthcare BPO enables healthcare providers and other businesses in the sector to prioritise patient care over all other operations. This is highly beneficial for patients, who get improved care and attention. With no more overburdening of the employees, there is an improvement in their productivity and performance. What kind of services does Healthcare BPOs perform?
Below are some of the services that BPO outsourcing service providers are offering healthcare providers:
● Claims related services
One of the most challenging aspects of management is related to claims services. BPO outsourcing services help healthcare providers and businesses save significant costs, which otherwise would have to be spent on medical and administrative expenses. BPO services assist healthcare businesses and institutions in enhancing their data accuracy and shrinking the turnaround time. This ensures faster resolution of pending claims volume which in turn results in better compliance on part of the healthcare provider.
● Utilization management services
BPO services enable better engagement between healthcare providers and consumers. This in turn leads to better patient outcomes. Under utilisation management, outsourcing services take care of the following:
◦ Intake of Prior authorization
◦ Reviewing Clinical claims, and
◦ Providing Appeals support
● Patient support services
The scope of services being provided by third-party BPO service providers now includes patient support services as well. This includes:
◦ Assessing health risks
◦ Conducting patient outreach
◦ Performing enrollments and referrals for healthcare programs, and
◦ Reviewing care coordination quality.
By providing services such as outreach, BPO outsourcing service providers are addressing needs in care and medical record services, and therefore, bridging the gap between education and assistance. BPOs are doing a lot more than just unburdening the workload of healthcare businesses and providers. These services are having a direct positive impact on patient outcomes. Therefore, not just from a cost point of view, but also from a patient care perspective, BPO outsourcing services are proving incredibly useful for healthcare providers.